Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom

Tether, the leading blockchain-enabled platform behind the widely used stablecoin, USD₮, has achieved a significant milestone by surpassing its previous all-time high market cap of $83.2 billion, which was set in May 2022. The company’s Chief Technical Officer, Paolo Ardoino, attributes this achievement to the growing demand for financial freedom and the trust that customers have placed in Tether.

Ardoino stated, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” He emphasized Tether’s role in providing a safe haven for the unbanked and enabling individuals in emerging markets to preserve their buying power, even in the face of currency devaluation. Tether’s resilience in volatile markets and its commitment to transparency have earned the trust of customers, resulting in its current success. The company aims to expand access to financial freedom globally, with a particular focus on emerging markets.

Since its establishment in October 2014, Tether has solidified its position as the leading stablecoin and a trailblazer in financial freedom and innovation. The USD₮ stablecoin has become the most traded cryptocurrency, surpassing all competing offerings combined. Tether combines the advantages of digital currency, such as instant global transactions, with the stability of traditional currency. By prioritizing transparency and compliance, Tether provides a fast and cost-effective method for conducting financial transactions.

Tether’s recent attestation further underscores its commitment to transparency and highlights its efforts in emerging markets as a refuge from volatile markets. The company’s impressive performance in the first quarter, reporting a net profit of $1.48 billion, has significantly strengthened its reserves. With approximately 85% of its investments in cash, cash equivalents, and short-term deposits, along with a 20% increase in token supply quarter over quarter and excess reserves of around 2.5 billion, Tether has firmly established itself as a trustworthy entity with a positive outlook for the future.

Tether remains dedicated to providing financial freedom and innovation to users worldwide, especially in emerging markets. As a trusted stablecoin, Tether continues to lead in transparency, resilience, and accessibility, offering a secure and stable digital currency option for individuals globally.


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Tether Amplifies Cryptocurrency Presence in Georgia: Invests in Payment Processor CityPay.io

Tether Operations Limited (USDT issuer), the driving force behind the highly adopted stablecoin blockchain platform tether.to, has magnified its presence in Georgia’s cryptocurrency landscape through a strategic investment in CityPay.io. This leading payment processing company is active in over 600 locations nationwide, encompassing retail outlets, hospitality venues, and eateries.

With an increasing cryptocurrency demand and nearly 2.89% of Georgians owning some form of crypto, the country, host to 130 crypto ATMs, has been identified as the fourth most crypto-ready globally by Forex Suggest in 2022. Tether’s investment in CityPay.io aligns with Georgia’s commitment to becoming a crypto-friendly hub, aiding the seamless integration of crypto payments.

CityPay.io, offering streamlined payment experiences to customers of renowned brands like Wendy’s and Radisson Hotels, among many others, will utilize Tether’s investment to enhance its service offering and improve efficiency. This strategic move marks Tether as the first stablecoin to invest in CityPay.io, catalyzing a significant milestone in Georgia’s payment processing industry.

The investment will bolster CityPay.io’s ability to extend its operations and refine its services, with the goal of benefiting customers across Georgia and the Commonwealth of Independent States (CIS). Tether’s Chief Technology Officer, Paolo Ardoino, emphasized the firm’s commitment to the integration of a more connected and accessible financial system.

“We are excited to be working with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia,” stated Ardoino. Eralp Hatipoglu, CEO of CityPay.io, echoed the excitement, expressing how Tether’s investment will expedite the company’s growth and extend its services to more Georgian customers.

This investment heralds Tether’s expansion strategy in Georgia, reinforcing the company’s dedication to revolutionizing the payment industry with more innovative initiatives expected to be announced soon


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Tether Ventures into Sustainable Energy Production and Bitcoin Mining in Renewable-Rich Uruguay

Tether, the company renowned for powering the world’s foremost stablecoin, announced today its ambitious venture into energy production and sustainable Bitcoin mining in Uruguay. The company is expanding its portfolio to include the energy sector, signaling its firm commitment towards energy innovation and the future of cryptocurrency.

