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You are here: Home / Archives for USDT

USDT

Crypto: Unveiling the Dark Trade – Fentanyl, China, & Crypto’s Sinister Connection

May 24, 2023 by Ammar Raza

In a groundbreaking investigation where crypto assets play a significant role in illicit activities, Elliptic researchers have uncovered a disturbing trend in the fentanyl precursor trade, with more than 90 China-based companies offering services to supply these dangerous chemicals. 

The findings shed light on the thriving global fentanyl crisis and the significant role played by cryptocurrency in facilitating illegal transactions.

What’s more alarming is that 90% of these companies readily accepted cryptocurrency payments, predominantly in Bitcoin and USDT, raising concerns about the exploitation of digital currencies in illicit activities.

The researchers discovered that many of these Chinese companies had also shipped the same precursors to Mexico, indicating an international network involved in the illicit drug trade. 

Fentanyl Epidemic Fueled By Cheaper Production & Crypto Profits

Shockingly, despite China’s ban on fentanyl since 2019, several businesses were even willing to supply fentanyl itself, emphasizing the magnitude of the issue at hand.

Through comprehensive blockchain analysis, Elliptic unveiled that the cryptocurrency wallets associated with these companies had received over $27 million in payments. 

image 82 3

The number of transactions had witnessed a staggering 450% increase year-on-year. To put this into perspective, this amount of funding could produce fentanyl pills with a street value of approximately $54 billion.

One striking discovery was that a known fentanyl trafficker had made significant Bitcoin payments to one of these Chinese suppliers. This revelation implicates the involvement of established criminal networks in perpetuating the fentanyl crisis. 

Fentanyl, being cheaper to produce than heroin and 50 times more potent, has become the leading cause of death for those aged 18-45 in the United States.

image 82 2

While China was historically the main source of illicit fentanyl, the 2019 ban led Mexican drug cartels to fill the void. They now manufacture fentanyl using precursors imported from China, exacerbating the epidemic within the United States. 

In response, the US government has increasingly focused on disrupting the financial activities of fentanyl traffickers and their supply networks.

In April 2023, the US Department of the Treasury imposed sanctions on individuals and businesses in China involved in supplying precursor chemicals to Mexican drug cartels. Cryptocurrency wallets used by these entities were also listed, marking a significant step in cracking down on the illegal drug trade.

Elliptic has identified more than 90 Chinese chemical companies involved in the fentanyl precursor trade, with 90% accepting cryptocurrency payments. Most of the payments were made in Bitcoin, followed by the US dollar stablecoin Tether.

image 82 4
Source Elliptic: Some of the Bitcoin payments from Peijnenburg to the China-based chemical supplier.

By flagging hundreds of crypto addresses associated with this activity, Elliptic aims to disrupt the fentanyl trade and prevent cryptocurrencies from being exploited in such deadly ventures. 

The researchers have also notified the exchanges used by these companies, highlighting the importance of monitoring gateways into and out of crypto assets to combat illicit activities effectively.

As fentanyl-related deaths continue to rise, it is evident that urgent and concerted efforts are necessary to tackle this crisis. 

Nevertheless, by targeting the financial infrastructure supporting the fentanyl trade, authorities and blockchain analytics companies like Elliptic aim to stem the flow of these deadly drugs and protect vulnerable individuals from its devastating consequences.

Related Reading | Crypto Defendants Dispute SEC’s Power in $18M Fraud Lawsuit 

Filed Under: News, World Tagged With: Bitcoin (BTC), Crypto, USDT

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’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

Floki Inu Lands On Bitfinex: New Opportunities & Credibility For The Meme Coin’s Ecosystem

May 5, 2023 by Mishal Ali

In an exciting development for the meme coin community, Floki Inu, the utility and governance token of the FlokiInu ecosystem, has announced that deposits are now open on Bitfinex, one of the oldest and most respected cryptocurrency exchanges. 

$FLOKI deposits are now open on @Bitfinex!

Trading will commence on May 5, 2023 at approximately  10 AM UTC, in trading pairs against the US Dollar (USD) and Tether tokens (USDt). https://t.co/3Mu9Cg33V2

— FLOKI (@RealFlokiInu) May 4, 2023

It follows a recent tweet by FLOKI on May 3rd, revealing the listing on Bitfinex, which has further solidified the token’s legitimacy and accessibility.

