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Tether USDt(USDT)

$1.00

-0.05%

Market Cap
96.15b
 

-0.05%

Volume (24h)
27.55b
 

38.98%

Released on 25 Feb 2015
Cointelegraph
Cointelegraph
followers

Stablecoin issuer Tether didn’t provide a definitive answer on whether or not it would cease support for the Tron network after its rival Circle ceased minting its stablecoin on the blockchain on Tuesday. “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens,” Tether said in a statement to Cointelegraph when asked for comment about Circle and whether Tether was considering a similar move. “Tether retains the ability to freeze transactions on each directly supported transport layer to accomplish its compliance duties. Nevertheless Tether actively monitors the safety of each one of the supported transport layers to ensure the highest standards to our community,” the firm said. Tether (USDT) is the largest stablecoin with a market capitalization of $97.7 billion, and Circle’s USD Coin (USDC) trails at $28 billion, according to CoinGecko data. The Tron network is home to over 51.8 billion USDT — over half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated Feb. 21. An additional nearly $76.2 million is set aside to provide near-term liquidity for the token on the Tron network. A screenshot of Tether’s USDT transparency report cropped to show only USDT’s top three blockchains and its total assets. Source: Tether Tether's comments came in response to an announcement from Circle on Feb. 20, with the firm revealing it was immediately ending the minting of USDC on Tron and would gradually phase out support for the network, saying the decision aligns with “efforts to ensure that USDC remains trusted, transparent and safe.” Last month, a United Nations report said “USDT on the Tron blockchain has become a preferred choice” for cyber fraud and money launders in Southeast Asia due to the “ease, anonymity, and low fees of its transactions.” Tether rebuffed the report, saying the UN ignored USDT’s traceability and the firm’s record of law enforcement collaboration. It highlighted that it froze over $300 million worth of USDT used in crime “within the last few months,” including $225 million worth frozen in November 2023 as part of a United States probe into a Southeast Asian human trafficking syndicate. Related: Y Combinator calls on startups to build stablecoin, metaverse, AI solutions Ethics watchdog group Campaign for Accountability wrote to the United States Congress in November alleging Tron “has been named in multiple international law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities.” The U.S. Securities and Exchange Commission sued the Tron Foundation and founder Justin Sun in March 2023, alleging they offered unregistered securities and conducted manipulative trading, which Sun denies. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

4 days ago
Coinsrecovery Support
Coinsrecovery Support
24*7- Tether USDT Customer Service | Tether.io (Official)
3 days ago
ZyCrypto
ZyCrypto
followers

Charles Hoskinson, the founder of Cardano, has issued a stark warning about the dangers of centralization in the cryptocurrency industry. Speaking during a live broadcast titled “Legacy is Eating Crypto” on Monday, Hoskinson cautioned that the growing influence of a small number of powerful actors could undermine the core principles of cryptocurrency, such as decentralization, privacy, and equality. Notably, the pundit highlighted the rapid growth of stablecoins, such as Tether (USDT) and USD Coin (USDC), which now account for approximately 70% of all on-chain transaction volume. According to Hoskinson, these stablecoins, backed by traditional assets, are subject to the regulations of their jurisdictions and central issuers, creating potential vulnerabilities and centralization risks. “USDT and USDC…are asset backed which means that there’s a central issuer. There is a company who is regulated in a jurisdiction subject to that jurisdiction’s rules and regulations, and whatever that jurisdiction wants to put upon that company, permissive or otherwise, they are subject to it cannot get out of it,” said Hoskinson. In contrast, Hoskinson advocated for algorithmic stablecoins, which are not backed by traditional assets and operate decentralised. Notably, algorithmic stablecoins, such as DAI, maintain their value through algorithms and smart contracts without relying on a central issuer or traditional assets. However, the crypto market has been cautious since the TerraUSD (UST) de-pegging incident in May 2022, which raised concerns about their safety and caused a ripple effect on the broader crypto market. Despite the risks, algorithmic stablecoins offer advantages such as decentralization, autonomy, and potentially higher yields. Developers have thus been improving their design and functionality, positioning them as a potentially significant force in the cryptocurrency market. Hoskinson also criticized the increasing power of a small number of Legacy actors, including centralized exchanges, regulated institutions, and ETF holders like BlackRock, who control a significant portion of the value flow in the cryptocurrency market. He argued that these entities have the power to decide the future of cryptocurrency projects, as they can influence listings, liquidity, and regulatory compliance. “As more of these Legacy actors come in, they’ll acquire more and more of the supply. They already have a fifth of what Satoshi has,” Hoskinson added. “10 Legacy regulated institutions control the vast majority of your value flow and also get to decide the future of all of these projects.” That said, Hoskinson emphasized the importance of preserving the core values of cryptocurrency, including freedom of association, commerce, and expression, and the need to resist the encroachment of legacy actors in the industry. He further urged the community to remain vigilant and to consider the long-term consequences of centralization and the potential erosion of the core values of the cryptocurrency movement. Notably, Hoskinson has consistently advocated for decentralization, even as Cardano continues to receive improvements aimed at promoting security, scalability, and sustainability while empowering users and developers with greater control and autonomy.

