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Tether CTO Paolo Ardoino on taking the bull by the horn

Stablecoins have been under much scrutiny since the implosion of the third-largest stablecoin by market cap, TerraUSD (UST), in May 2022. The UST saga led to a lot of skepticism that caused consumers to question the safety of stablecoins.  In the seventh episode of Hashing It Out, Cointelegraph’s Elisha…

Bitcoin bulls plan to flip $23K to support by aiming to win this week’s $1B options expiry

Bitcoin’s (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser.  Even if the decision matches the market consensus, the post-meeting statement should be investors’ primary…

Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High 

On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT is still up…

Tether Denies Receiving Any Loans From Celsius

The company that is responsible for the most valuable stable coin in terms of market capitalization, Tether (USDT), alleges that they have never received a loan from the defunct cryptocurrency lender Celsius. This claim is based on the fact that Celsius no longer exists. The chief technical officer of…

Tether CTO denies borrowing from bankrupt lender Celsius

Tether (USDT) — the world’s largest stablecoin by market capitalization — has never received any loan from the bankrupt cryptocurrency lender Celsius, according to the chief technology officer. Paolo Ardoino, CTO at Tether and Bitfinex crypto exchange, took to Twitter on Jan. 31 to announce that Tether has “never…

Another crypto bear market may be looming if the stablecoin supply diminishes

The crypto market might be getting into another bear market if stablecoins circulating supply does not go higher, a CryptoQuant report states. The crypto market currently has a market cap of $1.05T, a 0.99% increase over the past 24 hours. Should we prepare for a bear market? On-chain analytics…

USDC issuer Circle releases accountant-verified report

Circle, the company that is responsible for issuing USD Coin (USDC), has made public a report that has been validated by an accountant on the treasury reserve assets that support the more than $44.5 billion worth of tokens that are now in circulation. The present composition of the stablecoin…

Stablecoin Economy Sheds Another $3 Billion in 44 Days

The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation…

Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries

Stablecoins in the cryptocurrency market help provide USD pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets and in bear markets, investors seek shelter in low volatility stablecoins thus increasing their market caps. On…

Tether and INHOPE Join Forces to Fight Child Abuse Material Online

Tether is hoping that by collaborating with INHOPE, it will be possible to increase the visibility of bitcoin payments used in content marketplaces that promote child abuse and make it simpler for authorities to handle these types of payments. In addition, Tether hopes that this will make it possible…

Tether moves to combat child abuse content marketplaces

Tether aims to increase visibility and mitigate controls of cryptocurrency payments used in child abuse content marketplaces through a collaboration with INHOPE.  The stablecoin operator will work with INHOPE, a global network combating online child sexual abuse material (CSAM), to share information, collaborate with stakeholders and enforce actions on…

Algorithmic stablecoin market share dropped by 10x from ATH: Report

The notorious failure of the Terra USD (UST) stablecoin affected the crypto market, but the algorithmic stablecoins took the harshest punch. Since its peak in April 2022, the market share of algorithmic stablecoins shrank almost tenfold.  According to a new report from CryptoCompare, the current market share of algorithmic…

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin’s price rise has led to the crypto asset’s dominance…

USDT 2022 settlement volume blows past Mastercard and Visa

Tether (USDT), the dominant stablecoin, has blown past leading payment operators, Visa and Mastercard, surpassing both in transaction volume processed.  USDT blows past Mastercard and Visa According to a tweet from USDT handled around $18.2 trillion worth of transactions in 2022, while Mastercard processed $14.1 trillion and Visa processed…

Cornell Professor Warns of Disruption to US Bond Market From Potential Collapse of Major Stablecoin

A professor from Cornell University has warned about the potential effects a collapse of a major stablecoin could have on the U.S. bond market. Eswar Prasad said that if large stablecoins face a collapse, the number of Treasury bonds they would need to sell could disrupt the U.S. Treasuries…

