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Crypto Companies Spent $32 Billion in Regulatory Settlements Since 2019
Oct 16, 2024
A new report sheds light on the extent of regulatory scrutiny the cryptocurrency industry is facing as it reveals that crypto companies paid close to $32 billion in settlements since 2019, This shows the financial risks of operating in the digital assets space as countries all over the world try to regulate cryptocurrency. Most of these settlements involve defunct entities like FTX and its affiliated organization Alameda Research. Both these firms were subjected to a heavy penalty of $12.7 billion in August this year by the Commodity Futures Trading Commission (CFTC) despite FTX's collapse two years ago, making it the largest regulatory settlement in the crypto world. However, such settlements are not restricted to fallen crypto companies as Binance, the world’s largest operational cryptocurrency exchange made a $4.3 billion settlement with multiple U.S. agencies in November 2023. This shows that even crypto industry stalwarts have to bear the brunt of regulatory challenges. The trajectory of enforcement actions has been steep as there is an 8327% rise in settlements’ value in 2024. In 2023, US regulators collected $10.87 billion in settlements which has increased to $19.45 billion as of October 2024. Other high-profile cases include the $4.7 billion settlement following Celsius's collapse and the $4.5 billion penalty imposed on Terraform Labs, highlighting that the regulators’ are determined to act on wrongdoings across various segments of the crypto ecosystem. This regulatory spotlight on crypto companies dates back to 2019 when FTX wasn’t there. At that time, Block.one had to pay a $24 million fine to the SEC for unregistered securities sales. In 2020, Telegram was subjected to a $1.24 billion fine for its Gram token offering which shocked the crypto world. Even during the 2021 bullish market Tether has to pay $18.5 million to the New York Attorney General for its stablecoin tokens. While the SEC has been a prominent actor in the regulatory landscape the Department of Justice and Treasury Department have increasingly targeted both defunct and operational crypto companies. As of October 2024, there have been 25 enforcement actions with settlements exceeding $10 million. Hence it is of paramount importance that crypto companies remain vigilant about regulatory changes across the world and adapt accordingly to be compliant with the laws of the country where they are used. The era of regulatory ambiguity is slowly being replaced by an environment of strict oversight and substantial consequences for non-compliance.
Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone
Sep 23, 2024
Tether's USDT, the world's largest stablecoin, is approaching a significant milestone: its market capitalization is nearing $120 billion. This comes amid a surge in demand for stablecoins, which are rapidly becoming the driving force of the crypto market. The recent data speaks for itself. Users have invested more than $1 billion in stablecoins just over the last seven days. No surprise, but the vast majority of these funds have gone into Tether (USDT), the stablecoin that now dominates 70.4% of the market. Stablecoins have seen rapid growth since the start of the year. Their market cap has risen from $122 billion in October 2023 to over $169 billion in September 2024, and this represents a whopping 38.5% increase. "The influx of capital into stablecoins highlights growing interest in stable digital assets," said a market report from IntoTheBlock. This trend is partly driven by inflation concerns and weakening fiat currencies in developing countries, as people tend to hedge the risks with stablecoins. Digital money are becoming the only viable alternative to the fiat money, issued and controlled by the governments. Screenshot 2024-09-23 at 10.46.52.png Tether's growth has outpaced its competitors. USDC, the second-largest stablecoin, has a market cap of $35.88 billion. And Tether's dominance is expected to continue growing, most analysts predict. The Tether Treasury recently minted $1 billion USDT on Ethereum, it also added $100 million USDT on the Tron blockchain. These moves reflect the increasing demand for the stablecoin. But smaller stablecoins are also benefiting from this trend. For instance, first Digital USD (FDUSD) has seen its market cap increase by 47% in the past month, and now stands at $2.94 billion. Stablecoin Market Cap Chart / CoinGecko Ripple, the company behind XRP, has announced plans to enter the stablecoin market. Its Ripple USD (RUSD) aims to connect global financial firms and institutions. Industry experts anticipate significant growth for RUSD post-launch. This follows other recent prominent stablecoins announcements, like PayPal’s. Stablecoins have evolved beyond their initial use case of cryptocurrency trading. They are now increasingly used in lending platforms and for payments, and this expansion has contributed to their rapid adoption. Tether's ability to maintain its dollar peg has been crucial to its success. This stability has made it attractive to traders seeking refuge from market volatility. It has also positioned Tether as a reliable digital alternative to traditional currencies. As Tether approaches the $120 billion milestone, it cements its position as a major player in the global financial landscape. Its growth reflects the increasing integration of digital assets into mainstream finance.
