• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for Tether

Tether

Liquidity Crunch: Tether CTO Warns Of Market Challenges & Potential Path To Healing

May 27, 2023 by Mishal Ali

Tether’s Chief Technology Officer (CTO), Paolo Ardoino, recently expressed his belief that the possibility of a U.S. default is unlikely due to its potentially “catastrophic” consequences for the country’s economy. 

In a conversation on The Scoop podcast, Ardoino shared his insights on the current market conditions and discussed the factors that could potentially disrupt the status quo.

Market Liquidity Drying Up, Tether CTO Warns

Ardoino highlighted the dwindling liquidity in the market, emphasizing that while Bitcoin has experienced a recovery from its previous lows below $20,000 to approximately $27,000, the space for more volatile investments has diminished. 

It is primarily due to the increasing interest rates, which make investors favor stable options with a more certain 5% yield.

The CTO noted that the overall stablecoin market, despite Tether’s market cap growth, has experienced a decline of approximately 23% from its all-time highs. 

This downward trend can be attributed to individuals opting to hold onto their dollars and earn interest on them, thereby reducing the available liquidity for reinvestment in the cryptocurrency markets.

Alongside this, in a tweet, Tether CTO said:

“The beauty of our next period plan is that we can start diversifying ourselves from the pure stablecoin offering and become a more round tech provider that provides expertise in many important fields: energy, communication and financial infrastructure”

Nevertheless, Ardoino did present a potential optimistic scenario. He suggested that if the U.S. inflation numbers begin to decrease and the Federal Reserve refrains from further escalating interest rates, it could pave the way for market healing within the crypto market and across various sectors.

While the likelihood of a U.S. default remains low in Ardoino’s estimation, he acknowledged the importance of monitoring unfolding events closely. Given the potential ramifications of such an event on the U.S. economy, market participants exercise caution and observe the situation with keen interest.

However, as the market continues to navigate through these uncertain times, Ardoino’s insights provide valuable perspectives on the delicate balance between stability and volatility and the potential factors that could influence the healing process of the broader market.

Related Reading | FLOKI Soars With 3.39M Twitter Mentions, Leaving SHIB In Its Wake

Filed Under: World, News Tagged With: Bitcoin (BTC), Cryptocurrency, CTO, Tether

Tether’s Market Cap Surge Is Puzzling-Kaiko

May 24, 2023 by Lipika Deka

While the daily volume of Tether’s USDT fell to multi-year lows over the weekend, the market valuation of the stablecoin is currently at an all-time high of $82.9 billion.

According to crypto market research firm Kaiko, since stablecoins’ primary use is for trading, the unprecedented surge in USDT’s market cap is “questionable” given that the token’s use plummeted.

“Typically, changes in trade volume have been loosely correlated with changes in Tether’s market cap, with occasional surges during periods of notable market activity. Today, the correlation is at zero,” Kaiko noted.

Stablecoins whose value is tied to the fiat currencies like the dollar are primarily used as a somewhat secure “parking space” for crypto volatility and as a bridge to trade cryptocurrencies.

USDT, issued by Tether, and USDC managed by the Centre consortium are the two most widely used stablecoins measured by market cap and trading volume.

At present, Tether accounts for over 50% of all trades on centralized exchanges. On DEXs, USDC remains the dominant stablecoin.

Just 20% of non-stablecoin swap volume on DEXs is represented by USDT; while this is an increase from the beginning of the year, it is not necessarily sufficient to account for the more than $15 billion gain in market size during the same period.

One possible explanation behind Tether’s rise in market cap could be the impending demise of BUSD together with USDC’s March de-pegging event.

Based on a previous coverage by TronWeekly, the market value of Circle’s USDC depreciated in late March when the company disclosed that beleaguered Silicon Valley Bank [SVB] owned $3.3 billion of the reserves that were utilized to support it.

Even though investors flocked toward its rival, Kaiko pointed out that the “increase seems inordinate” particularly when compared to other stablecoins over the previous few months. This is mostly because Binance promoted TUSD as a substitute for BUSD.

Tether’s USDT Issued Mostly On TRON Network

Next, the research platform took note of how the majority of USDT tokens are issued on the TRON blockchain, especially on offshore exchanges like Binance and OKX.

Although TRON’s DeFi activity is negligible compared to Ethereum’s, it may indicate that market makers and whales favor this network due to its low transaction fees.

With USDC, the relationship between transaction volume and market cap was found to have a “clean correlation.”

