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.
In a shocking turn of events, Isabella Yer Enci, a former accounts executive at Voltron, has admitted to duping a cryptocurrency trader, pocketing over $900,000 worth of her company's digital assets.
XingChiTether recently teamed up with the US Department of Justice to recover $6 million in crypto assets tied to scams in Southeast Asia, where fraudsters posed as legitimate exchanges to defraud victims.
CatherineThai authorities arrested nine Vietnamese men for detaining a Thai woman and a Taiwanese man over a cryptocurrency dispute involving a 1.7 million baht debt. The suspects used violence against the Taiwanese man, threatening him and demanding payment, while police swiftly intervened after the man's family reported his abduction.
AnaisJustin Bons, founder of Cyber Capital, has accused Tether of being a massive fraud, claiming it has not provided any legitimate proof of reserves or undergone a proper audit since 2021. Bons warns that Tether’s lack of transparency and its connections to controversial figures and activities pose a significant risk to the entire crypto market.
WeatherlyThe first 4000 attendees will get a free ride. Subsequently, users will enjoy 50% off their rides.
XingChiTether has partnered with Tron and TRM Labs to form the T3 Financial Crime Unit (T3 FCU), a public-private initiative to combat criminal activities involving USDT on the TRON blockchain.
CatherineThe police in Jiaozhou, Qingdao City, followed the telecom fraud fugitive arrested in February and uncovered a case involving money laundering using the virtual currency USDT.
WenJunA virtual currency exchange shop (OTC) called Chang Teng ran away in Hong Kong. Such incidents occur frequently. We hope that users will be cautious when choosing an exchange shop.
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JinseFinanceTether's Q4 2023 net profit hits $2.85 billion, driven by U.S. Treasury interest. Annual profits reach $6.2 billion, showcasing crypto prominence.
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