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CATEGORY: tether ceo


Jun 18, 2024 05:50

Tether Unveils aUSDT: A New Gold-Backed Digital Currency For Payments Details

Tether, the issuer of the largest stablecoin in the cryptocurrency market, USDT, announced Monday the creation of a new synthetic dollar backed by gold. The token, aUSDT, was developed on the companys Alloy by Tether platform.  By leveraging smart contracts on the Ethereum Mainnet blockchain, users can mint aUSDT by over-collateralizing it with another Tether [...]

The post Tether Unveils aUSDT: A New Gold-Backed Digital Currency For Payments Details appeared first on Crypto Breaking News.

May 02, 2024 12:05

Stablecoin Giant Tether Strikes Gold: Achieves Record Net Profit Of $4.5 Billion In Q1

Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO.  The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market.  Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion.  The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from US Treasury holdings. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through money market funds. In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023.  The report also highlighted a $1 billion increase in excess reserves, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion. CEO Emphasizes Transparency And Stability The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone. Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including artificial intelligence (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining.  Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management.  Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase transparency and trust within the cryptocurrency industry. Ardoino further claimed: In reporting not just the composition of our reserves, but now the Groups net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.  Featured image from Shutterstock, chart from TradingView.com

Apr 20, 2024 12:05

Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegrams TON Network

Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.  Tether Expands Reach To 15 Blockchains On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains.  The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a seamless and borderless experience for peer-to-peer (P2P) payments within Telegram’s user base. With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs.  Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold? Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and decentralized internet. Ardoino stated: Were excited to bring USD and XAU to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD and XAU on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space. 11 Million TON Tokens To Drive Adoption Of USDT, XAUT Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.  Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards. The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust.  Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024. Related Reading: Bitcoin Halving Could Catalyzed $100,000 Price Surge: Bitwise CEO Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.   Toncoin Price Rallies Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13. However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59.  It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH. Featured image from Shutterstock, chart from TradingView.com

Feb 10, 2025 02:30

Tether CEO Foresees Quantum Computing Reviving Inactive Bitcoin

Quantum computing could unlock lost Bitcoin from dormant wallets, altering supply and market dynamics. How will Bitcoin adapt to this emerging security threat?

Jul 13, 2023 12:05

Tether CTO Paulo Adoino Explains 1 Billion USDT Issuance

Tether, one of the largest stablecoin issuers, has recently made a significant move in the cryptocurrency market. With the release of an additional 1 billion USDT on the Ethereum and TRON networks, Tether aims to solidify its market dominance and enhance its interoperability. Whale Alert, an on-chain analytics account known for monitoring significant cryptocurrency transactions, drew attention to this latest move by Tether.  In response to Whale Alert’s tweet announcing Tether’s 1 billion USDT inventory replenishment on the Tron Network, Tether’s CTO Paulo Adoino replied in a tweet stating that the issuance was authorized but not yet issued, indicating that the tokens will serve as inventory for future issuance requests and chain swaps. PSA: 1B USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.https://t.co/Y1bqxZglgR — Paolo Ardoino ?? (@paoloardoino) July 12, 2023 Related Reading: Celsius Takes Legal Action Against StakeHound For Withholding $150 Million Tether’s issuance of 1 billion USDT on the TRON network could underscore a rise in demand for the stablecoin, which would explain why the company has minted such a significant supply for future purposes. USDT Growing Dominance: Market Cap Soars Amidst Stablecoin Shifts Amidst the rapidly evolving cryptocurrency market, Tether’s market dominance is becoming increasingly evident.  Recent data from Coinecko reveals that over the past 90 days, USDT’s market capitalization has surged by $2.6 billion, highlighting its growing importance in the cryptocurrency landscape. In stark contrast, USD Coin (USDC), another major stablecoin, has experienced a decline of $4.6 billion in its market capitalization during the same period.  USDT is the largest stablecoin with over $83 billion market cap | Source: Market Cap USDT on TradingView.com These figures indicate a significant shift in market dynamics, with USDT emerging as the leading stablecoin in terms of market cap. With around 65% of the total market cap of stablecoins, Tether continues to solidify its position as a trusted and widely adopted digital currency. What This Means For The Crypto Market A large influx of stablecoins into the crypto market can often serve as a bullish indicator for digital assets in the space. This is because the more USDT is available in the market, the more buying power is present. A Tuesday report on the on-chain data analytics platform Santiment points to this where investors were advised to keep an eye out for the supply of stablecoins on exchanges. According to the report, an increase in stablecoins such as USDT and USDC could mean that something is “brewing” in the market. Related Reading: Conflux (CFX) Climbs By 11% As Bank of China Begins Sim Card Payment With Digital Yuan In the case of the newly minted USDT, if the majority of the stablecoins find their way to centralized exchanges, then it could mean that investors are looking to move into more volatile cryptocurrencies. In such a scenario, the rising demand would translate into a bullish rally for assets such as Bitcoin and Ethereum, triggering a bull run. Featured image from CoinSwitch, chart from TradingView.com

