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

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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.

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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.

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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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