Paolo Ardoino, the CEO of stablecoin issuer Tether, is squashing rumors that his firm is being probed by federal agencies. In a post on the social media platform X, Ardoino addresses a Wall Street Journal (WSJ) report, which claims that authorities are investigating Tether for potential violations of anti-money laundering and sanctions laws. The WSJ […]
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Bitcoin solidifying its position “above all key moving averages” suggests that bulls are “firmly in control” as long as the price holds above $66,500.
Bitcoin bulls will keep the upper hand over bears as long as the price holds above $66,500, after the asset has positioned itself above “all key moving averages,’ according to crypto analysts.
“This breakout suggests that bulls are firmly in control, and as long as BTC remains above the $66,500 level, the trend should remain constructive,” crypto exchange Kraken analysts opined in an Oct. 26 market report viewed by Cointelegraph.
The analysts claimed that if Bitcoin (BTC) holds above this price level and the asset continues its “upward movement,” the next critical stage will be the $73,679 all-time high it reached in March.
According to an exclusive report by the Wall Street Journal, the U.S. federal government is allegedly examining the cryptocurrency and stablecoin company Tether for potential breaches of sanctions and anti-money-laundering regulations, according to unnamed sources close to the investigation. This criminal probe, reported by the Journal’s Angus Berwick, Vivian Salama, and Ben Foldy is said […]
The U.S. Department of Justice has launched an investigation into the stablecoin company Tether, according to a new report. A criminal investigation into the company and its dollar-pegged stablecoin USDT is underway, spearheaded by the U.S. attorney’s office in Manhattan, reports the Wall Street Journal. The DOJ is investigating “possible” violations of sanctions and anti-money-laundering […]
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Tether is reportedly seeking to expand its operations into tokenization markets in Turkey. According to sources familiar with the matter, the company is in talks to revamp the country’s boron markets by utilizing tokenization and establishing a national exchange for boron transactions. Tether Pitches Boron Tokenization Proposal in Turkey Tether, one of the largest cryptocurrency […]
The volume of cryptocurrency transactions in Brazil has yet again registered record numbers. According to figures offered by the Brazilian IRS equivalent, volumes grew 24.2% compared to last year, reaching over $43.5 billion between January and September 2024. Stablecoin volumes were significant, with Tether’s USDT leading the charge. The leading stablecoin registered volumes of $27.4 […]
The $120 billion USDT market cap could spill into Bitcoin and Ether, ending their seven-month downtrend and saving the “Uptober” narrative.
Tether’s United States dollar-denominated stablecoin has surpassed the record $120 billion market capitalization for the first time, signaling a potential crypto rally.
Tether’s USDt (USDT), the world’s largest stablecoin, surpassed the $120 billion mark on Oct. 20, according to the firm’s website, which offers live updates of the stablecoin’s supply.
Tether Tokens in circulation. Source: Tether.to
Institutional demand is driving a significant increase in onchain loans across DeFi protocols.
Lending platforms are seeing a significant increase in loans processed this year. According to Ledn, a firm offering decentralized lending and savings, it registered a $1.65 billion increase compared with the same period last year.
In the third quarter of 2024, the company processed over $437 million in digital asset loans to institutions, an increase of 14% from the previous quarter. This growth is part of a wider trend of more institutions exploring digital asset-backed loans due to tighter monetary policies and intense competition for access to dollar funding.
“We saw a very healthy jump in institutional demand in July, which has remained steady since then,” said John Glover, chief investment officer at Ledn. “Institutional borrowing demand has also been fairly consistent with the overall ETF demand, where there was a similar jump in July.”
Growing demand for US dollar-backed stablecoins and regulatory uncertainty in the US are the key reasons for stablecoins thriving in other jurisdictions.
The United States has seen record Bitcoin activity since the launch of spot BTC exchange-traded funds (ETFs). However, stablecoin adoption in the US has slowed in 2024 compared to global markets, according to an Oct. 17 report from Chainalysis.
US markets have recorded a significant shift in stablecoin activity this year, with the share of stablecoin transactions on US-regulated exchanges dropping from roughly 50% in 2023 to below 40% in 2024.
In contrast, the share of stablecoin transactions on non-US regulated platforms has surged since 2023, breaking 60% in 2024, according to Chainalysis’ latest report on crypto adoption trends in North America.
New data from Tether reveals that the number of people who have adopted the firm’s USDT is now equivalent to the entire population of the United States. In a new blog post, Tether says the largest dollar-pegged digital asset by market cap now has over 330 million users, not including those that solely use it […]
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