Tether's Triumph: USDT Recognized As Property By UK Court
Sep 16, 2024
The England High Court of Justice has dropped a bombshell. It's ruled that Tether's USDT stablecoin is property. This verdict's got the crypto world buzzing. Crypto pundit GS took to X (formerly known as Twitter) to break it down. He reckons this could be a game-changer for USDT adoption. Why? It's all about cutting through the regulatory fog. "This ruling provides a clear legal framework for cryptocurrencies like USDT," GS posted. It's a green light for investors, signaling USDT's legitimacy and stability. But here's the kicker: GS thinks this could set off a global domino effect. It's one of the "first detailed recognitions of cryptocurrency as [a] property," he notes. Other jurisdictions might follow suit, and that could mean smoother sailing for crypto regulations worldwide. Not everyone's popping champagne, though. GS points out a potential fly in the ointment. Legal recognition could mean Tether faces more regulatory scrutiny, that might also lead to stricter compliance rules. There's more. This ruling could open Pandora's box of legal battles for Tether. If there are any skeletons in Tether's reserve closet, they might come tumbling out. GS warns this could spark "volatility or a drop in trust if negative information emerges." Some crypto die-hards might not be thrilled either. They dig the whole 'no government oversight' vibe. GS reckons increased regulation could spook them and they might jump ship to "less regulated or more privacy-focused assets." So, what's the market going to make of all this? GS says it's not a clear-cut bullish or bearish scenario. It'll depend on how the crypto grapevine spins it and how Tether plays its cards. Short-term, we might see a bull run due to the "novelty and positive media coverage." Long-term? It's anyone's guess. It'll hinge on how Tether adapts to its new legal status. GS doesn't see this causing major waves in the broader crypto market just yet. Unless it messes with trading volume, investor sentiment, or global regulations, that is. This UK ruling isn't happening in a vacuum. The British government's also cooking up a bill to classify crypto and tokenized assets as personal property. Looks like the crypto legal landscape is in for a shake-up.
Tether Launches 'Crime Unit' with TRON and TRM Labs to Fight USDT Misuse
Sep 12, 2024
Tether, TRON, and TRM Labs have teamed up. They're launching a private sector crime unit. It's called the T3 Financial Crime Unit (T3 FCU). The goal? To fight dodgy USDT use on the TRON blockchain. USDT is the biggest stablecoin out there. It's also become a go-to for some shady dealings. The new unit wants to change that. "We're creating a safer crypto community for everyone," the companies said in a joint statement. They're not messing around. The T3 FCU has already frozen over $12 million linked to scams. TRON founder Justin Sun chimed in. "We believe tech can be used for good," he said. "This collaboration sends a clear message. Illicit activity isn't welcome in our industry." The move comes as USDT usage skyrockets, it's now surpassed Visa in transaction volume. That's huge. In countries with weak economies, people are turning to USDT, trying to hedge against inflation. Tether's been busy on the crime-fighting front. Earlier this year, they helped the U.S. Department of Justice recover $5 million in USDT. That's no small potatoes. This new unit brings together some serious expertise. TRM Labs is a top blockchain intelligence firm. TRON's a major player in the blockchain world. And Tether? They're the biggest fish in the digital asset pond. The focus right now is on TRON. But who knows? If this works out, we might see similar efforts on other blockchains. It's a bold move in a wild west industry. Will it work? Only time will tell. But one thing's for sure – the crypto world is growing up fast. This initiative could be a game-changer. It's not just about catching bad guys. It's about building trust in crypto.
Tether Scraps Plans to Launch Its Own Blockchain for USDT, Sticks to Ethereum and TRON
Aug 26, 2024
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.
