Newsletter
A $1.4 billion Bybit hack, efforts to "Kill Tether" and a Bitcoin price crash headline a rough week for the crypto markets.
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Tether News
What is Tether? The Tether definition is fairly simple. Tether (USDT) is a stablecoin cryptocurrency, with each token aimed at tracking the value of 1 U.S. dollar. Assets pegged to the value of national currencies (fiat currencies) are called stablecoins. Participants can sell other cryptocurrencies for USDT to protect against volatility while maintaining the ability to send the asset to personal wallets or storage. Ethereum, as well as other blockchains, host USDT.
Trading a Bitcoin/Tether, or BTC/USDT, pair is an option on some crypto exchanges or platforms. Cointelegraph’s Tether Price Index shows various data on the asset, including its market cap, along with its price, which should remain close in value to the U.S. dollar.
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Only the altcoins with potential ETF approvals and solid revenue-generation models will outperform the crypto market in 2025.
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Custodia Bank fought to service crypto firms under the previous administration but faced resistance from US regulators.
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The BofA stablecoin news triggered mixed reactions from the community. Many saw it as a good sign for crypto, while others called it “CBDCish.”
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Circle co-founder Jeremy Allaire says all dollar-based stablecoin issuers should register in the US, citing consumer protection and fair competition in the crypto market.
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“By integrating stablecoin payments, we’re not just embracing the future — we’re shaping it,” a Metro Store executive reportedly said.
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“Every single business or political meeting that they have culminates with this intent,” Ardoino said on X.
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Once the cheapest blockchain for transferring USDt, Tron saw its USDt gas fees skyrocket above $9 in late 2024, according to data from Tether.
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Stablecoin interoperability is becoming a major driving force for developers seeking to ease the cost and settlement burden of transactions.
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Stablecoins have ballooned into a $230-billion industry, which is equivalent to more than 1% of the US money supply.
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Tether’s USDt remains the top traded cryptocurrency on Kraken as it reportedly explores launching its own stablecoin and has to delist USDt in the European Economic Area.
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A former payroll manager for Bybit who stole $5.7 million from the crypto exchange has been handed a nearly 10-year prison sentence in Singapore.
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The annualized transaction value of stablecoins surpassed $15.6 trillion in 2024, or 119% of those by Visa and 200% of Mastercard.
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Stablecoin use in emerging markets soars despite the absence of crypto-friendly regulations and basic banking infrastructure. Will the US catch up to this trend?
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The USP stablecoin will allow users to earn yield backed by bonds and other real-world assets.
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