“Overall, USDT’s market cap has little correlation with trade volume, which is questionable considering the primary use case for this stablecoin is trading,” Kaiko added.

Filed Under: Altcoin News Tagged With: Kaiko, Stablecoins, Tether, USDC, USDT

Tether Bolsters Reserves: Allocates 15%Of Profits To Bitcoin Acquisition

May 18, 2023 by Mishal Ali

Tether, the leading stablecoin issuer, has announced its latest investment strategy, revealing plans to allocate 15% of its realized net operating profit toward purchasing Bitcoin. 

The move aims to strengthen and diversify Tether’s reserves portfolio, adding to its existing $1.5 billion in bitcoin reserves, which account for 1.8% of its asset reserves.

Tether International Limited, responsible for managing the reserves of the widely used stablecoin, shared the details of its investment strategy via a blog post. 

The company will prioritize utilizing realized profits from its operations, disregarding unrealized capital gains generated by price increases. This approach ensures a conservative and prudent investment decision-making process.

Bitcoin’s Investment Potential: Tether’s Confidence In The Cryptocurrency

The decision to invest in Bitcoin aligns with Tether’s belief in the cryptocurrency’s potential as a long-term store of value with substantial growth opportunities. 

Paolo Ardoino, the CTO of Tether, highlighted Bitcoin’s resilience, limited supply, decentralized nature, and widespread adoption as reasons behind the investment. He expressed the view that Bitcoin has “the power to reshape the way we conduct business and live our lives.”

Tether’s embrace of Bitcoin is also grounded in its strong historical performance and increasing recognition by major financial institutions. 

Bitcoin’s proven track record of impressive returns over the past decade, coupled with its integration into diversified investment portfolios, solidifies its position as a key component of Tether’s investment strategy.

By incorporating Bitcoin into its portfolio, the company aims to capitalize on the digital asset’s growth potential while leveraging its position as a trusted financial infrastructure provider. 

The company’s decision to allocate a portion of its net realized operating profits toward Bitcoin underscores its confidence in the cryptocurrency market and commitment to supporting the broader ecosystem.

In addition to its Bitcoin investments, Tether Group is also focusing on smaller investments in communication infrastructure, energy projects, and Bitcoin mining infrastructure. The company remains dedicated to stringent risk management practices to ensure operational stability and security.

It upholds its commitment to maintaining the stability of its flagship stablecoin, Tether (USD₮), while exploring innovative opportunities in the evolving digital asset landscape.

However, the company’s latest investment strategy marks a significant step toward further solidifying its reserves and capital allocation strategy. 

By embracing Bitcoin, the company demonstrates its confidence in the cryptocurrency’s potential and reinforces its position as a prominent player in the digital asset industry.

Related Reading | Shiba Inu Metaverse Team Set To Unveil 4 Hubs By September 

Filed Under: News, World Tagged With: Bitcoin (BTC), Cryptocurrency, Tether

Tether’s Q1 2023 Report: $1.48B Profit & Record Reserves Surplus

May 17, 2023 by Ammar Raza

Tether has recently released its Q1 2023 attestation report, featuring multiple significant milestones. The company’s attestation reports are crucial to its dual commitment to transparency and stability. 

According to the report, the company achieved a record net profit of $1.48 billion in Q1, bringing its reserves surplus to another record high of $2.44 billion. It also continued to wind down its secured loans and reduce bank deposits, further decreasing its exposure to counterparty risk. 

Record Profits, Reserve Surpluses, and USD₮ at All-Time Highs: A Look at Tether's Q1 Attestationhttps://t.co/wT6mkQG5Fx pic.twitter.com/q2A2eFtxgv

— Tether (@Tether_to) May 15, 2023

Tether’s Milestones & Market Position

In addition, the company’s treasury direct holdings reached an all-time high of over $53 billion, representing more than 64% of total reserves, and its US Treasury holdings are at all-time highs. 

All new issuance is fully collateralized by US Treasuries and overnight reverse repo facilities, which US Treasuries fully collateralize. The company has included categories for its Gold and Bitcoin holdings for the first time, demonstrating its continued commitment to being the industry leader in stablecoin transparency.

Tether’s commitment to stability and transparency is evident in its attestation report. Instead of being distributed to shareholders, its profits are fully rolled into reserves, strengthening its stability for the benefit of its users. 

