Tether

PayPal’s PYUSD stablecoin hits $1B market cap

August 26, 2024 Coin Telegraph

Anchorage

PYUSD is competing with rivals such as Circle’s USDC and Tether’s USDT.

PayPal’s US dollar-pegged stablecoin, PayPal USD, has surpassed $1 billion in total market capitalization, according to data from CoinMarketCap.

Launched in 2023, PayPal USD (PYUSD) is backed 1:1 by US dollars and is issued by Paxos Trust Company, a US-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins such as Circle Internet Financial’s USD Coin (USDC).

“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said Dan Schulman, PayPal’s president and CEO, in a 2023 statement.

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DOJ Thanks Tether for Assistance in Seizure of $5,000,000 USDT in Fraud Scheme

August 25, 2024 The Daily Hodl

crypto scam

The U.S. Department of Justice (DOJ) says stablecoin issuer Tether has helped authorities recover funds stolen for victims of a prevalent crypto investment scam. In a statement, the Justice Department announces the seizure of nearly $5 million worth of the stablecoin USDT that were traced to wallets allegedly used to launder the proceeds of pig […]

The post DOJ Thanks Tether for Assistance in Seizure of $5,000,000 USDT in Fraud Scheme appeared first on The Daily Hodl.

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Crypto Market Surges by $623B in 2024 as Bitcoin Climbs $20K Higher

August 25, 2024 Bitcoin.com

Binance Coin

In just seven months—roughly 236 days—since the year began, the crypto economy has ballooned by a staggering $623 billion. The top crypto asset, bitcoin, has seen its market value soar by more than $20,000, while ethereum, the second-largest by market cap, has climbed over $470 during this period. Top 10 Crypto Market Climbs From $1.37T […]

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Crypto Biz: Consolidation ramps up among crypto firms

August 23, 2024 Coin Telegraph

Bitfarms

This week’s Crypto Biz examines recent acquisitions in the crypto industry, Tether’s plans for a dirham stablecoin, and Polychain’s investment in the Bitcoin protocol Corn.

The crypto industry has seen increased consolidation in the past week as companies refine their strategies in anticipation of the growing adoption of blockchain-based solutions. 

Asset manager Bitwise, for instance, has stepped into the European market with the acquisition of ETC Group. Meanwhile, crypto miner Bitfarms has announced a $125 million deal to purchase Stronghold Digital Mining at a considerable premium. 

Deals have also been taking place among crypto startups, particularly those working at the intersection of blockchain and artificial intelligence. PIP Labs, for example, announced an $80 million funding round on Aug. 21 for the tokenization of intellectual property, bringing the startup’s valuation to $2.25 billion, according to Bloomberg. 

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Tether shuns blockchain launch, cites market concerns

August 23, 2024 Coin Telegraph

Aptos

Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.

Tether, the issuer of the world’s largest stablecoin, USDT, has calculated to forgo its own blockchain launch, citing market saturation and strategic concerns. 

According to an interview with Bloomberg News, the company’s CEO, Paolo Ardoino, explained that the stance comes from analyzing the blockchain space and a crowded market.

Ardoino stated that the firm launching a blockchain might not be the “right move” since “very good blockchains” are already available to the public.

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Man Faces 20-Year Prison Sentence in Crypto Money Laundering Case

August 23, 2024 Bitcoin.com

bitcoin.com

A Rhode Island resident has pleaded guilty to money laundering conspiracy linked to an international drug trafficking ring. The operation laundered over $25 million using cryptocurrency, with Villa directly involved in converting cash into crypto. Villa faces up to 20 years in prison and a significant fine. Rhode Island Man Pleads Guilty in $25 Million […]

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FBI Recovers $5 Million From Pig Butchering Crypto Scam

August 23, 2024 Bitcoin.com

bitcoin.com

Authorities in North Carolina have seized nearly $5 million in cryptocurrency linked to an investment fraud scheme. The scheme, known as “pig butchering,” involved criminals creating fake romantic relationships to deceive victims into investing in fraudulent cryptocurrency platforms. Victims lost their life savings, with one losing an entire retirement account. $5 Million in Cryptocurrency Seized […]

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Crypto Trader Says Solana Rival Could Surge by 30%, Updates Outlook on Bitcoin, Polygon and Aave

August 22, 2024 The Daily Hodl

Aave

A closely followed crypto analyst says that one competitor of Solana (SOL) could skyrocket by 30% while updating his outlook on Bitcoin (BTC) and other digital assets. In a new strategy session, crypto trader Ali Martinez tells his 69,600 followers on the social media platform X that one key metric is flashing a buy signal […]

The post Crypto Trader Says Solana Rival Could Surge by 30%, Updates Outlook on Bitcoin, Polygon and Aave appeared first on The Daily Hodl.

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Tether to Launch UAE Dirham-Pegged Stablecoin

August 22, 2024 Bitcoin.com

bitcoin.com

Tether, the major stablecoin issuer, has announced plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED). This initiative, in collaboration with the UAE-based Phoenix Group, aims to provide a secure and efficient means of transacting in AED, catering to both businesses and individuals. The new stablecoin will be fully backed […]

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Tether Announces Plans To Launch New Stablecoin Pegged to UAE’s Dirham

August 21, 2024 The Daily Hodl

Altcoins

Stablecoin issuer Tether (USDT) is announcing new plans to launch a new digital asset pegged to the Dirham (AED), the currency of the United Arab Emirates (UAE). In a new press release, the firm behind USDT says that it will be working closely with the nation’s central bank as well as blue-chip tech companies to […]

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