10 Best Wallets to Hold USDT in 2024
Tether
Oct 11, 2024
Holding USDT, world's most popular stablecoin, requires choosing the right wallet. There are myriads of crypto wallets to choose from, and most of them claim to fully support Tether's USDT. How to choose the wallet that is right for you in 2024? Choosing a cryptocurrency wallet can be challenging for both new and experienced investors due to the wide variety of options available. Here, we'll do our best to investigate which wallets are ideal for storing USDT. Before we get to the icing on the cake, we will go over security features, distinctions between custodial and non-custodial wallets, exchange wallets vs. personal wallets, and, finally, our personal ranking of the best USDT wallets. What is USDT? USDT, or Tether, is a stablecoin pegged to the US dollar, providing stability in the volatile cryptocurrency market. Its market capitalization and transaction volume have lately reached noteworthy levels. Third-largest cryptocurrency overall, Tether's market capitalization as of October 2024 is almost $119.8 billion. Its value is still fixed in relation to the U.S. dollar, providing investors looking for volatility protection with a consistent digital asset. Not insignificantly, Tether's USDT on the TRON blockchain lately exceeded Visa's average daily transaction volume. Reflecting the growing worldwide reliance on stablecoins for transactions, TRON recorded over $53 billion in daily USDT transfers while Visa's daily average is $42 billion. With almost 53.7% of its market capitalization, TRON has grown to be the biggest USDT network; Ethereum follows. Operating across several blockchains, Tether allows users to profit from the security and speed of Ethereum, TRON, Solana, Algorand, and Bitcoin Cash. Together with its general acceptance on big exchanges, this multi-chain support guarantees USDT as a necessary instrument for worldwide cryptocurrency transactions. Security Features Importance of Security Security is paramount when choosing a wallet for USDT. With increasing cyber threats, it’s essential to understand the security measures each wallet offers. You wouldn't want to lose any of your savings, would you? Securing your crypto doesn't require any special hacker-like knowledge. You don't need coding skills or digital security expertise. All you need is paying attention to some ground rules while choosing the crypto wallet. Some of this basic knowledge is basically the same as with many other IT-services. Common Security Features Two-Factor Authentication (2FA): Adds an extra layer of security by requiring a second form of verification. Encryption: Ensures data is protected by converting it into a code that can only be read with a key. Cold Storage: Offline storage that protects funds from online hacks. Multi-Signature (Multi-Sig): Requires multiple keys to authorize a transaction, reducing the risk of unauthorized access. Biometric Authentication: Uses fingerprints or facial recognition for secure access. Custodial vs. Non-Custodial Wallets Here is the moment of truth. Let's try to solve one of the most epical questions since the beginning of crypto. Which wallets are better - custodial or non-custodial. Custodial Wallets Custodial wallets are managed by third-party services. The provider holds the private keys, offering convenience but requiring trust in the service. Advantages: Ease of Use: User-friendly interfaces and features. Customer Support: Assistance available for issues. Backup and Recovery: Simplified processes for recovering lost access. Disadvantages: Control: Users do not have full control over their private keys. Security Risks: Centralized control can be a target for hackers. Non-Custodial Wallets Non-custodial wallets provide users with full control over their private keys, enhancing security and autonomy. Advantages: Full Control: Users manage their private keys, ensuring complete control over their funds. Enhanced Security: Reduced risk of centralized attacks. Privacy: Greater privacy as there is no third-party involvement. Disadvantages: Responsibility: Users are responsible for their own security and backup. Complexity: May require a higher level of technical knowledge. In fact, if you are a novice investor with some relatively small amounts of crypto holdings and USDT savings, it might be a good idea to start with a simple custodial wallet. Just to get familiar with the world of crypto. Yet, as soon as we are talking about some substantial amounts of USDT - think of the sum you wouldn't want to lose at the risk of death - you should better be thinking of a non-custodial wallet. Exchange Wallets vs. Personal Wallets A bit of the same discourse here. Use personal wallet or stick to the wallets provided by crypto exchanges? That question goes back a while. Exchange Wallets Exchange wallets are provided by cryptocurrency exchanges, offering integrated trading and storage solutions. Advantages: Convenience: Easy access to trading and storage in one platform. Liquidity: Quick transfer of funds for trading. Features: Additional features like staking, lending, and borrowing. Disadvantages: Security Risks: Centralized exchanges can be prime targets for hackers. Control: Users do not have full control over their funds. Personal Wallets Personal wallets are standalone applications or hardware devices that provide secure storage