Tether’s Q1 profits were higher than those of Blackrock, Netflix, Starbucks, Cash App, PayPal, and many other S&P 500 corporations. During the 2022 black swan events, the company flawlessly redeemed over $20 billion in around 20 days, a feat unparalleled in financial history without bankruptcy.

The company’s milestones would not be possible without the support and trust of the cryptocurrency industry. It is the only stablecoin to have regained its all-time high market cap after the Terra Luna collapse and a subsequent bear market. 

USD₮ has recently begun to see new highs as capital has flowed into Tether, seeking a more reliable stablecoin option. The company’s main competitors are trading more than 40% below their all-time high market caps, which represents investors and users choosing USD₮ as their primary stablecoin and exiting other stablecoin positions.

image 45 5

However, Tether’s Q1 attestation report showcases its continued commitment to providing a reliable, peer-to-peer cash alternative and its dedication to stability and transparency. 

Tether’s profits and allocation to increase reserves demonstrate its commitment to token stability and position it favorably among financial institutions. 

Related Reading | Fraud Alert: Influencer Rugs Crypto Token, Cashes Out 2% of Supply on Followers

Filed Under: News, World Tagged With: Cryptocurrency, Tether, USDT

Tether Trouble: Former SEC Lawyer Calls Out Cryptocurrency’s ‘Counterfeiter’ Status

May 16, 2023 by Ammar Raza

In a recent Twitter debate, a former U.S. Securities and Exchange Commission (SEC) lawyer, John Reed Stark, voiced serious apprehensions about Tether, a popular cryptocurrency, accusing it of being a “counterfeiter.” 

In a Tweet a few days ago, I criticized Tether. Mr. Paolo Ardoino, CTO of Tether, responded with 18 points and a slew of other tweets. This is my fourth and final response. It's been a terrific and civil exchange of ideas.

Prior Tweets/Replies

My original Tweet:… pic.twitter.com/X1tCNHNTeE

— John Reed Stark (@JohnReedStark) May 13, 2023

Stark engaged in a civil and informative discussion with Paolo Ardoino, Tether’s Chief Technology Officer (CTO), who had responded with a series of tweets defending the company.

Stark emphasized the distinction between “regulated” and “registered” regarding crypto firms like Tether. While Tether is registered with the Financial Crimes Enforcement Network (FinCEN), it lacks traditional regulatory oversight, consumer protection measures, net capital requirements, audits, examinations, inspections, or individual licensure. 

Stark criticized the practice of misleadingly presenting registered status as regulatory compliance, stressing the need for robust and effective regulatory frameworks.

He pointed out that Tether is currently under criminal investigation by the U.S. Department of Justice and had previously settled a significant investigation with the New York Attorney General’s office for $18.5 million. 

The absence of audited financial statements and the reliance on appearances and relationships to generate legitimacy were also highlighted as red flags.

Investor Risks: Tether’s Impact Without SEC Registration

Stark expressed concerns about Tether’s impact on investors, stating that without the safeguards provided by SEC registration, customers risk investing without reliable information or protections. He noted that in the event of hacks, theft, or crashes, investors would be left as unsecured creditors with little hope of recovery.

Stark challenged Ardoino’s argument by comparing risks in banks and crypto firms. While acknowledging flaws in the traditional financial system, Stark emphasized the stark differences in regulatory oversight, consumer protections, and insurance coverage between banks and crypto platforms.

Stark dismissed the notion of “code is law” often touted by DeFi (decentralized finance) proponents, highlighting the crypto ecosystem’s lack of trust and recourse. He underscored the critical role of financial intermediaries in providing customers redress, relief, and protection.

Nevertheless, Stark expressed skepticism about the integrity and transparency of Tether. Without independent verification and U.S. oversight, the risks for users are substantial. He criticized the reliance on attestation reports as evidence of honesty, considering it misleading and unethical.

However, Stark’s concerns highlight the need for stronger regulations and oversight in the cryptocurrency industry. The debate between industry insiders and regulatory advocates like Stark continues as the crypto market evolves and attracts increasing attention from investors and authorities alike.

Related Reading | Chainlink’s Resilience: 7 Integrations Across 4 Chains Despite 7% Weekly Price Dip

Filed Under: Altcoin News Tagged With: Cryptocurrency, SEC, Tether

Tether’s Q1 2023: $81.8B In Assets & $1.48B In Profit, Boosting Trust 

May 11, 2023 by Mishal Ali

Tether Holdings Limited has closed the first quarter of 2023 with impressive results, including $81.8 billion in consolidated total assets and $1.48 billion in net profit. These achievements have strengthened Tether’s reserves, with an increase in the token in the circulation of 20%, indicating that customers continue to trust the platform.