Bitfinex, known for its institutional prowess, has become a hub for industry movers and shakers. Adding the FLOKI token to its trading pairs is expected to attract significant attention from investors and enthusiasts.

Starting May 5th, 2023, at approximately 10 AM UTC, trading of the FLOKI token will commence on Bitfinex. The trading pairs available for FLOKI will be against the US Dollar (USD) and Tether tokens (USDt), providing users with multiple options to engage with this popular meme coin.

With the listing on Bitfinex, FLOKI aims to expand its reach and create new opportunities for its growing community. However, listing FLOKI on a reputable exchange like Bitfinex is a testament to the project’s credibility and potential.

The news has already generated considerable excitement within the crypto community, with investors eagerly awaiting the launch of FLOKI trading on Bitfinex. The increased accessibility and exposure provided by Bitfinex’s platform are expected to drive further interest and participation in the Floki Inu ecosystem.

Floki Inu Price Analysis

Floki Inu (Floki) has taken a significant hit. Over the past week, the coin has experienced a notable 13.55% decline in value. As per the latest data from coinmarketcap, the current trading price of Floki stands at $0.00003221, indicating a dip of approximately 6.29% in the last 24 hours alone. 

FLOKI 1D graph coinmarketcap

Furthermore, the trading volume for the coin over the last 24 hours has plummeted by a staggering 44.64%, while the market cap has also suffered a decline of 6.20%.

Despite these setbacks, the crypto community eagerly awaits the impact of the FLOKI listing on Bitfinex. It remains to be seen how this listing will affect the coin’s value, but it will certainly be noteworthy for investors to watch.

Related Reading | FLOKI Takes An 11% Dip, But BTCEX Launchpad Signals Potential Comeback 

Filed Under: Altcoin News Tagged With: Bitfinex, Cryptocurrency, Floki, USDT

USDC Market Cap Shrinks By Over 23% As Investors Flock To Tether

March 30, 2023 by Lipika Deka

Market capitalization for Circle’s USDC decreased by approximately 23% from $43.4 billion on March 10 to $33.3 billion at present. BUSD has decreased by 52% from $16.1 billion on February 13 to $7.67 billion at this time. In the last 30 days, USDT has climbed by $9 billion.

The declining market cap demonstrates how investors are flocking toward its rival Tether [USDT] which reached a 22-month high in market share.

The value of the fifth-largest cryptocurrency in the world fell to an all-time low on March 10 after Circle, the US company that created the coin, revealed that Silicon Valley Bank [SVB] controlled $3.3 billion of the reserves that were used to underpin it.

USDC token net outflows ie, the number of funds leaving the exchanges, surpassed $10 billion when regulators shut down key reserve banking partner SVB.

The stablecoin’s decline persisted even after its issuer, Circle, survived the collapse of SVB and the token regained its dollar price peg.

Among other stablecoins that were affected was Binance’s BUSD token which also plummeted.

The event sent the stablecoin market into chaos as many of these asset classes momentarily lost their price pegs.

It also exposed how fiat-backed stablecoins depend on the stability of legacy financial systems.

After several banking system failures, Circle transferred virtually all of the money to BNY Mellon, one of the biggest custodian banks in the world, while keeping limited funds with other partners, as per an announcement.

The turbulence in the stablecoin market also prompted Binance to temporarily suspend the auto-conversion of USDC to BUSD citing the then market conditions.

Binance Halts USDC

The decision was made in response to heavy inflows and the mounting cost of sustaining the conversion and it was a normal risk-management procedure, a statement released by the platform read.

Later, the world’s largest crypto exchange announced the launch of several new stablecoin trading pairs. Binance in a blog post, said that it would open trading “the BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT spot trading pairs.”

The trading platform also stated that it has stopped or will stop BUSD auto-conversion for users’ new deposits of USDC, USDP, and TUSD, respectively. Furthermore, users can no longer withdraw USDC, USDP, or TUSD from their BUSD balances.

Filed Under: Altcoin News Tagged With: BUSD, USDC, USDT

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

Crypto.com To Remove USDT On Jan. 31 In Canada

January 11, 2023 by Lipika Deka

Leading Singaporean cryptocurrency exchange Crypto.com said that it would officially remove USDT stablecoin for Canadian users on January 31 at 1 p.m. ET.