This initiative will be implemented in collaboration with a local licensed company in Uruguay. This strategic decision underpins Tether’s aspiration to be a global tech leader, extending its influence beyond the realms of finance and communication.

In light of this announcement, Tether is recruiting experts in the energy sector to bolster its team. The company’s endeavor into renewable energy sources aims to support sustainable Bitcoin mining, thereby contributing towards a secure and robust monetary network globally.

Paolo Ardoino, CTO of Tether, emphasized Tether’s dedication to sustainable practices. He stated, “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.”

Uruguay, with 94% of its electricity generation from renewable sources such as wind and solar power, offers ideal conditions for this endeavor. The country’s abundant natural resources allow for the establishment of renewable energy infrastructures like wind farms, solar parks, and hydropower projects, guaranteeing a constant supply of clean and environmentally friendly energy.

Capitalizing on Uruguay’s robust energy infrastructure, Tether has found the perfect platform for its Bitcoin mining operations. The reliable grid system, capable of meeting modern industrial demands, ensures Tether’s operations will be both efficient and sustainable.

This latest venture represents a significant milestone where energy and cryptocurrency merge, affirming Tether’s role as a trailblazer at the forefront of technology, sustainable practices, and financial innovation.


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US Draft Bill Proposes Framework for Stablecoins

A new draft bill published in the United States aims to provide a regulatory framework for stablecoins. The bill proposes that the Federal Reserve oversee non-bank stablecoin issuers such as Tether and Circle, which respectively issue USDT and USDC. Insured depository institutions seeking to issue stablecoins would fall under federal banking agency supervision.

The bill also establishes criteria for approval of stablecoin issuers, including the ability to maintain reserves backing the stablecoins with U.S. dollars or Federal Reserve notes, Treasury bills with a maturity of 90 days or less, repurchase agreements with a maturity of seven days or less backed by Treasury bills with a maturity of 90 days or less, and central bank reserve deposits. Issuers must also demonstrate technical expertise and established governance, as well as the benefits of offering financial inclusion and innovation through stablecoins.

Additionally, the bill proposes a two-year ban on issuing, creating or originating stablecoins not backed by tangible assets. It also mandates that the U.S. Department of the Treasury conduct a study on “endogenously collateralized stablecoins.” These are stablecoins that rely solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.

The bill also allows the U.S. government to establish standards for interoperability between stablecoins. It further determines that Congress and the White House would support a Federal Reserve study on issuing a digital dollar.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability by being backed by specific assets or using algorithms to adjust their supply based on demand. The draft bill defines stablecoins and proposes a regulatory framework that could potentially provide greater stability and protection for investors. It also aims to prevent the use of stablecoins for illegal activities, such as money laundering and terrorist financing. If enacted, the bill would require stablecoin issuers to register and could result in up to five years in prison and a fine of $1 million for failure to do so.


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FTX Continues to Move Funds Amid Ongoing Investigations

FTX, a cryptocurrency exchange, has reportedly moved around $145 million in stablecoins across various platforms, according to Lookonchain. Three wallets associated with FTX and its subsidiary, Alameda Research, transferred 69.64 million Tether (USDT) and 75.94 million USD Coin (USDC) to custodial wallets on platforms like Coinbase, Binance, and Kraken. FTX and Alameda are currently facing demands to return funds to different groups of investors as the cryptocurrency exchange continues to grapple with ongoing investigations and lawsuits.

The FTX bankruptcy case has been ongoing for some time, with the troubled exchange already recovering $5 billion in cash and liquid cryptocurrencies by January 2023, according to FTX attorney Andy Dietderich. However, the total liabilities of the exchange are said to exceed $8.8 billion.

In the latest development in the FTX bankruptcy case, Alameda Research sold its remaining interest in venture capital firm Sequoia Capital to a company owned by the government of Abu Dhabi for $45 million. Meanwhile, Alameda Research filed a lawsuit against Grayscale Investments in the Court of Chancery in Delaware seeking to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts and realize over a quarter billion dollars in asset value for the FTX Debtors’ customers and creditors,” according to a statement.

