The Chief Judge of the United States District Court officially dismissed Shawn Dolfika's lawsuit against Tether and Bitfinex. Shawn alleged that Tether and Bitfinex lacked transparency regarding their reserves, posing significant potential harm to investors.#ctw #tether #usdt #bitfinex

Tether’s USDT stablecoin just hit an all-time high in market capitalization, surpassing its previous peak level of $83.355 billion in May 2022, according to CoinGecko data.

Tether is currently the third-largest cryptocurrency by market capitalization with a valuation of $83.6 billion, commanding 7.5% of the total cryptocurrency market capitalization.

USDT dominates the stablecoin market with a 64% share out of a total stablecoin market capitalization of $130.2 billion. The supply of the second largest stablecoin USDC is nearly three times smaller than USDT.

"As a consequence of the recent banking crisis in the US, users are transitioning from less secure and liquid stablecoins to Tether USDT," a Tether spokesperson told Decrypt. "Despite being in a crypto winter, there is an increasing number of users who are choosing to hold their positions on the sidelines, awaiting an opportunity to re-enter the market."

Circle’s USDC suffered major blows earlier this year after it revealed that it had $3.3 billion stuck with the defunct Silicon Valley Bank, causing it to briefly lose its peg for a few days.

CoinMetrics data shows a severe downturn in USDC's supply since March as its market capitalization declined from over $40 billion to $28.8 billion.

Tether Limited has issued the USDT token on 13 blockchains including Ethereum, Tron, Solana, Avalanche, and Omni chain among others.

CoinMetrics data shows that the lion’s share of the spike in USDT’s supply came from minting on Tron.

In May, USDT’s supply on Tron increased to $46.1 billion after surging $1 billion in the last month and $9 billion since the start of 2023. In comparison, USDT on Ethereum has increased modestly from $32.3 billion to $36.3 billion.

Analysts have suggested that market makers on centralized exchanges like Binance and OKX prefer Tron over Ethereum due to cheaper and faster transactions.

The Tether spokesperson added that Tron has also been popular in emerging markets and developing countries for the same reasons.

Tether’s supply currently represents 0.4% of the total US dollar’s M2 money supply, which represents the total amount of a currency’s fiat value in the market.

#BinanceTournament #feedfeverchallenge #tether #stablecoin #Binance

Tether (USDT) is a type of cryptocurrency known as a stablecoin. It was introduced in 2014 with the aim of providing stability and liquidity in the volatile world of cryptocurrencies. Tether is designed to maintain a stable value by pegging its price to a fiat currency, usually the US dollar, at a 1:1 ratio. In this article, we will explore the concept of Tether, its uses, and its role in the cryptocurrency market.

The primary purpose of Tether is to provide a digital representation of traditional fiat currencies, such as the US dollar, Euro, or Chinese yuan. By pegging its value to a fiat currency, Tether aims to eliminate the price volatility commonly associated with other cryptocurrencies like Bitcoin or Ethereum. This stability makes Tether a valuable tool for traders and investors who wish to temporarily move funds out of more volatile cryptocurrencies during periods of market uncertainty.

Tether achieves its stability through a mechanism called "collateralization." For every unit of Tether issued, there is supposed to be an equivalent amount of fiat currency held in reserve. This reserve is meant to ensure that the value of Tether remains stable and that users can redeem their Tether for fiat currency if desired. However, it's important to note that the actual backing of Tether has been a subject of controversy and scrutiny within the cryptocurrency community.

Tether is widely used in the cryptocurrency ecosystem due to its stability and the liquidity it offers. It has become a popular trading pair on many cryptocurrency exchanges and serves as a bridge between traditional financial systems and the world of cryptocurrencies. Traders often use Tether as a safe haven during times of market volatility or as a means to quickly move funds between different exchanges without relying on traditional banking systems.

Another use case for Tether is in decentralized finance (DeFi) applications. Tether can be used as collateral to borrow other cryptocurrencies or to provide liquidity to decentralized exchanges and lending platforms. Its stability and liquidity make it an attractive option for users who want to engage in DeFi activities without exposing themselves to the volatility of other cryptocurrencies.

Despite its popularity, Tether has faced criticism and controversy over the years. Concerns have been raised regarding the transparency of its reserves and whether it is fully backed by fiat currency as claimed. Additionally, Tether Limited, the company behind Tether, has faced legal and regulatory challenges, including investigations by authorities, which have added to the skepticism surrounding the cryptocurrency.

In conclusion, Tether is a stablecoin designed to provide stability and liquidity in the cryptocurrency market. By pegging its value to a fiat currency, Tether aims to mitigate the price volatility that is characteristic of other cryptocurrencies. It is widely used by traders, investors, and participants in decentralized finance due to its stability and liquidity. However, concerns and controversies regarding Tether's transparency and reserve backing have led to skepticism within the cryptocurrency community. As with any cryptocurrency, individuals should conduct their own research and exercise caution when using Tether.

#dyor #crypto2023 #ETH #BTC #tether

Dec 7, 2023Exved, one of Russia's pioneering cross-border payment platforms, has officially launched, heralding a new era for local legal entities engaged in international settlements with cryptocurrency. Describing itself as a "digital counterparty search system," Exved aims to streamline foreign exchange operations and foreign economic activity for Russian importers and exporters.As of its December 7 announcement, Exved enables local businesses to utilize its business-to-business solution for cross-border transactions, offering compatibility with Tether (USDT) stablecoin, the offshore ruble, and the United States dollar. The platform emphasizes its strict adherence to Anti-Money Laundering and Counter-Terrorist Financing measures, exclusively catering to legal entities."The goal of the project is to help Russian legal entities make cross-border payments without intermediaries at minimum market rates," highlights Exved in its announcement. The inclusion of the Tether stablecoin in cross-border transactions aligns with the platform's commitment to innovation in the digital finance space.Major industry partnerships underscore Exved's significance, with InDeFi Bank, known for launching the decentralized crypto ruble project in 2022, being a notable collaborator. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, confirmed that Exved's internal mechanics have undergone rigorous testing and approval by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.While Exved is a private initiative, Mendeleev emphasizes its broader purpose: demonstrating the potential for reduced transaction costs, offering specific mechanisms for payment requests, and promoting a more efficient payment landscape. This initiative aligns with the backdrop of the Russian central bank and the Ministry of Finance's agreement in September 2022, enabling cross-border settlements in cryptocurrencies. As Russia embraces the potential of blockchain-based financial solutions, Exved stands as a testament to the ongoing digital transformation in the country's financial landscape.#CryptoNews #CryptoNews🔒📰🚫 #cryptocurreny #tether #Web3Wallet $BTC $BNB $ETH