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USD Tether / US Dollar

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NBA star Dwight Howard's NFT collection 'Ballers by Dwight Howard' has been accused of being a 'rugpull' by blockchain investigator ZachXBT. The collection, which offered 3,000 NFTs on the Avalanche network at 2 AVAX each, only sold 10% after launch. Efforts to redesign the NFTs, incentivize buyers, and reduce supply to 1,500 did not significantly improve sales, with only 15% minted and the floor price falling below mint price. Ava Labs distanced themselves from the project. Meanwhile, Peckshield reported a 27.78% decrease in crypto losses from cybercrimes in 2023, with $674.9 million recovered from hacks.

Portfolio Pulse from Murtuza Merchant

January 31, 2024 | 6:41 pm

At Benzinga's Crypto & Blockchain Outlook webinar, experts from Grayscale, Tether, and the Chamber of Digital Commerce discussed the impact of a spot Bitcoin ETF approval on the cryptocurrency market. Tether's co-founder Brock Pierce sees the approval as a positive step for American businesses and investors, while Grayscale's David LaValle remains bullish on the asset class despite expecting outflows from the Grayscale Bitcoin Trust (OTC:GBTC) following its conversion to an ETF. The panel also discussed BlackRock's pivot to embrace digital assets, the SEC's ongoing adversarial stance on cryptocurrency regulation, and the potential role of Bitcoin alongside the dollar.

Portfolio Pulse from Ivan Crnogatić

January 25, 2024 | 8:28 pm

Chainalysis reports that 99.6% of cryptocurrency transactions in 2023 were legal, with illicit transactions dropping to 0.34% of total volume. The $24.2 billion sent to illicit addresses in 2023 is a decrease from $39.6 billion in 2022. JPMorgan CEO Jamie Dimon's claims about cryptocurrency's use in illegal activities are contradicted by the report. Bitcoin's use in crime has declined, with stablecoins like Tether now more prevalent in illicit transactions.

Portfolio Pulse from Khyathi Dalal

January 19, 2024 | 8:00 pm

Howard Lutnick, CEO of Cantor Fitzgerald, expressed confidence in Tether (USDT), stating the stablecoin has the necessary funds. Despite a UN report linking USDT to criminal activities, Lutnick sees stablecoins as valuable, especially in countries with volatile economies. He also believes Bitcoin (BTC) will grow, comparing its trajectory to early gold ETFs and predicting stability with potential for future rallies. Lutnick was skeptical about the need for Bitcoin ETFs in the U.S., viewing them as less practical than stablecoins in countries like Argentina, Venezuela, and Turkey.

Portfolio Pulse from Murtuza Merchant

January 16, 2024 | 10:12 pm

A UN report highlights Tether's (USDT) role in a 'parallel banking system' used by organized crime, particularly in illegal gambling and 'pig butchering' romance scams in Southeast Asia. The report emphasizes the use of USDT on the Tron blockchain (TRX) for money laundering and other illicit activities. It calls for action from governments and financial institutions to align with human rights standards to prevent the conversion of illegal crypto to fiat currency.

Portfolio Pulse from Murtuza Merchant

January 16, 2024 | 8:01 pm

Argentina's city of Rosario records its first rental agreement with rent paid in Bitcoin, following legal amendments by President Javier Milei allowing payments in non-legal tender currencies. The monthly rent is set at an equivalent of 100 USDT in Bitcoin, using local crypto platform Fiwind for transactions. This development aligns with Argentina's recent economic reforms and the recognition of Bitcoin for contractual agreements.

Portfolio Pulse from Khyathi Dalal

January 16, 2024 | 7:06 pm

Circle Internet Financial, issuer of the USDC stablecoin, has confidentially filed for an IPO in the United States. The company previously planned to go public via a SPAC deal valued at $9 billion, but the deal was terminated in December 2022. CEO Jeremy Allaire remains committed to a public listing. USDC is the second-largest stablecoin by market cap, with $25 billion in circulation, down from over $56 billion in mid-2022. The crypto industry faced a downturn in 2022, marked by investor caution and the collapse of several crypto firms.

Portfolio Pulse from Murtuza Merchant

January 11, 2024 | 1:55 pm

The SEC's approval of spot Bitcoin ETF applications is celebrated by crypto industry leaders as a significant milestone for digital assets. It is expected to bridge the gap between traditional finance and cryptocurrency, increase accessibility, and attract institutional investors. Experts from the Crypto Council for Innovation, Moody's, Chainlink, Wormhole, WisdomTree, Cypher Wallet, Tether, and Bitfinex provided positive remarks on the approval's implications for market stability, regulatory evolution, and the finance industry.

Portfolio Pulse from Murtuza Merchant

January 10, 2024 | 11:23 pm

Tether Treasury has minted an additional 1 billion USDT tokens on the Ethereum network for inventory replenishment, as announced by CEO Paolo Ardoino. This action is not an immediate market injection but a preparation for future issuance requests and chain swaps. The minting of new tokens is a common practice for Tether to ensure liquidity and meet transactional demands as they arise.

Portfolio Pulse from Mehab Qureshi

December 26, 2023 | 10:12 am

Paxos, a regulated stablecoin issuer, has received regulatory approval to expand its offerings to the Solana blockchain, with plans to launch on January 17, 2024. Paxos, which currently issues USDP stablecoin exclusively on Ethereum due to DFS restrictions, aims to grow despite challenges, such as the recent directive from DFS to stop issuing Binance's stablecoin, BUSD. Paxos is known for its partnerships with companies like MercadoLibre, Paypal, and Mastercard, emphasizing customer protection.

Portfolio Pulse from Murtuza Merchant

December 22, 2023 | 6:58 pm

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