Informing customers via email, the top exchange said all USDT trading pairs, transactions, deposits, and withdrawals would be removed from the exchange at that moment, and all USDT deposits made by users after that point would be converted to USDC issued by Circle.

The current move coincides with regulators tightening the noose on centralized exchanges globally as a result of the failure of FTX and increasing competition among the top stablecoins.

One of them is Canada’s top regulatory body, the Canadian Securities Administrators [CSA], which stated last month it would increase its monitoring of cryptocurrency exchanges by “expanding existing requirements” for trading platforms operating in the country.

The CSA, in particular, put emphasis on stablecoin saying it “continues to monitor and assess the presence and role of these asset classes in Canadian capital markets,” according to a press release.

CSA regulators also issued a warning to crypto exchanges not to allow any cryptocurrency that may be considered security — a designation that the regulators say could include stablecoins. 

“The CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives,” the group said. To evaluate if the digital assets they list are securities or derivatives, crypto exchanges must have developed policies and procedures.

Although a specific date for the new rules’ implementation is not yet known, platforms can anticipate being approached individually to talk about them. An inquiry for comment was not immediately answered by the CSA.

That said, in Sept. 2021, the Ontario Securities Commission [OSC], Canada’s top financial watchdog, banned trading platforms operating locally from interacting with the market-leading stablecoin tether even though it hasn’t made it clear if it considers USDT a security.

Tether’s USDT Has Faced A Rise In Competitors

Following the FTX’s saga, Tether has faced intense regulatory scrutiny throughout 2022 and expressed a desire to increase transparency on its collateral reserves.

The collapse of the SBF’s crypto empire was bittersweet for the largest stablecoin in the world because the exchange platform was Tether’s biggest user.

Competition for Tether’s USDT position as the biggest stablecoin in the cryptocurrency ecosystem has increased as a result. Wall Street firms like BlackRock and BNY Mellon prefer USD Coin [USDC], which has a 29.8% market share in stablecoins.

It also faces extensive competition from Binance’s stablecoin BUSD.  

Filed Under: Altcoin News, News Tagged With: canada, Crypto.com, stablecoin, USDT

Coinbase: USDT TO USDC Conversion Fees To Be Waived Off

December 9, 2022 by Aishwarya shashikumar

Investor confidence has been damaged as a result of the consecutive failures of companies in the cryptocurrency industry. Because of this, businesses offering trader-investor services that have remained afloat do not have extremely high expectations for profitability.

Brian Armstrong, the CEO of Coinbase, stated in a recent interview with Bloomberg that the exchange’s income is expected to drop by almost half this year. He compared the figures to previous year’s and said,

“Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down, it’s looking, you know, about roughly half that or less.”

Coinbase CEO Brian Armstrong said the exchange’s 2022 revenue will likely be cut in half or more as declining prices and the collapse of rival FTX rattle the crypto industry https://t.co/QmrBOiZykJ

— Bloomberg Crypto (@crypto) December 8, 2022

Based on adjusted EBITDA, Coinbase had predicted it could only lose $500 million in 2022. The business at the time did not give a forecast for total revenue for the entire year. Bloomberg pointed out that Armstrong’s estimate was comparable to the $3.2 billion that analysts had predicted.

It is well known that Coinbase’s primary source of income is transaction fees. The company’s revenue of approximately $7.4 billion in 2021 was derived in a staggering 88% from fees imposed on regular traders’ transactions.

The volume settled on Coinbase has been trending downward despite periodic increases. As shown below, compared to January’s $2.5–$5 billion, the exchange-traded volume has recently been circling the $1 billion threshold. Thus, Coinbase’s revenue would be affected harder if the boring trend continued.

Screenshot 215
Source: CoinGecko

Coinbase Urges Users To Convert To Trusted Stablecoin

In a new campaign that showcases the calibre of reserves that support Circle-owned USD Coin, Coinbase is waiving the conversion fees for users who want to move to a “trusted stablecoin” (USDC).

Coinbase CEO Brian Armstrong said the exchange’s 2022 revenue will likely be cut in half or more as declining prices and the collapse of rival FTX rattle the crypto industry https://t.co/QmrBOiZykJ

— Bloomberg Crypto (@crypto) December 8, 2022

In a blog post published on Friday morning, Asia time, Coinbase stated,

“The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety……… We believe that USD Coin (USDC) is a trusted and reputable stablecoin.”

