Showing posts with label usdt. Show all posts
Showing posts with label usdt. Show all posts

Tether Reaches a New High of 100 BILLION USDT Coins in Circulation...

Tether USDT Coins Cryptocurrecy

The USDT (Tether) stablecoin, issued by the Tether company, has exceeded $100 billion in market capitalization for the first time ever.

While used on many blockchains, the Ethereum and Tron blockchains account for 99% of the total supply. 

This achievement not only reinforces USDT's position as the leading stablecoim , but also widens its lead over its main competitor, Circle's USDC , which currently boasts a market capitalization of just $28 billion. 

Tether Says Every USDT Token is Backed 1:1 with the US Dollar - This Was Once a Controversial Claim... 

"A few years ago there were major issues with Tether withholding information and putting off 3rd party audits, all while consistently minting millions of new tokens as they grew. Concerns that Tether had secrets that could crash the market were voiced by dozens of established industry members...."  says Global Crypto Press Association editor Ross Davis "Now this part is just my opinion, but I think these concerns were true at one point, but Tether managed to avoid the issue long enough that with their continued growth, they had the time and money to fix the problem."

Tether now undergoes 3rd party auditing, and publicly shares their treasury holdings on their website. Currently, Tether has $5 Billion more in assets than they have in liabilities.

A Bullish Signal...

More USDT being issued it considered a bullish indicator, showing increased intention to invest in the crypto market - there's really no reason to have USDT unless you plan to turn that into some other coin.

- Miles Monroe
Washington DC Newsroom /

Inside the Binance US / MoonPay Strategic Partnership to Navigate Regulatory Uncertainty...

Binance Moonpay

In a significant move aimed at overcoming regulatory hurdles and enhancing customer experience, Binance US has entered into a strategic partnership with MoonPay, a crypto payment infrastructure provider. This collaboration comes at a time when Binance US has been grappling with challenges related to customer payments in US Dollars (USD). Here, we delve deeper into the implications and objectives of this partnership.

Background: The Problem Binance US Faced

For over two months, Binance US customers have faced difficulties in depositing and withdrawing US Dollars. The exchange had to pause USD transfers after its banking partners signaled their intent to sever ties, citing regulatory uncertainties in the U.S. This disruption severely impacted the exchange's liquidity and customer trust.

The MoonPay Solution

MoonPay specializes in providing secure and user-friendly payment solutions for cryptocurrencies. By partnering with MoonPay, Binance US aims to offer its customers new and convenient USD on-ramps that support USDT (Tether) purchases. These on-ramps will be facilitated through various payment methods, including debit cards, credit cards, Apple Pay, and Google Pay.

Transition to a Crypto-Only Exchange

As part of its strategy to navigate the regulatory landscape, Binance US has transitioned to a crypto-only exchange. It has replaced USD with USDT, a stablecoin pegged to the U.S. dollar, as its new base asset for transactions. This move is seen as a way to sidestep the complications arising from traditional banking relationships while still offering a stable trading asset closely tied to the value of the U.S. dollar.

Strategic Importance

The partnership with MoonPay is not just a tactical move but a strategic one. It allows Binance US to regain a steady flow of customer payments, thereby restoring liquidity and enhancing user experience. Moreover, it sends a strong message to the market and regulators that Binance US is committed to compliance and is taking proactive steps to adapt to the evolving regulatory environment.

Future Outlook

While the partnership is a positive step, it's worth noting that the broader issue of regulatory uncertainty remains. Both companies will need to continue working closely to ensure that the new payment solutions align with future regulatory changes and customer needs.

The Binance US and MoonPay partnership marks a pivotal moment in the crypto exchange's journey to adapt and thrive in a challenging regulatory climate. By offering new and convenient payment options, the exchange aims to regain customer trust and solidify its position in the U.S. market. However, the success of this partnership will ultimately depend on how well both entities can navigate the complex and ever-changing regulatory landscape.

Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Tether (USDT) and Their Aggressive Plan to ACCUMULATE More BITCOIN...

Tether BTC

Tether International Limited, the company behind the widely popular stablecoin USDT, dropped a (good) bombshell today by revealing its new bitcoin (BTC) investment game plan.

In a bold move, the company declared that it would allocate 15% of its profits to accumulate more bitcoin. They're not messing around when it comes to their reserve portfolio, which contains precious metals, fiat currencies, treasury bills, money market funds and crypto.

Their most recent independent audit report showed the company with a little over $79 Billion in liabilities, but owning almost $82 billion in assets.

These Bitcoin buys won't be used to back USDT, on that front they're overcollateralized...

This is Tether flexing its financial muscles and going beyond what anyone had demanded of them by beefing up their reserves.

By the end of Q1 2023, Tether already had a cool $1.5 billion worth of bitcoin stashed away. That's a modest 2% of their reserves, though. Gold clocked in at 4%, while a hefty 85% was chilling in cold hard cash and other assets. But Tether's not satisfied with those numbers, they're thirsty for more.

Tether also announced that unlike most institutional investors who let other companies store and safeguard their bitcoins, Tether takes the "not your keys, not your bitcoin" mantra to heart. They'll be be handling their own custody. 

Author: Justin Derbek
New York News Desk
Breaking Crypto News