As lawsuits and investigations continue to pile up against FTX, some plaintiffs requested the consolidation of lawsuits against the bankrupt exchange. However, United States District Judge Jacqueline Corley recently denied the request, stating that the defendants have not yet been allowed to respond.

FTX was founded in 2019 by Sam Bankman-Fried and Gary Wang and has quickly become one of the largest cryptocurrency exchanges by trading volume. The exchange offers a range of crypto trading products, including futures, options, and leveraged tokens. The exchange has also attracted significant investment, with firms like Paradigm, Sequoia Capital, and Thoma Bravo investing in the exchange.

However, FTX has faced a series of setbacks in recent months. In December 2021, the exchange suffered a security breach, leading to the theft of $95 million worth of cryptocurrencies. The exchange was also hit with a lawsuit in January 2022 by a group of investors claiming that FTX and its executives misled investors about the exchange’s financial health.

FTX’s troubles have continued to mount, with the exchange facing investigations by the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over allegations of market manipulation and insider trading. In February 2022, FTX was also hit with a class-action lawsuit by investors alleging that the exchange engaged in illegal market manipulation.

In response to the lawsuits and investigations, FTX has hired a team of high-profile lawyers and public relations experts to defend the exchange and its executives. However, the ongoing investigations and lawsuits continue to cast a shadow over the future of the cryptocurrency exchange.


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Cryptocurrency Firms Deny Exposure to Troubled US Banks

In recent years, the cryptocurrency industry has seen significant growth, with new exchanges, wallets, and other services popping up almost daily. However, the industry has also faced numerous challenges, including regulatory scrutiny, hacking attacks, and volatile market conditions.

The ongoing banking crisis in the United States is the latest challenge facing the industry. Several major U.S. banks, including Silicon Valley Bank (SVB) and Signature Bank, have been dissolved due to financial difficulties, leaving customers and partners uncertain about the safety of their funds.

To address these concerns, major cryptocurrency firms have taken to social media to assure their users that they have no exposure to the troubled banks and that their funds are safe and accessible.

Tether, the operator of the largest stablecoin by market capitalization, with a market value of $73 billion, was one of the first companies to deny exposure to SVB and other troubled U.S. banks. Tether’s chief technology officer, Paolo Ardoino, took to Twitter to announce that the stablecoin company has zero exposure to Signature Bank.

Similarly, Kris Marszalek, CEO of major cryptocurrency exchange Crypto.com, provided similar statements on the company being unaffected by the ongoing issues in U.S. banking.

Other major exchanges, including Gemini and BitMEX, have also denied any exposure to the dissolved U.S. banks.

Despite having a partnership with Signature, Winklevoss brothers-founded Gemini exchange has zero customer funds and zero Gemini dollar (GUSD) funds held at the bank, the firm announced on March 13.

BitMEX exchange also took to Twitter on March 13 to announce that the company had “no direct exposure” to Silvergate, SVB, or Signature, and that all user funds continue to be safe and accessible 24/7/365.

Exchanges like Binance and Kraken have partly denied exposure to the dissolved banks, with Binance CEO Changpeng Zhao stating that Binance does not have assets at Silvergate, and former Kraken CEO Jesse Powell also denying exposure to SVB.

Bitcoin mining firm Argo Blockchain issued a statement on March 13, declaring that the company has no direct or indirect exposure to SVB and Silvergate Bank. However, the company said that one of Argo’s subsidiaries holds a “portion of its operating funds in cash deposits” at Signature, which the company stated were secure and not at risk.

A number of other firms, including Animoca Brands, Abra, and Alchemy Pay, have partly denied exposure to the troubled U.S. banks, stating that they had no assets at SBV and Silvergate.

Some companies, like crypto custodian BitGo, declared that it holds no assets at SVB while being “not impacted” by issues at Silvergate, USD Coin, and Signature Bank.

