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There are mounting investor concerns around the issuer of the world's largest stablecoin USDT. Justin Bons, the founder and CIO of Cyber Capital recently shared his concerns in a series of texts on X over how Tether is a potentially bigger scam than FTX.
Tether, the issuer of the largest stablecoin, USDT, faces mounting scrutiny due to its lack of third-party audits and alleged financial opacity. As concerns spread about a potential collapse akin to the FTX debacle, Cyber Capital founder Justin Bons has been vocal about Tether's operations, calling it a $118 billion “scam” that could destabilize the entire crypto ecosystem.
Some market analysts think that Tether could also implode like FTX, if not audited duly by third-party agencies. This implosion would likely be tied to its banking partners.
The corporate structure of Tether: a potential threat to the market?
Tether's market share surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant's influencer over the crypto industry.
Tether's market share has surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant's influence over the crypto industry.
In the latest cryptocurrency hack news, the BingX exchange has lost more than $43 million in a major theft leading to losses of investors' altcoins, particularly stablecoins. Reportedly, the hacker swapped most of the stolen funds into ETH and BNB after the exchange breach.
The objective is to improve accessibility to cryptocurrencies in Africa and South Asia.
Stablecoins have emerged as a significant force in the global financial landscape, reaching new heights in circulation and usage, according to a recent report by Bernstein analysts. What Happened: The total supply of stablecoins has rebounded to an all-time high of $170 billion, with monthly settlement volumes tripling over the last 12 months to $1.4 trillion in July 2024.
Tether has invested $1.5 million in Sorted Wallet, a platform that helps people in emerging markets access crypto using simple mobile phones.
Tether's investment in Sorted Wallet could significantly enhance financial inclusion and economic empowerment in underserved regions. The post Tether invests $1.5 million in Sorted Wallet to boost financial access in emerging markets appeared first on Crypto Briefing.
Tether invests $1.5M in Sorted Wallet to enhance financial inclusion in emerging markets, focusing on Africa and Southern Asia.
South Korea's leading exchange, Upbit, is set to expand its offerings by launching MEW Bitcoin and USDT markets. The platform will start taking deposits and providing trading support on September 19th.
Tether and Sorted Wallet are mostly targeting Africa and Southern Asia markets where there is limited access to traditional banking services.
Tether's USDT continues to secure its dominant position in the stablecoin market. According to data from Token Terminal, USDT's market share grew to 75% from 55% in the past two years and the supply of USDT also nearly doubled during that period of time.
Crypto custodian BitGo just launched a new stablecoin, USDS. Will it find a place in a crowded market dominated by Tether and USDC?
Tether's September 18 report revealed that the company froze over 1,850 wallets linked to criminal activities across 45 jurisdictions, in collaboration with more than 180 agencies.
Tether, the company behind stablecoin USDT, has released its Q2 2024 attestation report, confirming reserves of $118.4 billion. As per the report, the reserves surpass the company's liabilities by $5.3 billion.
Cryptocurrency firm BitGo has confirmed plans to launch the USD Standard (USDS) stablecoin in January next year. The USD-pegged asset aims to transform the crypto space by challenging single issuers such as Tether and Circle. The stablecoin market has long been dominated by players who prioritize profits over ecosystem growth.
Tether (USDT) bolsters financial transparency and law enforcement collaboration, enhancing global financial inclusion and security.
Crypto custodian BitGo is set to enter the stablecoin market with plans to launch a dollar-backed USDS stablecoin by 2025, according to a Sept. 18 statement.
BitGo, a leading name in crypto custody, is shaking things up. They're about to launch a new stablecoin called USDS in January 2025. But this isn't just another coin joining the crowd of stablecoins dominated by big players like Tether and Circle.
USDT continues to dominate the market with a market cap exceeding 118 billion dollars.
TON solidifies its position as one of the fastest growing blockchains through its latest stablecoin milestone.
