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USD Tether / US Dollar

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Cryptocurrency USD Tether / US Dollar

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The cryptocurrency industry in the U.S. has spent $56.44 million on lobbying from 2019 to 2023, with $20.2 million spent in 2023 alone, excluding Q4. This represents 19.7% of Wall Street's lobbying spend. Companies like Andreessen Horowitz, OKX, Polygon, Solana, and Discover Crypto are active in lobbying. Coinbase is the top spender at $7.51 million, followed by the Blockchain Association and Ripple. Despite this, the SEC has increased oversight of the industry, with a focus on investor protection and legal actions against crypto firms.

Portfolio Pulse from Murtuza Merchant

November 17, 2023 | 5:34 pm

FTX-labelled addresses transferred 250,000 Solana (SOL) and $4 million in Tether (USDT) to Binance and Wintermute. Solana's price increased by 3% in 24 hours, with a 27% gain over seven days and 155% over the month. The market cap exceeded $20 billion. The transfers are part of FTX's bankruptcy proceedings, with $100 million in Solana moved to exchanges recently. Despite the selling, Solana's price has not been negatively impacted.

Portfolio Pulse from Khyathi Dalal

November 14, 2023 | 10:34 pm

A Chinese court has sentenced 21 people for online fraud involving the movement of $307 million in Tether (USDT) to local P2P exchanges for conversion to Renminbi. The funds were later withdrawn in traditional currency under false pretenses. The source of the USDT is unknown, but it is a popular digital asset used by fraud rings in Southeast Asia. This comes after China lifted its ban on non-fungible tokens (NFTs) and declared all cryptocurrency transactions as illegal in September 2021.

Portfolio Pulse from Khyathi Dalal

November 02, 2023 | 6:47 pm

Circle, the issuer of stablecoin USDC, has announced it will discontinue support for consumer Circle Mint accounts and no longer create new accounts for individual retail consumers. This move may benefit Tether, which will support individual consumer accounts but with a minimum limit of $100,000. Tether remains the largest stablecoin issuer with a total supply of around $91 billion for its USDT token, while Circle has a total supply of about $27 billion for USDC. Tether's third-quarter attestation report showed cash and equivalents accounted for 85.7% of its total reserves, the highest ever.

Portfolio Pulse from Khyathi Dalal

October 31, 2023 | 10:59 pm

Brazil's revenue service agency reports that 80% of all cryptocurrency transactions in the country are done in stablecoin Tether (USDT), with transaction volumes reaching around $55 billion as of mid-October, almost double the volume of Bitcoin. The country's government has been tracking crypto-related activities since 2019 and recently passed legislation recognizing cryptocurrencies as 'financial assets' for tax purposes in foreign investments. Brazil's largest digital bank, Nubank, announced in May 2022 that users can now purchase and sell Bitcoin and Ether on its platform.

Portfolio Pulse from Khyathi Dalal

October 30, 2023 | 6:24 pm

In South Korea, altcoins and the Tron network are preferred over Bitcoin and Ethereum for deposits and withdrawals, according to DeSpread Research. This trend is driven by centralized exchanges like Upbit, which accounts for about 80% of the Korean crypto exchange market. Upbit users also prefer Tron over Ethereum due to lower fees and faster transaction processing. Daily transactions via the Tron network reach up to 2 million, compared to Ethereum's roughly 100,000 transactions.

Portfolio Pulse from Murtuza Merchant

October 27, 2023 | 1:49 pm

A group of Republican lawmakers has urged the U.S. Attorney General to consider charges against crypto exchange Binance (CRYPTO: BNB) over allegations of financing illicit activities. The lawmakers also requested the Department of Justice to expedite its investigations into Tether's (CRYPTO: USDT) possible connections to illicit finance operations. The backdrop of this development coincides with Benzinga's Future of Digital Assets conference, which will likely discuss regulatory aspects and the importance of weeding out malpractices in the crypto space.

Portfolio Pulse from Murtuza Merchant

October 26, 2023 | 9:21 pm

Tether Holdings, the entity behind the stablecoin Tether (CRYPTO: USDT), plans to publish reserve data in real-time in 2024, according to Paolo Ardoino, the company's soon-to-be CEO. Currently, Tether updates its reserve data daily and provides monthly and quarterly reserve reports. Despite market challenges in 2023, Tether reported a 5.7% growth in assets to $86.5 billion and an operational profit exceeding $1 billion, a 30% increase from the previous quarter.

Portfolio Pulse from Murtuza Merchant

October 20, 2023 | 8:17 pm

A new analysis by Matrixport suggests that Bitcoin's price could jump to $56,000 if BlackRock's ETF receives approval. The forecast follows BlackRock's ETF application announcement, which has generated excitement in the cryptocurrency community. Grayscale Investments' Bitcoin Trust share prices have surged 167% year-to-date, outpacing Bitcoin's growth of 71%. Matrixport also noted that a 1% allocation recommendation for Bitcoin from the U.S. registered investor advisor community could result in approximately $50 billion in inflows.

Portfolio Pulse from Murtuza Merchant

October 19, 2023 | 9:13 pm

Cryptocurrency exchange Coinbase (NASDAQ:COIN) has removed 80 non-USD trading pairs, including Bitcoin and stablecoins like Tether, from its platforms. The exchange notes that these markets account for an insignificant portion of its overall trading volume, so the impact on users would be minimal. Traders can continue trading these assets through USDC (CRYPTO: USDC) unification. This move follows a similar action in mid-September when Coinbase removed 41 non-USD markets. Coinbase's Q3 spot trading volumes have plunged 52% since 2022.

Portfolio Pulse from Khyathi Dalal

October 17, 2023 | 3:09 pm

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