Tether's Management Team Reportedly Profits from Simple and Low-Risk Model, Despite Potential Challenges in the Future
The creators of Tether, a stablecoin with a market value of $83 billion, have profited greatly from their creation. Despite the overall decline in cryptocurrency value, Tether has remained successful due to its low-risk profit-making model. Tether's top executives could become billionaires if the company is sold for an estimated $9 billion, but regulations and demands for money market returns may pose challenges in the future. Forbes reports that stablecoins are now yielding between 4-5%, and at least one US company plans to create a regulated stablecoin with money-market-like returns this year.
Tether's USDT Marketcap Reaches Historic Highs, Positive Address Growth Continues
Tether has increased the circulating supply of its stablecoin USDT to historic highs, with marketcap growth surpassing its previous all-time high achieved in 2022. Despite USDT volumes not yet reaching their peak, positive address growth indicates growing demand. Tether's growing suite of products, such as Tether Gold, may be supporting USDT transactions and contributing to the stablecoin's marketcap growth. While USDT's marketcap growth is not necessarily a sign of an incoming bullish move, it does imply that Tether is preparing for more demand.
Former FTX Chief Sam Bankman-Fried Rumored to be Cooperating with Department of Justice on Crypto-Related Investigations
Speculation is rife on Crypto Twitter that former FTX chief Sam Bankman-Fried (SBF) may be cooperating with the Department of Justice (DoJ) on various ongoing and pending crypto-related investigations. This comes after SBF was seen walking near the office of the Southern District New York DoJ, with many suggesting that he may have turned state's evidence.
$70 Million Tron USDT transferred from Bitfinex to Tether Treasury
Accordign to Whalealert, $70 Million Tron USDT transferred from Bitfinex to Tether Treasury.
USDC Market Capitalization Drops 50% as Tether Rises in Popularity
The market capitalization of Circle's stablecoin USDC has fallen by approximately 50% in the past year, with its current market cap standing at around $26.7 billion. This is due to competition from Tether, which has seen a 27% increase in market cap since July 2022. USDC's credibility has also been affected by a temporary de-pegging to $0.97 following the insolvency of Silicon Valley Bank.
USDC Circulating Supply Falls by $100 Million in a Week
Circle's USDC stablecoin has experienced a decrease in circulating supply of around $100 million in the past week due to redemptions exceeding new coin issuance. This trend has been ongoing for the past year, resulting in a reduction of approximately $28 billion from USDC's market capitalization.
New York Hedge Fund Launches Distressed Crypto Asset Fund Amid Industry Turmoil
New York-based hedge fund, Fir Tree Partners, is launching a new fund that will focus on distressed crypto assets. The Fir Tree Digital Asset Opportunities Fund is set to launch on August 1st, according to an email seen by CoinDesk. The firm believes that digital assets are currently mispriced, dislocated, and complex, making it an ideal opportunity for them to capitalize on. Fir Tree has previously been involved in the crypto industry, having shorted Tether's USDT stablecoin and been in a legal dispute with bitcoin fund manager Grayscale.
DEGAMEFI to Host Largest Web3 Conference in Caucasus Region with TETHER as Main Sponsor
DEGAMEFI, the strongest web3 community in the CIS region, is organizing the largest web3 annual conference in the Caucasus region. The DEGAMEFI WEB3 CONFERENCE 2023 will be held in Tbilisi, Georgia from October 7th to 8th and will attract a diverse range of participants, including developers, investors, entrepreneurs, and enthusiasts.
Wallet Pay Launches on Telegram, Enabling Crypto Payments for Merchants and Consumers
Telegram's integrated crypto and payment solution, Wallet, is launching Wallet Pay, which allows for Bitcoin, Tether, and Toncoin payments within the messaging app. Users can make instant and secure payments for goods and services with just a few taps.
Tron Becomes Favorite Network for Stablecoin Issuers as Tether Plans to Deploy Another 1 Billion USDT
Tether plans to deploy an additional 1 billion USDT on the Tron network, leading to more on-chain activity related to stablecoins. Tron's CEO, Justin Sun, confirmed the launch of stUSDT on the network, making it a popular choice for stablecoin issuers due to its fast-paced user growth.