for cryptocurrencies. Advantages: Security: Enhanced security features like cold storage and multi-sig. Control: Full control over private keys. Flexibility: Supports a wide range of cryptocurrencies and features. Disadvantages: Complexity: May require more effort to set up and manage. Limited Features: May lack some of the advanced features offered by exchanges. Top Wallets for USDT in 2024 Here comes the essence of this article. We picked the absolutely best wallets of different types for you. No matter what your needs are, you can pick a wallet for yourself from our top list, and be sure it will fit your needs perfectly. Ledger Nano X Ledger Nano X is a leading hardware wallet known for its robust security features. Pros: Cold Storage: Keeps private keys offline. Multi-Currency Support: Supports over 1,500 cryptocurrencies. Bluetooth Connectivity: Allows easy connection to mobile devices. Cons: Price: More expensive than software wallets. Complexity: Requires setup and management. Trezor Model T Trezor Model T is another top-tier hardware wallet offering advanced security. Pros: Cold Storage: Secure offline storage. Touchscreen Interface: User-friendly navigation. Open-Source: Transparent and regularly audited. Cons: Price: High cost. Learning Curve: Requires understanding of hardware wallet operations. Exodus Exodus is a popular software wallet with a user-friendly interface. Pros: Ease of Use: Intuitive design suitable for beginners. Multi-Currency Support: Supports multiple cryptocurrencies. Integrated Exchange: Built-in exchange feature. Cons: Security: Less secure than hardware wallets. Custodial Elements: Some features require trust in Exodus. Trust Wallet Trust Wallet is a mobile wallet known for its versatility and security. Pros: Multi-Currency Support: Supports a wide range of cryptocurrencies. Staking: Allows users to earn rewards by staking their assets. Decentralized: Non-custodial wallet providing full control. Cons: Mobile Only: Limited to mobile devices. Security: Less secure than hardware wallets. MyEtherWallet (MEW) MyEtherWallet is a web-based wallet primarily for Ethereum and ERC-20 tokens, including USDT. Pros: Non-Custodial: Full control over private keys. Compatibility: Integrates with hardware wallets for added security. Open-Source: Transparent and community-driven. Cons: Complexity: May be challenging for beginners. Web-Based Risks: Susceptible to phishing attacks. Coinbase Wallet Coinbase Wallet is a mobile wallet with strong integration with the Coinbase exchange. Pros: User-Friendly: Easy setup and navigation. Multi-Currency Support: Supports a wide range of cryptocurrencies. Integration: Seamless connection with Coinbase exchange. Cons: Custodial Risks: Requires trust in Coinbase for some features. Limited Control: Not fully non-custodial. MetaMask MetaMask is a browser extension and mobile wallet primarily for Ethereum and ERC-20 tokens. Pros: Ease of Use: Simple interface suitable for all users. Integration: Compatible with numerous decentralized applications (dApps). Non-Custodial: Full control over private keys. Cons: Security: Browser-based risks. Limited to Ethereum: Primarily supports Ethereum and ERC-20 tokens. Atomic Wallet Atomic Wallet is a decentralized wallet offering extensive features. Pros: Multi-Currency Support: Supports over 500 cryptocurrencies. Atomic Swaps: Enables peer-to-peer exchanges without intermediaries. Non-Custodial: Full control over private keys. Cons: Security: Software wallet security risks. Complexity: Requires some technical knowledge. Binance Wallet Binance Wallet is the wallet service provided by the Binance exchange. Pros: Integration: Seamless connection with Binance exchange. Multi-Currency Support: Supports a wide range of cryptocurrencies. Features: Advanced trading and staking features. Cons: Custodial Risks: Requires trust in Binance. Control: Limited control over private keys. BitPay Wallet BitPay Wallet is a versatile wallet with strong merchant integration. Pros: Merchant Integration: Supports payments to numerous merchants. Multi-Currency Support: Supports multiple cryptocurrencies. Security: Offers non-custodial security features. Cons: Complexity: May be challenging for beginners. Limited Features: Focused more on payments than advanced features. Conclusion Selecting the ideal wallet to carry USDT calls for balancing convenience, security, and control. Though they cost more and complexity, hardware wallets such as Ledger Nano X and Trezor Model T provide exceptional security. Clearly, a rookie would not want to make that decision. Still, it's most likely the best option available to a real crypto whale. Or at least, for a whale-wannabe. Though less safe, software wallets such as Exodus and Trust Wallet offer multi-currency capability and easy-to-use interfaces. If you run little crypto mostly from your smartphone, they are ideal. Exchange wallets need trust in the provider even if they provide convenience and integrated features. Simply sell your USDT for fiat money or easily swap any token you wish for. That's handy, but not for storing sizable savings. The best wallet for you ultimately comes from your particular requirements and tastes. You and only you will determine what most important to you. You might put security above simplicity of use, or vice versa.

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