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Tether Holdings, the big cheese behind USDT, has ditched plans to launch its own blockchain. The move comes as the market bursts at the seams with existing chains. Paolo Ardoino, Tether's CEO, spilled the beans to Bloomberg News. He reckons the market's already jam-packed. "We're tech whizzes, but blockchains will be a dime a dozen soon," Ardoino quipped. The stablecoin giant's decision stems from supply and demand principles. Ardoino pointed out that several top-notch blockchains already exist. USDT, with a $117 billion market cap, is a key player in global crypto trading and remittances. Tether's deep pockets could've easily funded a new blockchain. But market data backs their choice to hold off. DefiLlama shows the top five chains control about 86% of total locked assets across 306 chains. Ethereum leads the pack. It boasts $87.7 billion in total value locked (TVL) out of $133.2 billion across all chains. TRON isn't far behind. It manages $8.1 billion in TVL and supports 49% of USDT's supply. Blockchain success hinges on speed, low fees, use cases, and security. Ethereum's dominance stems from its first-mover advantage and flexibility for developers. The blockchain world has evolved into a multichain environment. Developers and issuers spread their activities across various platforms. Tether's focus remains on USDT's security and sustainability. "For us, blockchains are just transport layers," Ardoino stated. Concerns about USDT's backing assets persist in the crypto world. A recent UN report flagged Tron's popularity in cyber fraud and money laundering in Southeast Asia. Tether has dismissed these claims. They stress their cooperation with law enforcement and token traceability. Earlier this year, Tether partnered with Fuze to boost digital asset education in Turkey and the Middle East. The duo aims to tackle various aspects of digital asset education. In July, Tether introduced a new payment option in the Philippines. It allows people to pay social security contributions using USDT. The SSS is a state-run social insurance program. It supports employees in both formal and informal sectors.

TRON DAO Reserve's USDD stablecoin has lost its Bitcoin backing. The move was spotted on social media Tuesday. It's left USDD relying mainly on TRX, Tron's native token. A whopping 12,000 BTC vanished from USDD's collateral address. That's about $726 million gone. No official announcement came from TRON DAO. Tron founder Justin Sun brushed it off on X. "Not mysterious," he said. Sun compared it to MakerDAO's operations. He claimed USDD wasn't capital efficient. "Any collateral holder can withdraw any amount freely," Sun wrote. He boasted of USDD's "long-term collateralization rate" exceeding 300%. USDD started life as an algorithmic stablecoin. It was similar to Terra's ill-fated UST. After UST's epic crash in May 2022, USDD switched to a hybrid model. It was backed by Bitcoin, TRX, USDT, and USDC. Sun hinted at future upgrades. He wants USDD to be "more competitive" in the market. But he didn't address the DAO's role in the recent change. USDD's market cap sits around $744 million, per CoinGecko. It's barely clinging to a top 100 spot. PayPal's new PYUSD stablecoin recently overtook it. TRX is now USDD's main backer. It's more volatile but holds a top 10 spot, excluding stablecoins. TRX is trading at $0.15, more than double its value a year ago. Its market cap? A cool $13.5 billion. Tron's been riding the meme coin wave lately. Sun's been pushing TRX hard as a meme coin marketplace. It's paid off big time. The Tron ecosystem's total value locked (TVL) just surpassed Solana's. It's now the second-largest blockchain by TVL. We're talking $8.2 billion across 30+ DeFi protocols, according to DeFi Llama. This USDD shake-up is a big gamble. Sun's betting on TRX's meme coin momentum. But ditching Bitcoin backing? That's a bold move, Cotton. Let's see if it pays off for them.