In conclusion, the ongoing banking crisis in the United States has raised concerns among customers and partners of dissolved U.S. banks. However, major cryptocurrency firms have taken proactive measures to address these concerns and assure their users that their funds are safe and accessible despite the ongoing issues in the U.S. banking system. The response from the industry demonstrates its resilience and commitment to providing reliable and secure financial services to its users.


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The Financial Stability Board (FSB) is pushing for international regulations

A global financial regulator known as the Financial Stability Board (FSB) has the backing of the Bank for Worldwide Settlements (BIS). The FSB is now advocating for worldwide standards for decentralized financial systems (DeFi).

The Financial Stability Board (FSB) published a study on decentralized finance and the risks it presents to the overall financial stability of the country on February 16th. The research evaluated the hazards that decentralized finance posed to the overall financial stability of the country. The focus of the study was on identifying significant flaws, tracking transmission networks, and investigating the development of decentralized financial systems.

The authority said in the study that decentralized finance (DeFi) “does not vary materially” from conventional finance (TradFi) in its operations, despite the fact that DeFi offers a variety of “new” services. This was spoken in relation to the actions that DeFi was participating in. According to the reasoning of the Financial Stability Board, the fact that DeFi attempts to mimic certain aspects of TradFi’s activities raises the possibility for increased vulnerabilities brought on by the use of innovative technologies, a high degree of ecosystem interlinkages, and a lack of regulation or compliance. These three factors are what the Financial Stability Board considers to be the three main causes of increased vulnerability. This is the conclusion that one may reach by examining the evidence provided in the argument.

In addition, the authority said that the actual degree of decentralization in DeFi systems “frequently deviates greatly” from the statements that were initially made by the system’s founding fathers and mothers about the capabilities of the system. These assertions were made in the beginning, back when the technology was still in its infant stages of development.

In order to forestall the emergence of financial stability risks that are associated with decentralized finance, the Financial Stability Board (FSB) is collaborating with global standard-setting agencies to evaluate decentralized finance rules in a number of different jurisdictions. This will allow the FSB to prevent the risks from materializing in the first place. Because of this, the FSB will be able to forestall the appearance of these threats.


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Tether Holdings Hires Major Wall Street Firm to Manage Treasury Portfolio

According to a story published on February 10 by The Wall Street Journal, stablecoin issuer Tether Holdings has contracted the services of a prominent Wall Street business in order to manage its portfolio of Treasury securities.

The Wall Street Journal cited unnamed persons familiar with the situation in reporting that the financial services business Cantor Fitzgerald is assisting Tether in managing a bond portfolio consisting of United States Treasury securities that is valued at $39 billion. According to the study, there are certain companies on Wall Street who are eager to help cryptocurrency service providers despite the continuous regulatory worries that are impacting the business.

Cantor Fitzgerald is an investment banking firm that was established in 1945 and specializes in providing services such as institutional equity and fixed-income sales. It is said that the corporation employs more than 12,000 workers. Cantor Fitzgerald’s precise role with the stablecoin issuer was not detailed in the material that appeared in the Journal. The only mention of Cantor Fitzgerald’s participation was that it “managed” a piece of Tether’s portfolio.

Tether has become the most significant participant in the digital assets sector, and the company is actively engaging with high-quality counterparties and investigating new business prospects on a regular basis.

As of the 31st of December, Tether’s total assets amounted to $67 billion, which was more than its consolidated liabilities, which were $66 billion, and provided the corporation with surplus reserves of at least $960 million. According to an independent attestation provided by BDO, the corporation’s net earnings for the fourth quarter came in at $70 million million dollars.

While Tether has made efforts to dispel rumors about its solvency and accounting standards, the company has been called out repeatedly by major publications for not being transparent about the assets that back its USDT (USDT) reserves. Tether has responded to these criticisms by saying that it will continue to work toward this goal. In the year 2022, the focus of the criticism switched from the question of whether or not Tether’s USDT is completely supported to the question of the makeup of the assets that support the stablecoin. In response to increased public scrutiny about its portfolio, namely its purported excessive exposure to Chinese commercial paper, Tether had, by the month of October, unwound its exposure to commercial paper and switched to investing in Treasury bills instead.

