LYOPAY App Launches Savings Vaults Feature for Boosting Crypto Savings
LYOPAY, an ecosystem of crypto-friendly products, has announced the launch of a new feature called Savings Vaults on its LYOPAY App. This feature allows users to create a savings account similar to Vaults (Staking) by selecting the lockup period, earning percentage, and currency of their choice.
Tether Pledges to Stop Lending Funds from Reserves to Restore Consumers' Faith in Crypto Market
After the FTX crypto exchange collapse, users lost trust in lending, custody, and cryptocurrency service providers. Tether has pledged to stop lending funds from its reserves to restore consumers' faith in the crypto market. Tether addressed rumors concerning its secured loans, assuring that they are fully-collateralized and backed by "extremely liquid assets."
Xapo Bank Integrates Tether (USDT) for USD Accounts, Becomes First Regulated Bank to Replace SWIFT System
Gibraltar's Xapo Bank has become the first fintech in the world to use U.S. Dollar Tether (USDT) infrastructure for transferring U.S. dollars between its accounts. The integration is compatible with MiCA requirements. Xapo Bank previously integrated USD Coin (USDC) by Tether's main rival Circle Inc. in the same manner. The use of stablecoin infrastructure allows Xapo Bank users to receive yield on their holdings, and the integration is fully compliant with the MiCA framework. Tether (USDT) recently set a new record for the net market capitalization of its stablecoin, with a circulating supply exceeding $83.6 million across various blockchain platforms.
Tether Invests in Startup Volcano Energy’s $250M Funding Round for El Salvador Bitcoin Mining Farm
Stablecoin issuer Tether has invested in Volcano Energy's first round of funding, which aims to build a bitcoin mining farm in El Salvador. The first round is worth $250 million, but it is unclear if the total funding has been raised.
Tether and Yellow Card Partner to Drive Crypto Adoption and Financial Education in Africa
Tether has partnered with Yellow Card to promote crypto education and adoption among young people in Africa, with activities including financial literacy tours and a propaganda campaign.
Tether's USDT Reaches All-Time High Market Capitalization Despite Shrinking Stablecoin Market
Despite a shrinking stablecoin market, Tether's USDT has regained its previous all-time high market capitalization, reaching $83.2 billion on Thursday. This milestone is significant as it runs counter to a 14-month stablecoin market decline.
Tether's USDT Stablecoin Reaches New All-Time-High Market Cap Despite Regulatory Scrutiny and Competitor Struggles
Tether's USDT stablecoin has reached a new all-time high market cap of over $83 billion, solidifying its position as the dominant stablecoin in the market. This comes in a year where other stablecoin issuers are struggling due to regulatory issues. Binance CEO Changpang Zhao drew attention to BUSD, a Binance stablecoin issued by Paxos, which is fully regulated and capped at a $23 billion market cap. Meanwhile, competitors such as Circle's USDC have seen a decline in market cap after reaching an all-time high in June 2022, while USDT has managed to bounce back with a higher market dominance.
Tether's Market Capitalization Hits Record High of $83.2 Billion
Tether, the largest stablecoin in the market, has reached a new record high with a market capitalization exceeding $83.2 billion. The stablecoin, which is backed by reserves of cash and cash-equivalent assets, has recovered the $20 billion in market value it lost following the collapse of rival stablecoin TerraUSD last year. Tether has proven its resilience in the face of market volatility and its industry-leading transparency practices, which has resulted in customers trusting the stablecoin. Tether is used in more than 50% of all trades on centralized exchanges, and the company has recently announced plans to set up a Bitcoin mining operation in Uruguay using renewable energy.
Tron's USDT Tokens Reach All-Time High, Accounting for Over 60% of Circulating Supply
Tether (USDT) tokens issued on the Tron (TRC) blockchain have reached a new all-time high of $46 billion, surpassing Ethereum's $36.8 billion and accounting for over 60% of USDT's circulating supply.
Tether Expands Its Presence in Georgia With Investment in CityPay.io
May 31, 2023 - Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today its increased presence in Georgia with an investment in CityPay.io, a leading payment processing company active in over 600 locations across the country including shops, hotels, restaurants and more.
Binance Adds New TUSD Trading Pairs As Volume of ADA and LTC Increases
Binance has announced that TrueUSD (TUSD) will have three new trading pairs on the exchange, including Litecoin (LTC), Cardano (ADA), and Binance USD (BUSD).