Tether's just dropped a bombshell. The stablecoin issuer minted $1 billion USDT on the Tron network. This move brings their total minted tokens in the past year to a whopping $33 billion. Blockchain data spilled the beans on August 20. Tether created the tokens and sent them to its treasury wallet. Lookonchain, an on-chain analytics platform, crunched the numbers. The platform revealed some eye-opening stats. Tether's been busy. They've minted $33 billion in stablecoins over the last year. That's no small change. The breakdown is interesting. Tron network saw 19 billion USDT tokens minted. Ethereum wasn't far behind with 14 billion. This latest mint follows a similar move on Ethereum. On August 13, Whale Alert flagged a $1 billion transaction there too. Talk about déjà vu. Tether's CEO, Paolo Ardoino, chimed in on X. He called the Ethereum transaction a "USDT inventory replenish". It's authorized but not issued yet. What does that mean? Well, it's like restocking shelves. Tether's getting ready for future demand. They're creating USDT to meet upcoming issuance requests and chain swaps. Tether's staying mum on the Tron mint. But it's likely serving the same purpose as the Ethereum one. They're probably running low on USDT on Tron. Their Transparency page backs this up. As of August 19, Tether had only $36 million USDT tokens on Tron that were "authorized but not issued". Demand's looking strong on Tron. Speaking of Tron, it's leading the stablecoin supply market. Coin Metrics data from August 16 shows it commands 37.9% of the total market share. That's over $61 billion in stablecoins. Not too shabby. This move by Tether is raising eyebrows in the crypto world. It's a clear sign of growing demand for USDT, especially on the Tron network. As the stablecoin market continues to evolve, all eyes will be on Tether's next moves.

Celsius Network is going after Tether. The bankrupt crypto lender filed a lawsuit demanding the return of $3.35 billion worth of Bitcoin. And beyond any doubt, this is a story that might have an unpredictable outcome with a massive influence on the market. The legal drama kicked off in New York's Southern District court. Celsius wants its Bitcoin back, pronto. Here's the lowdown: Celsius transferred 39,542.42 BTC to Tether as collateral. That's a whopping $2.31 billion at current prices. But that's not all. The lender is also after another 17,886.22 BTC, worth about $1.05 billion. Celsius claims Tether used the assets to pay off outstanding loans. They say it happened when Celsius was going belly-up. The lender's lawyers aren't pulling any punches. They're calling it a "preferential transfer" under bankruptcy law. "These transfers should be avoided and recovered," Celsius's legal team stated. They want Tether to cough up damages too. Tether's not taking this lying down, in case you wondered, as they've resolutely dismissed the lawsuit as a "meritless shakedown." That implies they are going to stand their ground. "The complaint is undermined by actual facts," Tether fired back. They're planning to duke it out in court. This legal tussle is shaping up to be a real crypto slugfest. It's anyone's guess how it'll play out. The crypto world is watching closely. This case could set some serious precedents for the industry. As the drama unfolds, one thing's clear: there's no love lost between these former crypto allies.

Circle CEO Jeremy Allaire (the man in charge of USDC) has made a bold prediction about the future of digital assets. In a recent interview, he suggested stablecoins could capture a significant portion of the electronic money market. Allaire compared stablecoins to online videos. He noted how streaming gradually eroded cable TV's dominance. He believes stablecoins will do the same to bank-held electronic money. "You have currently a total addressable market of about $100 trillion of legal electronic money," Allaire stated. He added, "Most of that is bank-intermediated electronic money." Allaire reckons stablecoins will chip away at this market. He cited their "internet-scale utility" and "programmability" as key advantages. His forecast? In a decade, stablecoins could snag 5% of global electronic money. "That would be extraordinary and seems very achievable," he said. It's a pretty wild claim. But Allaire's not just blowing smoke. He's got some solid reasoning behind it. Stablecoins, he argues, will slash transaction costs. They could make moving money as cheap as sharing information online. "I believe the same principle is going to apply here with blockchain networks and stablecoins," Allaire explained. He predicts the cost of storing and moving value will approach zero. This cost reduction could be a game-changer. Allaire believes it'll ramp up the velocity of money big time. As a result, he expects demand for stablecoins to skyrocket. It could even outstrip demand in the current system. Allaire admits the exact implications are unclear. But he's certain the total addressable market for money will expand. Why? Because "we've restructured the actual economics of how this works." It's a hefty prediction from a major player in the crypto world. Only time will tell if Allaire's crystal ball is on the money.