According to CoinMarketCap, the USDT token issued by Tether continues to be the most valuable stable currency with a market valuation of about $68.2 billion.


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Tether Completes Reserves Attestation by Major Global Accounting Firm

The completion of the reserves attestation for the cryptocurrency Tether has been accomplished with flying colors by the prestigious international accounting firm BDO. The attestation that Tether is the world’s biggest stablecoin by market value was carried out by BDO, and the coin is issued by the company that owns the stablecoin with the highest value.

The stablecoin company released a statement on February 9 about the issuing of BDO’s assurance opinion. This opinion restates the reassurance that the right information may be seen in Tether’s consolidated reserves report (CRR) as of December 31, 2022.

According to the CRR, Tether’s consolidated assets are worth at least $67 billion, which is more than the company’s consolidated liabilities, which are at $66 billion, and the company has surplus reserves that are worth at least $960 million. Tether’s consolidated assets are greater than the company’s consolidated liabilities, which are at $66 billion. The whole amount of Tether’s consolidated assets is $67 billion, which is more than the total amount of the company’s consolidated liabilities, which is $66 billion.

In addition to the reduction in its committed secured loans, the report reveals that by the end of 2022, Tether had no outstanding commercial paper. This comes after a drop in the amount of its total committed secured loans. [There must be other citations for this]

As was first indicated, by the middle of October 2022, Tether will have totally eliminated commercial paper from (USDT) reserves and will have replaced those assets with United States Treasury Bills. This will have been accomplished in accordance with the original timetable. The first step in the company’s first strategy was to announce that it would begin removing commercial paper from USDT reserves in the month of June 2022. On the other hand, this proposal was ultimately abandoned. At that time, the total reserves held by the USDT were $82 billion, and commercial paper accounted for less than 25 percent of those reserves. Commercial paper accounted for less than 25 percent of those reserves.


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Just four men controlled 86% of stablecoin issuer Tether Holdings Limited

According to data obtained by The Wall Street Journal in connection with investigations being carried out by authorities in the United States, as of the year 2018, only four people owned 86% of the stablecoin issuer Tether Holdings Limited. These investigations are being carried out by authorities in the United States.

The previously unknown ownership structure of Tether Holdings was disclosed in 2021 as a consequence of investigations that were carried out by the office of the New York Attorney General in conjunction with the Commodity Futures Trading Commission. According to CoinMarketCap, the company is the issuer of Tether (USDT), which is the largest stablecoin in circulation with 68 billion dollars’ worth of it now in circulation. This information was obtained from the website.

According to the documents, Giancarlo Devasini, a former cosmetic surgeon, and Brock Pierce, a former child actor who is now a cryptocurrency entrepreneur, worked together to create Tether. Brock Pierce is now a businessman in the cryptocurrency industry. In September of 2014, the British Virgin Islands served as the location for the formal launch of Tether Holdings as a limited liability corporation.

After another four years, Pierce had already left the company, and at that time, Devasini had around 43% of the company’s shares of Tether. Additionally, Devasini was essential in the founding of the cryptocurrency trading platform Bitfinex, where he now works as the chief financial officer. Devasini’s contributions to the construction of this platform may be seen here. According to the available evidence, both Jean-Louis van Der Velde, the Chief Executive Officer of Bitfinex, and Stuart Hoegner, the Chief Counsel of Bitfinex, held around 15% of Tether in 2018.

The dual citizen identified as Christopher Harborne in the United Kingdom and Chakrit Sakunkrit in Thailand owns 13% of Tether as of the end of 2018, making him the fourth-largest investor in the firm. Christopher Harborne is known as Chakrit Sakunkrit in Thailand.

According to the findings of the inquiry, four individuals held close to 86 percent of Tether, either via their own personal assets or through another company that was connected to them.


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