The new regulations could offer banks a competitive edge by limiting institutions without a banking license to a maximum stablecoin issuance of $10 billion, the report said.
Number of Stablecoin Holders Nears 100M Mark, Data Show
The number of addresses holding stablecoins has risen 15% this year.
Tether Will Freeze Wallets Evading Venezuelan Sanctions
Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.
Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network
Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.
Tether Expands Reach To 15 Blockchains
On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains.
The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.
With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs.
Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:
We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.
11 Million TON Tokens To Drive Adoption Of USDT, XAUT
Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.
Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.
The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust.
Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.
Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.
Toncoin Price Rallies
Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13.
However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59.
It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.
Featured image from Shutterstock, chart from TradingView.com
Tether Is Expanding Its USDT Stablecoin to TON Network, Transparency Page Shows
The TON network has seen rapid growth recently helped by incentives for onboarding Telegram users.
Sen. Lummis: It’ll Pay to ‘Choose Circle Over Tether’ Under U.S. Stablecoin Proposal
Circle Internet Financial would have a distinct advantage over global stablecoin leader Tether under U.S. regulations along the lines being suggested by new legislation, according to one of the latest bill’s authors, Sen. Cynthia Lummis (R-Wyo.).
Tether Reorganizes Into 4 Divisions as It Expands Beyond Stablecoins
The company has formed four divisions to reflect its broadening focus: Data, Finance, Power and Edu(cation).
Tether, Circle Diverge on How to Tackle Global Patchwork of Stablecoin Rules
The two largest digital dollar providers have chosen different paths in dealing with a perceived lack of global clarity on stablecoin rules: Circle is looking to U.S. lawmakers to provide guidance, while Tether is taking a hands-on approach to tackling fraud and money laundering.
Stablecoins Are Beneficial to U.S. Economy, Tether’s Custodian Says
Stablecoins boost demand for U.S. Treasury notes, Howard Lutnick, the CEO of Tether custodian Cantor Fitzgerald, said.
Bitcoin: Will This “Dry Powder” and Historical Trends Fuel A Price Boom?
While Bitcoin has dipped from its recent highs of around $74,000, some analysts are urging investors to stay calm and even see this as a buying opportunity. So far, Bitcoin prices have remained under pressure, trickling lower in the past trading week.
Are There Similarities With The Bitcoin Bull Run Of 2020?
Though the downward momentum is slowing down, and there has been no confirmation of the April 2 dump, the failure of bulls to convincingly flow back and drive the coin above $71,000 remains a concern for some traders.
Even so, taking a bullish stand, one analyst on X compares the current formation with that of 2020. Pointing to the cyclic nature of prices and the inevitability of retracements from bottoms and peaks, the trader expects prices to bounce.
The trader said that in 2020, when Bitcoin prices fell, shaking out weak hands, the recovery sparked a bull run that forcefully saw the coin surge above previous all-time highs of $20,000. The analyst seems to allude to the retracement before the breakout as a catapult that eventually fed the “legendary” bull run, which saw Bitcoin float to as high as $70,000.
Based on this comparison, the trader is adamant that it may, reading from history, be the best time to “sell” at around spot levels. Still, for now, buyers can consider doubling down until there is a clear trend definition and shake-off of the current bear formation. Currently, BTC has strong rejections in the $71,700 to $72,000 liquidation zone, marking last week’s highs.
Watch Out For The “Dry Powder”
Besides technical candlestick formation, another trader thinks buyers better HODL even with sellers in control.
In a post on X, the analyst said Tether Holdings, the issuer of USDT, and Circle, the issuer of USDC, recently minted billions. On April 2, Tether issued 1 billion USDT on Tron, while Circle issued 250 million USDC on Solana.
This development, the analyst said, means there is “plenty of dry powder.” Stablecoins like USDT and USDC offer stability in the crypto markets, providing a refuge for crypto holders whenever prices tumble.
However, they can also act as conduits of liquidity from the traditional market, providing an avenue for interested users to get exposure to top coins or even engage in activities such as decentralized finance (DeFi).
In the past, prices often edged higher when there were huge stablecoin mints.
Tether Added Nearly 8.9K Bitcoin to Holdings in First Quarter: On-Chain Data
The stablecoin issuer’s BTC holdings now top 75,000 tokens worth about $5 billion.
