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After a wave of redemptions following the collapse of Silicon Valley Bank, the supply of stablecoin USDC on Ethereum has stabilized.
Curve Finance Founder transferred 18M $USDT to Bitfinex before BTC/ETH rose. Whale sold all $GNS and $GMX from Binance.
Despite the banking crisis, which included the collapse of Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank, the cryptocurrency market has been resilient, with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) seeing significant gains in early 2023. The price of Bitcoin on Monday broke above $29,000, trading at levels not seen since June 2022, while Ethereum is trading above $1,890, its highest range since mid-August of last year.
Tether USD (USDT), the largest stablecoin by market capitalization, is witnessing an impressive surge in its valuation, having recently hit an 11-month-high market cap.
Tether announced that EURT and XAUT had been listed on SimpleSwap.
Tether's USDT supply crossed $80 billion for the first time in 11 months earlier today, nearing its all-time high of $83.13 billion. In 2023, USDT's supply increased by almost $14 billion in less than 100 days from the $66.2 billion it recorded at the start of the year.
The stablecoin provider, however, did use the bank's proprietary software to access the U.S. financial system. Signature And Signet Tether, which is the largest stablecoin issuer in the world, has denied all claims that it was exposed to the now-collapsed Signature Bank.
Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins.
Tether's market cap has increased by 20% this year mainly on account of aggressive issuance on Ethereum's rival Tron.
Tether, who was always based off-shore, did indeed have links to the U.S. banking system.
A top executive at stablecoin issuer Tether (USDT) is addressing recent reports alleging that the company had exposure to collapsed bank Signature Bank.
According to Bloomberg, Tether, the world's largest stablecoin issuer, utilized Signature Bank to transfer funds from the United States to the Bahamas.
The stablecoin provider denied the allegations that began to surface in regard to its exposure to the now-collapsed Signature Bank.
Tether, the trailblazing firm behind the world's largest stablecoin, has allegedly pulled off a daring move by exploiting a loophole that granted it access to the coveted US banking system.
Reports have emerged regarding the collapse of Signature Bank and potential links with stablecoin issuer Tether.
According to Bloomberg News, stablecoin issuer Tether used Signature Bank to transfer U.S. dollars from the United States to the Bahamas.
Tether reportedly used Signature Bank to gain access to the U.S. banking system. The USDT issuer directed payments to its Bahamas-based banking partner using Signature's Signet platform.
At the time New York regulators took control of Signature in March, there was reportedly a system in place for Tether clients to send dollars though the bank's Signet platform.
Tether CTO Paolo Ardoino, in response to the article, said the company has no exposure to Signature Bank.
While cryptos were apparently on a bullish trek, a surprise move by the oil cartel OPEC+ threw a curveball against investors.
Investors should seek refuge in these three safe-haven cryptos if they believe their funds are at risk of a crypto market crash.
Tether surpasses the Fed in its output of currency in March.
At the request of City Councilor Raoul Ghisletta, Lugano City Hall has clarified the Plan ₿ Memorandum of Understanding entered into with Tether.
Tether (USDT) has emerged as the industry favorite amidst turmoil in USDC.