3 days ago
小烏鴉Max
小烏鴉Max
followers

[JP Morgan issued a statement on Tether (USDT), once again angering the cryptocurrency world] JPMorgan Chase recently stated that even if Tether (USDT) is not a domestic company in the United States, the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury may still exert influence on it. The bank’s team of analysts, led by Nikolaos Panigirtzoglou, noted in a report on Thursday that U.S. regulators may use OFAC to regulate Tether’s overseas activities and use privacy concerns in the Tether and Ethereum networks. The relevance of the enhancement tool Tornado Cash serves as an example. In response, Paolo Ardoino, CEO of Tether, countered that JPMorgan Chase’s concerns stem from jealousy of the development of financial and payment services. Ardoino said: "JPMorgan's concerns seem to stem from their jealousy of the development of financial and payment services that they have ignored over the past decade and are now receiving widespread attention." He went on to quip that JPMorgan should pay more attention to the $3.9 billion in fines they have accumulated. In addition, Ardoino previously criticized JPMorgan Chase for its negative impact on the crypto market, calling it a "hypocrite" in reference to the increase in the amount of Tether held by JPMorgan Chase. #鴉快訊 #内容挖矿 @Tether_To

10 days ago
MarsNext
MarsNext
followers

👉👉👉 #tether CEO implies Circle director misled Congress in 'desperation' attack on #USDT #stablecoin issuer Tether has emphasized its proactive measures in preventing the misuse of stablecoin technology by collaborating closely with global law enforcement agencies, according to a statement provided to CryptoSlate on Feb. 16. The statement comes in response to comments made by Caroline Hill, Senior Director of Global Policy and Regulatory Strategy at Circle, during a House Financial Services Committee hearing titled ‘Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.’ Hill urged authorities to scrutinize Tether's alleged involvement in terror financing. Responding to inquiries regarding Tether during the hearing, Hill appeared to directly address the stablecoin competitor, highlighting concerns over its role. In reaction, Tether's representatives reiterated their commitment to combating illicit crypto activities, emphasizing their extensive efforts in this regard. #JPMorgan analysts have suggested that American regulatory bodies, notably the Office of Foreign Assets Control (OFAC), wield significant influence over Tether's offshore utilization. They pointed to OFAC's sanction on Tornado Cash, a crypto-mixer on the Ethereum blockchain, as evidence of regulatory control. Tether, in compliance with OFAC sanctions, has frozen assets associated with sanctioned wallets. Tether asserts compliance with Treasury OFAC sanctions and cooperation with law enforcement. Analysts foresee upcoming stablecoin regulations potentially eroding Tether's appeal due to transparency and compliance concerns with KYC/AML standards. DeFi platforms, relying on USDT as collateral and liquidity, may also face scrutiny. Analysts question Tether's transparency, citing concerns over its ability to maintain its dollar peg. Tether's dominance in the crypto sector has faced criticism from Wall Street, prompting strong rebuttals from Tether's representatives over perceived double standards in the banking sector. Source - cryptoslate.com #CryptoNews

6 days ago
Kri
Kri
followers

Circle announced the removal of native USDC on the Tron Network (TRX) as part of its “risk management framework.” This raised concerns about Tron’s future in the market, which could impact TRX’s price performance. Notably, the company published the announcement on February 21, mentioning compliance as one of the three reasons for the decision. It happened less than a week after Circle’s Senior Director, Caroline Hill, spoke in Congress about Tether (USDT). “Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance, and other functions across our company. This action aligns with our efforts to ensure that USDC remains trusted, transparent, and safe – characteristics that make it the leading regulated digital dollar on the internet.”– Circle Therefore, Circle will effective immediately halt USDC minting on Tron. However, it will allow its customers to migrate Tron-based USDC to other supported blockchains until February 2025. On that note, Circle only directly serves businesses and institutional customers. Retail can use the cryptocurrency ecosystem to transfer or exchange tokens currently running on Tron. Tron (TRX) price analysis after losing USDC This decision can prove itself to be a tough hit against Justin Sun’s blockchain enterprise, Tron. In particular, Circle sends a strong message to the market about their trust in the Tron Network, a stablecoins’ paradise. Losing the second-largest stablecoin by market cap and volume could affect the demand for TRX, Tron’s DeFi ecosystem health, or influence the support of other institutions. Meanwhile, Tron’s native token is trading at $0.139 by press time, in an impressive bull rally year-to-date (YTD). On the other hand, such a performance has made TRX reach an overbought status in its daily Relative Strength Index. Tron price forecast sets a likely scenario of a price correction, fueled by recent news related to Circle’s decision to abandon Tron. In this context, TRX price may test the $0.10 psychological support as investors start migrating USDC from the network. Nevertheless, cryptocurrencies are unpredictable assets, and Tron price could find higher support if its ecosystem manages to find relevant demand on other fronts. Investors must be cautious in the following days and expect volatility. In closing, it is worth mentioning Circle declared an intention to offer native USDC services on new promising blockchains. Curiously, Radix Works recently added Lindsey Lim to its board of directors. Lim is a former senior director at Circle, which has sparked rumors about a future USDC implementation on Radix (XRD). #Write2Earn #TRX $TRX

4 days ago

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