Illicit Funds in Crypto Ecosystem Shrank 9% Last Year, Yet Criminals Still Handled Nearly $35B: TRM Labs
Illicit activity in the cryptocurrency ecosystem appears to have reduced, with the total illicit funds shrinking by 9% in 2023 compared to 2022, even though criminals still handled over $34 billion worth of cryptocurrencies, Blockchain analytics firm TRM Labs has found.
Tether to Establish AI Unit, Starts Recruitment Drive
The unit will focus on the development of open-source AI models and collaborate with other firms to integrate the models into products that could address real-world challenges.
Tether’s USDT Now Available on Celo
The USDT integration aims to boost cross-border payments and peer-to-peer transactions in developing regions.
Tether’s USDT Stablecoin Touches $100B Market Cap, Benefiting From Crypto Trading Frenzy
USDT, a stablecoin issued by Tether, hit the $100 billion market value for the first time in its history, according to CoinGecko data, as the rally on crypto markets expanded.
Wall Street Journal Accused of Defamation Over 2023 Tether-Bitfinex Article
Christopher Harborne and his aviation fuel broker AML Global were wrongly accused of “committing fraud, laundering money, and financing terrorists,” according to the lawsuit.
Stablecoins Join The Crypto Bull Run With $140B Market Cap, Highest Since 2022
February has been an overall notable month for cryptocurrencies and the crypto industry. We’ve seen Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, reach milestones not seen since the crypto winter started.
The bull run has seemingly started, as many analysts and investors have announced, and it appears to be following a ‘2-year trend’ where the industry is beginning to reclaim the heights lost in 2022. Consequentially, the rally has propelled the overall market cap of the crypto industry.
Stablecoins Remain Stable, But The Market Is Expanding
According to data from DefiLlama, stablecoins have joined the crypto market in the bullish rally, as its market capitalization hit $140 billion for the first time since December 2022.
Stablecoins are cryptocurrencies designed to have value pegged to another currency, like the US dollar, or a commodity, like gold. They account for a large portion of the daily trading volume of cryptocurrencies, as many consider them more useful for everyday transactions.
The slow and steady recovery of the crypto industry has been maturing the bullish sentiment in the community. Fueled by investors’ trust in crypto assets and important developments in the industry, the crypto market seems to be recovering to achieve a performance like that of the previous crypto bull run.
However, stablecoin’s recent market expansion is not only fueled by the positive sentiment. Tether (USDT) sits as the third largest cryptocurrency by market capitalization, with over $98 billion, and it has continued to extend its reach in the last few years.
Just this month, USDT’s market cap increased by $2 billion; in the last year, it has risen by over $28 billion. USDT is also ranked as the first cryptocurrency by trading volume in the previous 24 hours, according to data from CoinMarketCap.
Circle’s USDC, ranked fifth by daily trading volume and seventh by market cap, has also seen impressive growth, with its $2 billion market cap increase showing a recovery this month.
The stablecoin’s market capitalization saw a 1-year slump after dropping from $40 billion in March last year. However, the relisting of its trading pairs on Binance and the recent expansion to international markets has fueled USDC’s ‘resurgence,’ as Coinbase recently called it.
Crypto Market Cap Hits $2T
Today, the total crypto market cap hit $2 trillion as Bitcoin’s price spiked to $57,000, increasing 32.2% monthly and 101.3% in the past year. This milestone has not been reached since April 2022, when the total crypto market cap was at $2.1 trillion.
However, Bitcoin’s parabolic surge is not the only reason behind this achievement, as the altcoin market cap, which includes all cryptocurrencies except for BTC, has grown 29.35% in 30 days.
Accordingly, the market capitalization for altcoins hit $255 billion, representing a 111.6% surge last year. Similarly, this level has not been seen since April of 2022.
The altcoin market has seen green throughout February as interest in cryptocurrencies soared massively, led by the ETFs frenzy that started building at the end of last year and exploded in January.
Why Circle’s USDC Is Quitting the TRON Network
It could be part of a long-time realignment separating compliant and gray-market crypto, says Daniel Kuhn.
U.S. Regulators Do Have Some Control Over Stablecoin Tether: JPMorgan
USDT’s appeal relative to other stablecoins will likely diminish as regulations will require more transparency and compliance with new anti-money laundering standards, the report said.
Diversifying Stability: Stablecoins Finding Home Beyond the Greenback
Following the success of Tether and USDC, a generation of stablecoins are offering new features for investors and holders, says Scott Sunshine, Managing Partner of Blue Dot Advisors.
