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Genesis Trading's lending business Genesis Global Capital filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. Amid the bankruptcy filing, Genesis Trading is actively transferring crypto assets to other crypto exchanges and wallets.
OKX has reported its Proof-of-Reserves (PoR) for the first time revealing $7.5 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), according to its January PoR report on January 19.
Comparison of the market's biggest stablecoins
Although cryptos jumped dramatically higher in recent days, investors still need to exercise vigilance as we've seen this play out before.
The crypto market took a beating in 2022, but these cryptos are dusting themselves off and fighting back in 2023.
Tether (USDT), the dominant stablecoin, has blown past leading payment operators, Visa and Mastercard, surpassing both in transaction volume processed.
USDT handled approximately $ 18.2 trillion worth of transactions in 2022. Mastercard handled fewer transactions totaling $ 14.1 trillion in value over the previous year.
Tether's trading volumes in 2022 surpassed Visa and Mastercard
USDT remains the biggest stablecoin in the market with a market capitalization of $66.38 billion.
Following directives from the Ontario Securities Commission (OSC), Crypto.com has announced its plans to delist USDT from its platform for all users in Canada. The January 31st deadline was made public to Crypto.com users in Ontario, sparking wide FUD on the fate of the world's largest stablecoin.
Tether USDT processed $18.2 trillion worth of transactions in 2022, ahead of traditional payment processors like Visa and Mastercard. The post Tether's 2022 Settlement Volume Flips Visa and Mastercard appeared first on BeInCrypto.
According to a recent Glassnode report, USDC's transactions volume just outdid USDT's having recorded enormous amounts of transactions in the recent few days.
Since an 11 January report revealed Tether's [USDT] plans to delist from the Canadian market, the stablecoin has become the subject of Fear, Uncertainty, and Doubt (FUD). Tether, however, continued to attract interest from sharks and whales despite the latest update until press time.
Catch up on the latest crypto market news at The Currency Analytics. Tether (USDT) is set to expand to Africa a lot more.
There has never been a time when Tether [USDT] wasn't being discussed, either positively or negatively. Being the most valuable stablecoin in the world, this comes as no surprise.
The two largest stablecoins by market capitalization, Tether's USDT and Circle's USDC, continue to compete for dominance in the market. As of recently, USDC has dethroned USDT in terms of transfer volume, according to an on-chain statistical study conducted by Glassnode.
Leading crypto exchange Crypto.com will delist USDT for its Canadian customers over a restriction imposed by the OSC.
In December, the Canadian Securities Administrators (CSA) announced strengthening its approach to oversight of crypto trading platforms by expanding existing requirements for platforms operating in Canada.
Bad news for the most capitalized stablecoin on the market
Crypto.com has announced that it will no longer facilitate transactions that feature USDT as it looks to comply with the latest regulations issued by the Ontario Securities Commission (OSC). The move to delist USDT comes after Canadian authorities outlined their commitment to more robust oversight of exchanges following the collapse of FTX.
Key Points: Data shows that Crypto.com has lost $80 million in the past seven days. The exchange held about 52 million USDT before having to delist in Canada.
Although it has a much smaller market cap, on-chain data shows that USDC has a much greater transfer volume compared to its main competitor USDT.
As investigators around the world try to gather facts about the FTX and Alameda implosion, stablecoin issuer Tether (USDT) has claimed that SBF, the CEO of FTX, requested a bailout in the billions before filing for bankruptcy protection.
Key Points: Crypto.com announced the delisting of USDT —the most important stablecoin in the crypto ecosystem— in Canada to comply with the country's regulations. Several users on Reddit and Twitter reported that Crypto.com sent an email informing Canadian users of the decision.
