According to Whale Alert, a blockchain tracker and analytics system, Tether Treasury has recently created 1 billion USDT. This transaction took place on the Ethereum network and has resulted in a significant increase in Tether's circulating supply. Tether, a prominent player in the digital currency market, is renowned for its contribution to liquidity and stability within the industry.
Paolo Ardoino, the CEO of Tether, took to a social media platform to discuss the purpose of this minting operation. Ardoino explained that the intention behind this move is to replenish their inventory on the Ethereum Network. Ardoino emphasized that these funds are classified as 'authorized but not issued transactions,' suggesting a strategic approach rather than an immediate injection of new currency into the market. The meticulous control over minting and issuance is crucial in preserving stability amidst the unpredictable nature of the cryptocurrency landscape.
The newly issued USDT will be kept in reserve for future use, allowing for easier issuance requests and chain swaps. This method guarantees that the currency is only put into circulation when there is a genuine demand, rather than for speculative purposes. This liquidity management approach becomes especially important during periods of bullish market activity, as it helps in handling the significant capital flows that often occur when investors are actively trading.
Due to its reputation for stability, USDT is frequently sought after as a safe haven during the frequent periods of high volatility in the cryptocurrency market. USDT serves as a reliable intermediary for traders, allowing them to lock in profits or make smooth transitions between positions without having to exit the cryptocurrency ecosystem. This value proposition of USDT has become even more crucial in light of the recent market trends, which have witnessed a significant increase in crypto trading activities.
Tether's market capitalization has experienced a significant surge, increasing from $65 billion to an impressive $91.2 billion, as reported by CoinMarketCap. Tether's remarkable growth highlights its prominent position in the market, surpassing other stablecoins by a significant margin. USD Coin (USDC), the closest competitor, currently holds a market capitalization of $25 billion, placing it in seventh position overall. Tether's dominant position in the market serves as a testament to its crucial role as a key player in the cryptocurrency ecosystem.
Tether's recent minting of 1 billion USDT on the Ethereum network is a strategic move to bolster its liquidity management capabilities. With clear communication from Tether's CEO Paolo Ardoino, the market is assured that these funds are for future demand and not immediate circulation. This strategy and Tether’s significant market capitalization cement its position as a pivotal player in the crypto market, providing stability and liquidity in times of volatility. As the cryptocurrency landscape evolves, Tether’s role in shaping market dynamics remains more critical.
Taiwan is preparing a new law to integrate cryptocurrency into its economy, allowing banks to issue stablecoins and tightening regulation for crypto service providers. The country aims to attract global investors and become a crypto hub in Asia, with a focus on security and stability.
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XingChiA Taiwanese man, only identified as Chen, became the first casualty of the newly enforced anti-money laundering regulations in Taiwan. The new anti-money laundering (AML) regulations, which came into effect on November 30, 2024, required virtual asset service providers (VASPs) to complete AML compliance registration to offer virtual asset services in Taiwan.
XingChiTether is moving its headquarters to El Salvador, attracted by the country's crypto-friendly policies and tax benefits. The relocation is a key step in enhancing El Salvador's role as a digital asset hub while supporting Tether's expansion.
WeatherlyTether is expanding into AI filmmaking, hiring experts and planning to grow its team to 200 by mid-2025. The company is also investing in AI and cloud computing to enhance scalability and technology.
AnaisCircle and Binance have revealed their strategic partnership during Abu Dhabi Finance Week to promote USDC, a stablecoin jointly owned by Circle and Coinbase.
XingChiIn Thailand, armed robbers forced a Ukrainian man to transfer $250,000 in USDT under threat. They restrained him and warned against reporting the crime before fleeing. Thai police soon arrested four suspects, including a regular USDT buyer from the victim.
KikyoFour foreign nationals were arrested in Thailand for a robbery on 8 November, where they forced a Ukrainian tourist, Viacheslav Leibov, to transfer 250,000 USD in cryptocurrency. The suspects, who had prior connections to the victim, were charged with armed robbery, unlawful detention, and coercion.
WeatherlyHong Kong authorities are investigating a cryptocurrency scam in which a 26-year-old woman reported losing approximately HK$93,000 ($12,000) in tether (USDT) at an exchange shop in Mong Kok.
XingChiTether is biting back on The Wall Street Journal for speculating that the company is under investigation by the U.S federal government.
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EdmundTether Treasury's substantial transfer of USDT tokens to Bitfinex, valued at $229,956,875, has stirred interest within the crypto community. As the market reacts to Bitcoin's recent swings and Tether's significant move, the impact on overall market dynamics remains to be seen.
Cheng YuanTether Treasury transfers $182 million USDT to an unknown 'whale', with total transactions now at $2 billion, maintaining market stability.
Xu LinTether, which is the largest stablecoin issuer by market capitalization, added its offshore Chinese Yuan (CNHT) to the Tron network.
OthersThe firm had said it plans to bring its commercial paper holdings to zero by the end of the year.
Others
With a peso-backed stablecoin, Tether is essentially “recreating the foreign exchange market with a Tether product,” Ardoino said.
CointelegraphAlthough the protocol offers a lucrative 4% annual yield, it is currently only available to accredited investors.
CointelegraphThough the protocol offers an arguably lucrative yield of 4% per year, it's only available to accredited investors as of now.
Cointelegraph