Brazilians Turn to Stablecoins as Alternative to US Dollar for Hedge Against Volatility

Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins…

Crypto.com delisting Tether to comply with Ontario regulations

Crypto.com announced the delisting of the Tether-issued stablecoin USDT to comply with the financial regulator in Canada. The exchange will cease to offer services relating to the stablecoin in Canada at the end of the month. USDT allegedly banned in Canada In an exclusive notice to Decrypt, Singapore-based crypto…

Crypto.com delists USDT for Canadian users following OSC ban

According to user reports on Jan 10, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) for Canadian users effective Jan 31, 2023. According to the firm, if users do not withdraw or convert their USDT assets by the deadline, then their Tether will be automatically converted into USD Coin…

BUSD Sees $5 Billion Reduction in Supply in 24 Days, Relationship With Turkish Lira Continues

According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its…

Doubts mount over Huobi’s future as harsh layoff rumors denied

Speculation on Twitter that crypto exchange Huobi has laid off staff and shuttered internal communications have prompted the community to advise users to withdraw funds, despite an adviser to the exchange denying the rumors. In a Jan. 5 tweet, Huobi adviser Justin Sun addressed rumors of purported insolvency, saying…

Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022

According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse,…

Winners and losers of 2022: A disastrous year that saw few winners among a sea of losers

2022 was supposed to be the year crypto went mainstream, with a significant chunk of traditional venture capital firms betting heavily on the ecosystem in 2021. However, with one disaster after another, 2022 turned out to be a catastrophic year for the nascent crypto ecosystem. Some of the biggest…

What is USD Coin (USDC), fiat-backed stablecoin explained

USDC offers instant payments, saves users from the cryptocurrency market’s price volatility and is audited by a regulated auditing firm, making it a transparent stablecoin. However, it does not offer price appreciation opportunities, and investors may incur high transaction and withdrawal fees while dealing with USDC. One of the…

The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

2022 has been an interesting year for stablecoin assets as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. Moreover, more than $3 billion has been erased from the stablecoin economy during the last 23 days as BUSD shed roughly 23.3% during the…

Japan to lift the ban on foreign stablecoins like USDT in 2023: Report

Japanese regulators are reconsidering some major cryptocurrency restrictions related to the use of stablecoins like Tether (USDT) or USD Coin (USDC). The Financial Services Agency (FSA) of Japan will lift the ban on the domestic distribution of foreign-issued stablecoins in 2023, local news agency Nikkei reported on Dec. 26.…

Exchange Inflows, Outflows At A Stalemate As Bitcoin Refuses To Budge

Bitcoin is still struggling below $17,000 and centralized exchange inflows and inflows seem to be mirroring the trend of the digital asset. Over the last 24 hours, the net flows from exchanges have been seeing a near balance between inflows and outflows. Balancing Each Other Out The exchange net…

CFTC classifies Ethereum, Bitcoin, and Tether as commodities

Based on recent FTX court filings, reports on Thursday show that the Commodity Futures Trading Commission (CFTC) has designated Ethereum (ETH), Bitcoin (BTC), and US Dollar Tether (USDT) as commodities. The CFTC often referred to all three as commodities in its complaint against Sam Bankman-Fried, the former CEO of…

Stablecoin settlements can surpass all major card networks in 2023: Data

Stablecoins play a very critical role in the crypto economy today and despite the recent run-down in the broader market, stablecoin volumes continue to dominate most exchanges. According to Coinmetrics data, on-chain stablecoin settlements reached over $7 trillion in 2022 and are expected to end the year at around…

2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knockouts, Terra’s Collapse

2022 is coming to an end and during the last 12 months, the crypto economy has lost roughly $1.486 trillion in value against the U.S. dollar. On Dec. 20, 2021, bitcoin was trading for $46,406 and it has lost more than 63% in value year-to-date, while the second leading…

Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project

Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX’s fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date,…

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