As March unfolds, Tether silently makes waves, with a massive $5.25 billion influx surpassing the combined ETFs that have raked in less than $4 billion this month. Tether’s remarkable surge has largely evaded the spotlight. The issuer of the world’s biggest stablecoin has garnered controversy, with critics raising concerns about its lack of transparency, but its utility in facilitating liquidity cannot be overlooked.
Tether has added $5.25billion in March so far and no-one is talking about it For perspective, the ETFs combined have added <$4billion in March so far
Not long ago, the stablecoin issuer announced that USDT would launch on Celo, a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide. Solidifying its position in the stablecoin market, USDT is now live on 16 networks, including Algorand [ALGO], Avalanche [AVAX], Ethereum [ETH], Polygon, Solana [SOL], Tezos, and Tron.
Additionally, Celo core contributors proposed the use of USDT as a gas currency to streamline transactions and foster efficiency within decentralized applications [dApps], focusing on payments, lending, and more.
The firm is also working closely with the U.S. government to help seize $1.4 million linked to an alleged fraud scheme. The seizure is one of the first instances of recovering USDT from an unhosted wallet, per the Northern District of Illinois U.S. Attorney’s Office. Extending its collaboration with other institutions of the U.S. government, Tether voluntarily joined forces with the U.S. Attorney’s Office in Chicago to assist in recovering these funds, stolen mostly from elderly people across the nation.
Tether Thwart USDT Tech Support Scam
The sophisticated scheme was orchestrated by a group that preyed on victims by convincing them that their funds in bank accounts were in danger on the pretense of being hacked. Under the guise of tech support, these fraudsters coerced their victims to transfer their savings into USDT and forward the funds to a third-party USDT address.
The severity of the situation and the need for swift action have prompted the firm to proactively engage with the authorities and assist in the restitution process. Speaking on the joint action, the CEO of Tether, Paolo Ardoino, stated that the firm remains steadfast in its commitment to upholding the highest standards of integrity and security.