Nov 03, 2024 05:50

CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin

On Thursday, Tether (USDT), the worlds largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC).  Total Tether Assets Reach All-Time High Conducted by accounting firm BDO, the report highlights Tether’s growth, with a net profit of $2.5 billion for Q3, contributing [...]

The post CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin appeared first on Crypto Breaking News.

Tether CEOs MiCA concerns, Buterin to Purge Ethereum inefficiencies: Finance Redefined

Author: Cointelegraph by Zoltan Vardai
United States
Nov 02, 2024 12:00

Tether CEOs MiCA concerns, Buterin to Purge Ethereum inefficiencies: Finance Redefined

Concerns about Europes upcoming MiCA regulations and Vitalik Buterins plans to make Ethereum more efficient were the main focus of crypto investors this week.

Oct 26, 2024 12:05

Tether Defends Its Record, Blasts WSJ For Irresponsible Reporting

In a recent report by the Wall Street Journal (WSJ), it was alleged that Tether is currently under federal investigation for potential violations related to sanctions and anti-money laundering (AML) regulations in the US.  The inquiry, reportedly led by prosecutors from the Manhattan US Attorneys Office, is said to focus on whether Tether’s stablecoin, USDT, has been used by third parties to finance illegal activities such as drug trafficking, terrorism, and hacking, or to launder the proceeds from these activities. Tether CEO Denies Investigation Claims In response to these serious allegations, Tether has issued a statement strongly criticizing the WSJ’s reporting. The company called the article “wildly irresponsible,” asserting that it is inappropriate for the WSJ to publish such definitive claims without verified sources or corroboration from authorities.  The stablecoin issuer also emphasized that it has no knowledge of any ongoing investigations, characterizing the report as based on “pure rank speculation.” Related Reading: Shiba Inu Inflows Soar 555% In 3 Months Will The Momentum Continue? Tethers CEO, Paolo Ardoino, also took to social media platform X (formerly Twitter) to further address the issue, stating, “As we told to WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.”  This response underlines the company’s commitment to transparency in the face of these allegations and the increased scrutiny it has faced in recent years, not only from the US authorities but also from news outlets such as the WSJ, and its stance against what it considers to be unfounded allegations. Commitment To Combating Cryptocurrency Misuse The article from the WSJ also reportedly downplays Tether’s extensive collaborations with law enforcement agencies aimed at combating illicit activities involving cryptocurrencies.  Related Reading: Bitcoin To Hit $125,000 By Year-End If Trump Wins, Says Standard Chartered Tether highlighted its proactive measures to work with the authorities to ensure that its platform is not misused by bad actors. Their response concluded: The article also carelessly glosses over Tethers well-documented and extensive dealings with law enforcement to crack down on bad actors seeking to misuse tether and other cryptocurrencies. Featured image from DALL-E, chart from TradingView.com

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