Tether's Latest Q1 2023 Assurance Report Shows Reserves Surplus At All-Time High of $2.44B, up $1.48B in Net Profit; New Categories for Additional Transparency Reveals #Bitcoin and #Gold Allocationshttps://t.co/G7QWB2VXqd pic.twitter.com/xUwOf4n1o7

— Tether (@Tether_to) May 10, 2023

Increased Transparency In Tether’s Reserves Reporting

According to a blog post, BDO Italia, a top global accounting firm, has verified Tether’s Consolidated Reserves Report (CRR), which includes a breakdown of the assets held by the group as of March 31st. 

The CRR provides more categories to increase transparency in Tether’s reserves reporting, such as Physical Gold, Overnight Repo, Corporate Bonds, and Bitcoin ownership.

The company holds 85% of its investments in cash, cash equivalents, and short-term deposits and mostly invests in US Treasury Bills. It aims to decrease reliance on bank deposits and increase security for users by using the Repo market.

The latest report highlights a 25% reduction in secured loans from 8.7% to 6.5% of the overall reserves, with the highest percentage of assets allocated in US Treasury Bills to date. 

Around 4% and 2% of the total reserves are represented by Gold and Bitcoin, respectively. Furthermore, any newly issued tokens have either been invested in US Treasury bills or deposited in overnight Repo.

The company’s consolidated assets exceed its consolidated liabilities, with consolidated total liabilities amounting to $79,390,359,036, of which $79,372,401,626 relates to digital tokens issued. 

The company is dedicated to maintaining transparency and regularly assesses the worldwide economic climate to safeguard its customers’ funds from high-risk situations, as per the blog post.

Paolo Ardoino, CTO of Tether, expressed the company’s excitement at the “tremendous success” achieved in Q1 2023, with reserves’ surplus reaching an all-time high of $2.44 billion.

Arduino also stated that Tether would continue to monitor the risk-adjusted return on all assets within its portfolio on an ongoing basis, making further changes as the overall economic environment changes and the market cycle progresses as part of its normal, ongoing risk management processes.

Looking ahead to Q2, Tether is optimistic and remains committed to transparency. By introducing new categories in the reserves’ breakdown in its quarterly report, the company aims to provide even greater transparency to its users. 

Related Reading | Litecoin’s Transactions Scale New Peak Of 576k

Filed Under: News, World Tagged With: Bitcoin (BTC), Cryptocurrency, Tether

Tether On Rise: Company Predicts $700M Profit in Q1, Excess Reserves Cross $1B Mark

March 25, 2023 by Mishal Ali

Tether, the company behind the USDT stablecoin, has disclosed that it is poised to generate a remarkable profit of $700 million in the first quarter of 2023. In a recent interview, Paolo Ardoino, the firm’s Chief Technology Officer, unveiled that this profit would raise its excess reserves to an impressive $1 billion.

As traders become more drawn to stablecoins, such as Tether’s USDT, they allow for quick and easy movement in and out of different cryptocurrencies without the need to convert funds back into fiat currency. 

However, concerns have been raised about the transparency of the assets that back these stablecoins, with some issuers criticized for being forthcoming.

The company has taken steps to address these concerns by moving its holdings from commercial assets to US Treasuries, considered more reliable assets. It also produces attestations, which are reports produced by an auditor to verify the reserves and assets that Tether holds.

Additionally, the company makes its money from various sources, including fees, investments in digital tokens and precious metals, and issuing loans to other institutions. The total value of USDT in circulation has grown substantially this month from $70.98 billion on March 1 to $78.14 billion on Thursday, according to CoinMarketCap.

Ardoino Defends Tether’s Record 

This growth can be partly attributed to the collapse of Silicon Valley Bank, which caused Circle, the issuer of the rival stablecoin USD Coin, to reveal a $3.3 billion exposure to SVB. Investors became concerned about USDC’s stability and flocked to Tether. 

However, after the US government guaranteed depositors, USDC regained its peg after it said the $3.3 billion reserve deposit held at SVB would be fully available to people.

Despite the criticisms that have been leveled at stablecoin issuers, Ardoino defended the company’s record and claimed that the company is profitable and able to weather financial crises. He also pointed out that Tether is making money while banks are failing, making it the safest choice among all available options.

