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S&P Global Ratings assigned a "constrained" stability assessment to stablecoin issuer Tether (CRYPTO: USDT), raising concerns due to limited transparency in its reserve management and asset composition. What Happened: The firm's assessment of '4' reflects concerns over the lack of detailed information about the custodians, counterparties, or bank account providers of USDT's reserves.
S&P Global, a renowned credit rating firm, has ventured into the volatile terrain of cryptocurrencies by launching a risk assessment scale for the world's top stablecoins. Notably, Tether, a name synonymous with the stablecoin market, received a near-bottom ranking, a surprising twist given its widespread use and prominence in the digital currency sphere.
S&P Global Ratings has announced the launch of its stablecoin stability assessment. S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is a leading provider of independent credit risk research. The firm publishes credit ratings on debt issued by various entities across multiple sectors.
Bitcoin and USDT presented very interesting and opposing observations about the market
More than a year after publicly refusing to bend to the US Office of Foreign Assets Control, stablecoin issuer Tether is getting on board with sanctions compliance.
The S&P Global Ratings unveiled its stablecoin stability assessment on Tuesday.
All the latest news regarding cryptocurrencies involving Russia
Tether, responsible for USDT, implemented restrictions on wallets associated with U.S. sanctioned individuals designated by OFAC.
Tether implements new policy to freeze crypto wallets linked to sanctioned individuals and entities, enhancing compliance with OFAC.
Tether, the largest stablecoin issuer in the world, has launched a new wallet-freezing policy that aims to combat activity connected with entities sanctioned by US regulators. In an announcement, Tether says the initiative targets persons on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.
Tether wallet-freezing policy has expanded its reach to more Ethereum-based wallets, with only 11 containing USDT balances.
Tether Treasury has minted an additional 1 billion USDT (Tether) on the Tron network, according to data provided by blockchain sleuth Lookonchain.
Paolo Ardoino, the CEO of Tether, revealed plans for the issuance of an additional 1 billion USDT on the Tron network. Coincu News
Reactions from the crypto community have been mixed, with some viewing Tether's actions positively in terms of encouraging wider adoption and demonstrating improved oversight within the stablecoin market.
Out of 161 impacted Ethereum wallets, only 11 contain USDT. Surprisingly, a single wallet holds 97% of the total 3.5 million USDT.
Tether, the issuer of the world's largest stablecoin, announced a voluntary freezing policy for OFAC-sanctioned individuals as it steps up efforts to cooperate with law enforcement agencies.
The platform now offers sanctions support on secondary markets. In October, it blocked 32 crypto wallets linked to illegal activities in Ukraine and Israel.
Tether's wallet-freezing policy, in line with US OFAC regulations, is a proactive approach to cybercrime, setting a new standard in the crypto industry.
Tether, the entity responsible for the USDT stablecoin, has notably increased its total supply by minting 7 billion USDT in the last quarter, surpassing the 90 billion token mark.
For almost a decade, Tether cruised along with little attention to rules. But things took a turn three weeks after the FBI and Secret Service came into the picture. Now suddenly they decide to “proactively enforce OFAC sanctions” and freeze wallets. It's a surprise move, raising eyebrows as regulators watch closely.
Stablecoin issuer Tether, behind leading stablecoin by market capitalization USDT, has taken a new step towards cooperation with law enforcement and regulatory agencies.
Tether, which claims to be the largest company in the cryptocurrency industry, announced its latest initiative aimed “at safeguarding the cryptocurrency ecosystem.
One wallet holds 97% of all the USDT tokens frozen yesterday. Another moved hundreds of thousands of tokens the day before the freeze.
Tether, the issuer of the USDT stablecoin, has minted 7 billion USDT in the last three months, pushing the total supply beyond 90 billion tokens. The rising amount of USDT in circulation coincides with Tether's recent crackdown on the illicit use of its stablecoin.