For all international retail clients converting USDT to USDC as of right now, according to the firm, there are no costs.

According to on-chain data, USDT is presently trading for 99 cents on Coinbase and is the third most actively traded digital asset there, accounting for 5% of the trading volume.

Filed Under: News, Altcoin News, World Tagged With: Coinbase, Cryptocurrency, USDC, USDT

Tether debacle continues; requires proof of USDT backing

September 21, 2022 by Aishwarya shashikumar

Despite holding the designation of “largest stablecoin in the world,” Tether [USDT] keeps sinking in rough waters. A lawsuit was filed against the network for issuing USDT to boost the price of Bitcoin [BTC]. This market manipulation litigation, which has been ongoing for a while, has changed course. It wasn’t in the stablecoin’s favor this time.

It was revealed that a U.S. Judge in New York had denied Tether’s request to halt the disclosure of its financial documents. As a result, the network is now required to present a variety of documentation relating to USDT’s financial support. General ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements are all included in this list. Additionally, the stablecoin company must provide documentation of all cryptocurrency and stablecoin transfers. There were other requests for minor information like the transaction’s timing.

Screenshot 186
Katherine Polk Failla, Judge presiding over Tether case

The Plaintiffs “plainly explain why they need this information: to assess the backing of USDT with US money,” according to the judge who presided over the case, Katherine Polk Failla. She went on to say,

“The documents sought in the transactions RFPs appear to go to one of the Plaintiffs’ core allegations: that the … Defendants engaged in crypto commodities transactions using unbacked USDT, and that those transactions “were strategically timed to inflate the market.”

It should also be mentioned that Tether was asked to provide information regarding the Bitfinex, Bittrex, and Poloniex accounts that are associated with it.

Tether in troubled waters

It appears that Tether simply doesn’t belong in New York. Following a legal battle between the platform and the New York Attorney General, Bitfinex and Tether agreed to a somewhat pricey $18.5 million settlement. The 22-month-long case, which began in April 2019, was eventually resolved.

The company further confirmed that it would stop providing trading services to New York citizens.

The platform will undoubtedly suffer from the most recent news. As was already mentioned, Tether’s lawyers claimed that providing financial documents was “very excessive” and “unduly burdensome.” However, the judge firmly refuted these claims and emphasized that these records were material to the dispute.

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

Binance to Halt USDC Trading, Announces That USDT Won’t Have the Same Fate

September 7, 2022 by Goku

The world’s largest cryptocurrency exchange, Binance, has acknowledged that it does not currently have any plans to “auto-convert” Tether (USDT) to Binance USD (BUSD), but that this “may change.”

A spokesperson for Binance confirmed to Cointelegraph that there are no plans at the moment to do the same for USDT, but added that this may change in the future:

“We do not have plans to auto-convert USDT to BUSD as of now, but may change.”

The spokesperson added that the decision to stop providing most trading services for USDC and the auto-conversion is “not temporary measures” and “will continue.”

image 15
Binance to Halt USDC Trading, Announces That USDT Won't Have the Same Fate 9

Binance to discontinue USDC trading

The cryptocurrency exchange shocked the market on September 6 by announcing it would stop supporting USD Coin (USDC), a stablecoin pegged to the US dollar, along with USDP Stablecoin (USDP), and TrueUSD on its platform (TUSD).

On September 29, users who are still holding any of the three stablecoins will start to automatically convert those holdings to BUSD at a 1:1 ratio over a 24-hour period.

While Tether USDT, the largest stablecoin by market cap, was not mentioned, Binance claimed that the decision was made to improve liquidity and capital efficiency for users.

According to a Sept. 6 tweet from Binance CEO Changpeng Zhao (CZ), the company is “just merging all liquidity into one pair” and will provide users with the “best price, lowest slippage” rather than delisting the three stablecoins.

Additionally, the exchange will switch most of the pairings over to BUSD and remove the extensive list of spot trading asset pairs paired to these stablecoins.

Users should also be cautious about using USDC in the exchange’s staking, savings, liquid swaps, or loans because those services will also be discontinued for that asset.

Binance’s action coincides with a brief suspension of Ether (ETH) and Wrapped ETH (wETH) withdrawals and deposits on particular networks from September 6 until the end of the month.

Filed Under: Industry, News Tagged With: Binance, Tether, USDC, USDT

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