Ardoino said:

Tether is making money, and banks are failing. So if you have to put money somewhere, I guess that Tether is the most safe among all the choices.

Tether’s estimated profit for the current quarter represents a significant milestone for the company, as it will take its excess reserves to over $1 billion for the first time. Once liabilities are subtracted, the company’s total assets amount to $960.6 million.

Tether’s success highlights the growing importance of stablecoins in the cryptocurrency market. As traders look for ways to move in and out of different cryptocurrencies quickly and efficiently, stablecoins like USDT provide a valuable bridge between fiat currencies and digital assets.

Related Reading | Ethereum Dev Gear Up For Shanghai/Capella Upgrade & Increased Bug Bounty

Filed Under: News, Altcoin News Tagged With: stablecoin, Tether, USDT

OKX CMO’s Bold Bitcoin Proposals Receive Surprising Support In Public Vote

March 24, 2023 by Ammar Raza

Haider Rafique, the chief marketing officer at OKX, has caused a stir in the Bitcoin (BTC) community by inviting the public to vote on his five proposed possible future developments for the cryptocurrency. 

However, the still ongoing vote has attracted significant attention, with 18.8K views on the post at the time of writing.

5 years into the future (not investment advice)

– $BTC price ATH at $500k +
– 2 billion+ bitcoin wallets exist
– hundreds of publicly traded companies hold BTC in their treasury
– BTC market cap above top precious metals
– becomes reserve currency for more than 50 nations

— Haider (@Haider) March 22, 2023

Rafique’s five proposed developments are ambitious, to say the least. He has predicted that five years into the future, BTC price ATH will reach $500k+, there will be over 2 billion Bitcoin wallets in existence, and hundreds of publicly traded companies will hold BTC in their treasury.

Additionally, the BTC market cap will surpass that of top precious metals, and BTC will become the reserve currency for more than 50 nations.

Incredibly, the majority of voters so far have seen these developments as possible. According to Rafique’s tweet, 57.1% of voters believe the developments are reasonable, while 42.9% see them as absurd. This result is surprising, given the magnitude of Rafique’s predictions.

The tweet has also attracted comments from well-known figures in the Bitcoin community, like Jason Lau, COO at Okcoin, who joked with Rafique, asking, “Why so bearish?” 

Meanwhile, one community member expressed skepticism about BTC becoming a reserve currency, highlighting concerns about the security of the blockchain.

Despite the doubt of some community members, Rafique’s tweet shows the ambitious outlook many Bitcoin enthusiasts have for the future of crypto. Only time will tell whether Rafique’s predictions will come true. But for now, it seems most voters believe anything is possible.

Bitcoin Price Predictions

Bitcoin enthusiasts are feeling optimistic as the digital currency has rallied nearly 70% so far this year. Industry insiders remain bullish, with some predicting new heights for the world’s biggest cryptocurrency. 

Marshall Beard, chief strategy officer at U.S.-headquartered crypto exchange Gemini, said $100,000 could be a possibility for BTC. Paolo Ardoino, chief technology officer at stablecoin issuer Tether, said Bitcoin could “retest” its all-time high near $69,000.

Bitcoin’s positive outlook stems from how the asset has performed during the recent banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders, Silvergate Capital, and Signature Bank. 

Instead of crashing, Bitcoin rallied. Many believe this is evidence that Bitcoin is offering an alternative to the traditional banking system as a place for people to keep their money safe.

However, according to current price analysis, CoinMarketcap’s data shows that BTC is trading at $27,577.44, with a 10% increase in the weekly chart.

BTC 1D graph coinmarketcap 5
Source: CoinMarketcap

Related Reading |  XRP Soars To New Heights Igniting Investors’ Hope

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), OKCoin, OKX, Tether

Tether Takes On WSJ: Calling Out Misleading Reporting & Bias

March 11, 2023 by Ammar Raza

Tether, a leading stablecoin issuer, has slammed the Wall Street Journal (WSJ) for what it calls outdated, inaccurate, and misleading coverage and allegations against the company. 

In a recent blog post, Tether accused the WSJ of publishing 84 negative articles about or mentioning Tether from 2021 to 2022 while publishing almost all positive articles about or mentioning FTX in the same period.

It demonstrates that Tether has been the target of negative reporting by the WSJ and other legacy media, while positive coverage has been reserved for companies like FTX, despite high-profile failures. 

Tether claimed that the latest WSJ report insinuates that the company operates outside regulation, which is far from the truth. The company asserts that it operates under substantial financial regulations and cooperates on a daily basis with global law enforcement. 

