The Indian crypto exchange WazirX says it has frozen $3 million worth of the stablecoin USDT connected to the massive $230 million hack on its platform last year. WazirX says the freeze represents an “important milestone” in recovering user assets. “Why This Matters: » Rapid Action: Freezing the funds stops them from being moved and […]
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The stablecoin market, which is dominated by Tether and Circle, is worth more than $214 billion.
Layer-1 stablecoin payments network 1Money has raised more than $20 million in seed funding to further develop its digital payments infrastructure.
According to a Jan. 16 announcement, more than two dozen venture capital firms participated in the seed round, including F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, Kraken Ventures, KuCoin Ventures, BitGo Ventures, Bankless Ventures, MoonPay Ventures, Portage and Ethereal Ventures.
1Money said its protocol is developed solely for stablecoin payments using a patent-pending Byzantine consistent broadcast design.
USDC’s massive growth in 2024 marked the stablecoin’s steady recovery following a 45% market cap drop associated with the Silicon Valley Bank collapse in 2023.
Circle’s USD Coin stablecoin outpaced all other stablecoins in terms of market capitalization growth in 2024, after a decline in 2023.
The circulation of USD Coin (USDC) grew 78% year-over-year, outpacing the growth rate of all global stablecoins, Circle said in its third annual State of the USDC Economy Report released on Jan. 14.
“The growth of USDC in 2024 can be attributed to a combination of factors: the maturing regulatory clarity across major markets, the scalability of blockchain infrastructure, and our relentless focus on trust, transparency and utility,” a spokesperson for Circle told Cointelegraph.
Agora’s AUSD is the latest entrant into the burgeoning stablecoin market.
Asset manager Galaxy and stablecoin issuer Agora completed the first over-the-counter transaction involving AUSD, Agora’s stablecoin, according to a Jan. 8 announcement.
“This trade marks the transition of AUSD from proof-of-concept to real-world application,” Nick van Eck, Agora’s CEO, said in a statement.
Agora’s AUSD is the latest stablecoin seeking to capture market share from incumbents, such as Circle’s USD Coin (USDC) and Tether’s USDt (USDT). It joins other relative newcomers such as Ethena’s USDe.
Tether USDt’s trading has fallen $100 billion since mid-December, but it “may be premature to turn bearish,” according to Matrixport.
A recent multibillion-dollar decline in Tether USDt’s market capitalization and volumes is not enough to suggest a bearish turn on markets, according to the crypto financial services platform Matrixport.
Tether’s USDt (USDT) stablecoin has recorded a 2.8% market cap drop since peaking at $141 billion on Dec. 19, 2024, according to data from CoinGecko.
USDT trading has also seen a massive decline in the past few weeks, with daily volumes plummeting 64% from around $154 billion in mid-December to $55 billion on Jan. 6, 2025.
The research arm of Galaxy Digital is predicting Dogecoin (DOGE) will hit a major milestone in 2025. In a new thread on the social media platform X, Galaxy Research’s Alex Thorn predicts that top memecoin DOGE will soar more than 170% from its current value this year and hit a psychological price point for the […]
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A crypto crime task force formed by Tron (TRX), TRM Labs and Tether has reportedly frozen over $125 million worth of USDT internationally since its August 2024 inception. According to new announcements from Tron and Tether, the T3 Financial Crime Unit has taken bad actors on the TRX blockchain for $126 million worth of USDT […]
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The stablecoin is also more widely distributed across blockchain networks.
The circulating supply of Circle’s United States dollar-backed stablecoin USDC (USDC) has risen 80% from cyclical lows as onchain activity picks up, according to data from Blockworks Research.
As of Jan. 2, USDC’s circulating supply is approaching $44 billion, nearly double the 2023 low of less than $24 billion, according to CoinGecko.
Meanwhile, holdings are more evenly distributed among blockchain networks as users migrate beyond Ethereum, Blockworks’ data analytics manager, Dan Smith, said in a Jan. 2 post on the X platform.
The CEO of digital asset analytics firm CryptoQuant is showing proof that demand for Tether (USDT) remains strong even as the largest stablecoin by market cap faces mass delisting. European crypto exchanges are pulling the plug on the dollar-pegged crypto asset to comply with the requirements of the Markets in Crypto Assets (MiCA) regulation that […]
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The network now holds approximately $5 billion worth of stablecoins, mostly made up of USDC.
Solana onboarded an additional $1 billion in stablecoin total value in December, primarily in USD Coin (USDC), according to data from DefiLlama.
The inflows highlight accelerating stablecoin adoption and the Solana network’s rise to prominence in 2024, particularly in decentralized finance (DeFi).
Solana now hosts approximately $5 billion in stablecoin total value locked (TVL), with nearly $4 billion of that comprising USDC, according to the data.
