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Ripple has allegedly moved all US ODL customers from using XRP as the bridge currency, to USDT, in compliance with a 2023 court ruling.
Ardoino also explained which is Tether's main market and why the company doesn't care about DeFi.
Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.
Tether has announced plans to freeze addresses linked to sanctioned entities as part of its commitment to adhere to international regulations.
In yesterday's court filing opposing the US Securities and Exchange Commission's (SEC) motion for remedies and final judgment, Ripple disclosed significant changes to its On-Demand Liquidity (ODL) operations in the United States. The filing clarified that its US-based ODL services have shifted from using XRP to Tether (USDT) as a bridge currency.
In response to a recent Reuters report revealing that Venezuela's state-run oil company, PDVSA, has been utilizing cryptocurrencies to get around its oil and fuel exports sanctions.
PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption.
Amid election turmoil, state-run oil firm PDVSA is using USDT. But Tether vows to follow the law and block transactions.
Venezuela's state-run oil company, PDVSA, has been hit with a harsh response from Tether, the issuer of the USDT stablecoin. Amidst efforts to bypass oil sanctions imposed by the United States, PDVSA reportedly turned to crypto, particularly USDT, to facilitate its crude oil and fuel exports.
Stablecoin issuer Tether told CryptoSlate that the firm would freeze any addresses linked to sanctioned entities. This decision comes in response to reports indicating that some state actors were leveraging Tether's USDT tokens to circumvent US sanctions.
Venezuela's PDVSA turns to cryptocurrencies, notably Tether payments, to bypass renewed U.S. sanctions targeting its oil sector.
USDT-issuer Tether says it will block payments made to OFAC-sanctioned entities after sources claim Venezuela's state-run oil company is using USDT to facilitate oil exports.
Venezuela's PDVSA turns to Tether to navigate US sanctions, aiming to safeguard oil transactions despite global skepticism and concern over reliance on intermediaries.
Telegram just upped the game for nearly 900 million users by integrating the ability to send USDt, a stablecoin managed by Tether, directly on their platform via The Open Network (TON). This big move happened last Friday, marking a big change in how users can manage and transfer cryptocurrencies effortlessly through the app.
The latest price moves in bitcoin (BTC) and crypto markets in context for April 23, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.
Venezuela's state-run oil company PDVSA is allegedly set to increase crypto usage in its crude and fuel exports as the U.S. strengthens oil sanctions against the country.
According to a report by Reuters, Venezuela's state-run oil company, PDVSA, is increasingly turning to the digital currency Tether (USDT) for its crude and fuel exports as the United States reimposes oil sanctions on the country.
Reuters revealed that the Venezuelan state-run oil & natural gas company PDVSA has decided to accelerate the use of stablecoins such as Tether (USDT) for transactions. That comes as the nation sees intensified sanctions from the United States.
Venezuela's state-run oil company PDVSA is pivoting to cryptocurrency, specifically Tether (USDT), to circumvent renewed US sanctions.
As per the latest report, Venezuela's state-run oil company PDVSA has stepped up measures to increase the use of digital currencies and stablecoins like Tether (USDT) for its crude and fuel exports amid the tightening U.S. sanctions on the country. PDVSA Mulls Use of Tether USDT Last week, the U.S. Treasury Department asked the customers
Venezuela's state-run oil company started experimenting with Tether in 2023.
A state-run oil firm is moving toward USDT to reduce the risk of U.S. sanctions freezing oil profits abroad, Reuters reported.
Stablecoin issuer Tether has expanded to The Open Network with its USDT and gold-backed XAUT tokens, aiming to enhance liquidity.
Following the onboarding of the Tether stablecoin (USDT) on Ton, strong increases in crypto activity on the chain have been recorded.