The company adds that it has been a target of reporting from legacy media like the WSJ, but unlike other firms supported by the MSM, it “has continually met its commitment to increased transparency, cooperation with regulators, and adjusting its reserves.”

Tether’s Commitment to Transparency, Regulation, & Risk Prevention

Despite criticism from the WSJ and other quarters, Tether has taken direct action to dispel doubts about its operations. During the Terra Luna collapse, for instance, the company was able to redeem over 10% of USDT, equal to $7 billion, within two days.

Tether asserts that it is a committed partner of global law enforcement and has built and maintained world-class compliance programs. The company has strict KYC/AML standards, conducts enhanced due diligence on all customers, and conducts sanctions and blockchain screening to ensure its customers’ funds are not connected to high-risk wallets.

The company also partnered with IHOPE to combat child trafficking, a cause that the company is passionate about supporting. The firm’s efforts have resulted in freezing over ~$400 million as a result of various investigations.

The blog post asserts that despite biased coverage from traditional media such as the WSJ, Tether remains steadfast in its dedication to establishing a worldwide financial infrastructure that provides tangible advantages to individuals in developing economies. 

Additionally claims that the stablecoin developed by the company is currently being utilized by individuals and enterprises across the globe to satisfy their financial requirements.

Related Reading | Quant (QNT) Bucks Trend With 10% Gain & Amidst Crypto Market Bloodbath

Filed Under: News, Altcoin News Tagged With: ftx, Tether

Tether Dusts Its Hands Off The Sinking Ship Silvergate

March 3, 2023 by Aishwarya shashikumar

Tether’s CTO has stated that his organization has no exposure to Silvergate, as businesses in the cryptocurrency sector unite to remove themselves from the embattled bank.

A U.S. bank called Silvergate serves the crypto business, which has previously had difficulty getting banking services but has recently been shaken by financial difficulties.

The San Francisco bank disclosed a $1 billion net loss last month in addition to a $14 billion fall in customer deposits during the final quarter of 2022.

It postponed yesterday’s submission of its yearly 10-K report to the Securities and Exchange Commission of the United States because it required “extra time” to allow an outside accounting firm to finish some audit procedures.

Today, the company’s stock is rapidly falling, and cryptocurrency businesses are cutting relations with it. The biggest cryptocurrency exchange in America, Coinbase, said earlier today that it was stopping transfers to and from banks. Paolo Ardoino, CTO of Tether, stated on Twitter on Thursday, that Tether had no exposure to SIlvergate.

#Tether does not have any exposure to Silvergate.

— Paolo Ardoino 🍐 (@paoloardoino) March 2, 2023

Tether In Troubled Waters?

Despite the terrible bear market currently affecting the cryptocurrency sector, Tether, the business behind the biggest stablecoin and most traded cryptocurrency, appears to be doing well.

It announced this month that despite handling $21 billion in redemptions the year before, it still made $700 million in earnings in Q4 2022.

With a $71 billion market cap, its stablecoin, USDT, is the third-largest cryptocurrency after Bitcoin and Ethereum.

Moreover, it is the digital asset that is traded the most: according to CoinGecko, its 24-hour trading volume is above $34 billion.

This is so that traders may swiftly make and exit deals without having to deal with U.S. dollars, Japanese yen, or other fiat currencies in a traditional bank because USDT is tied one-to-one with fiat currencies.

However, Tether as a firm is contentious because it has so far declined to provide evidence that its stablecoin is backed by dollars and also because the company is not independently audited.

During a two-year investigation by the New York Attorney General, it was claimed that Tether “made false statements about the backing” of its stablecoin. The company in 2021 agreed to stop operating in New York.

Filed Under: News, Altcoin News, World Tagged With: paolo ardoino, Silvergate Bank, Tether, Tether CTO, Tether(USDT)

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Interim pages omitted …
  • Go to page 6
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Cardano Weekly Update Showcases Promising Development Milestones May 28, 2023
  • OKX & TradingView Unite To Revolutionize Mobile Crypto Trading Experience May 28, 2023
  • LBRY’s Ripple Effect: Lawyer’s Tweet Teases Intriguing Update On Commission’s Remedies May 28, 2023
  • Ethereum Developers Unite To Enhance Execution Layer & Address EIPs May 28, 2023
  • Bitcoin Core 25.0 Release: Enhanced Transaction Support & Improved Performance May 28, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.