Tether to Mine Bitcoin with Sustainable Energy in Uruguay
Tether, the company behind the largest stablecoin, has announced its plans to mine Bitcoin using sustainable energy in Uruguay. The company aims to invest in renewable energy sources to support and promote sustainable Bitcoin mining. Uruguay is a global leader in renewable energy, with 94% of its electricity generation coming from renewable sources such as wind and solar power. Tether's CTO, Paolo Ardoino, commented that the company is leading the way in sustainable and responsible Bitcoin mining by harnessing the power of Bitcoin and Uruguay's renewable energy capabilities. Tether has not yet disclosed the name of its local partner, but described them as a licensed company.
Tether's Dominance in Stablecoin Market May Be Challenged by New Competitors and Regulatory Risks
Tether (USDT) remains the largest stablecoin in the market, with a market capitalization of over $86 billion as of May 2023. However, its dominance may be challenged by the emergence of new competitors such as USDC, a stablecoin fully backed by US dollars held in reserve by regulated financial institutions, and decentralized stablecoins like DAI.
Tether's Market Dominance Climbs as Other Stablecoins Decline
According to CoinGecko data, Tether (USDT) has reached its all-time high while other stablecoins pegged to the US dollar have seen a decline in market share over the past year. Circle's USD Coin (USDC) has dropped from 34.88% to 23.05%, Binance USD (BUSD) from 11.68% to 4.18%, and Dai (DAI) has remained steady at 3.66%. Tether's market dominance has increased from 47.04% to 65.89%, with a market capitalization of $83.1 billion. Circle CEO Jeremy Allaire has attributed USDC's declining market capitalization to US regulators' crackdown on crypto.
Crypto markets remain flat for fourth consecutive week, TRON rallies on climbing USDT market cap
Bitcoin and Ethereum remained stagnant for the fourth consecutive week due to a slow news cycle. However, TRON saw an 8% rally to $0.076778, potentially due to the climbing market capitalization of the US dollar-pegged stablecoin Tether (USDT), which is mostly issued on TRON. Governor Ron DeSantis of Florida, who is running for the GOP's candidate in the 2022 US presidential elections, made crypto a major talking point in his campaign, stating that the Biden administration may "end up killing" Bitcoin. The International Organization of Securities Commissions (IOSCO) released policy recommendations for global crypto regulation, warning regulators about combining certain functions in a single legal entity or group of affiliated entities.
Toncoin (TON) experiences negative price drop, indicating high bearish strength and low buying pressure
Toncoin (TON) has seen a decline in its price, indicating a bearish sentiment among altcoin investors. The asset has lost 15.67% in the last 30 days, reflecting high bearish strength and low buying pressure. The current market sentiment is bearish, with the Fear & Greed index value at 49, indicating an increase in bearish momentum. The Relative Strength Index (RSI) value is pointing downwards, and the TON/USDT trading pair demand index is relatively weak, suggesting a lack of buying pressure.
Binance Now Supports USDT Deposits and Withdrawals on the Polkadot Network
Polkadot official announced that Binance now supports deposit and withdrawal of USDT on the Polkadot network.
Tether Partners with Georgian University to Educate on Blockchain and Cryptocurrency
Tether, the issuer of the stablecoin USDT, has partnered with Business & Technology University (BTU) in Georgia to promote blockchain and cryptocurrency education. The program aims to equip students with the necessary knowledge and skills to thrive in the emerging digital economy. Tether will assist in developing educational courses covering stablecoins, bitcoin, and cryptocurrencies. However, Tether has faced criticism over its lack of transparency and failure to conduct a proper audit. The emphasis on education may sound progressive and noble, but Tether's credibility remains in question.
High-Yield Investment Program DFintoch Suspected of Exit Scam, Investors Lose $31.6M USDT on Binance Smart Chain
Investors in the high-yield investment program (HYIP) DFintoch are reeling after the team behind the project allegedly orchestrated an exit scam, resulting in the disappearance of $31.6 million USDT on the Binance Smart Chain.
Malaysian Police Bust Illegal Crypto Exchange Allegedly Allowing Chinese Citizens To Trade USDT for Cash, Arresting 40 Suspects
Malaysian police have arrested 40 people in connection with an alleged illegal crypto exchange that was suspected of allowing Mainland Chinese citizens to trade USDT for cash. The police’s commercial crime investigation team and the National Financial Crime Center conducted the bust and claimed to have completely dismantled the exchange, which they also suspect of providing illegal online gambling services. The suspects, who were aged between 20 and 58, included 15 men and six women from China and at least one Singaporean man. The police seized 88 mobile phones, cash, gold bars, cars, luxury watches, handbags, and assorted gold jewelry, and prosecutors want to charge the suspects with money laundering, gambling, and crypto-related offenses.
