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Tether and Bitfinex are in hot water again. The stablecoin issuer and crypto exchange are targets of a fresh class action lawsuit. The suit alleges market manipulation and antitrust violations. The case was filed in New York. It's a slimmed-down version of an ongoing legal battle. The plaintiffs are five individuals. They claim Tether and Bitfinex broke the law. The lawsuit is no joke. It accuses the firms of violating the Commodities Exchange Act. The allegations are serious. Market manipulation, monopolization, and trade restraint are on the list. Tether's alleged scheme was clever. The company supposedly pumped unbacked USDT into the market. This created fake demand for crypto. It's a bit like printing money out of thin air. The result? Crypto prices went through the roof. Tether allegedly facilitated trading on credit and loaned funds. It's a recipe for a market bubble. This isn't the first rodeo for Tether and Bitfinex. Previous complaints were filed in 2019 and 2020. The current suit is a trimmed-down version. It's got fewer causes of action. The case has had its share of drama. The original law firm, Roche Freedman, got the boot. Their founder, Kyle Roche, was caught on tape. He admitted to filing bogus lawsuits. Not a good look for a lawyer. The new complaint has some juicy details. It claims to have chat logs and deposition records. These allegedly show the companies' operators admitting to manipulation. If true, it's a smoking gun. Tether isn't taking this lying down. A spokesperson dismissed the claims. They say the lawsuit has no merit. It's a classic "he said, she said" situation. The stakes are high. Tether's USDT is a $83 billion behemoth. But what's even more important, stablecoins are gaining momentum, and - led by Tether - are now the lifeblood of the crypto market. That's to sat the least. If these allegations stick, it could shake the entire industry to its core. This case is far from over. It's a slow-moving train wreck that the crypto world can't look away from. Grab your popcorn, folks. This legal drama is just getting started.

Tether, the company behind the world's largest stablecoin, is upping its transparency game. They've just brought on Philip Gradwell as head of economics. Gradwell, previously the chief economist at Chainalysis, will be crunching numbers on USDT usage. His main job? Explaining USDT's role to regulators and stakeholders. It's a big task. USDT's daily trading volumes are in the billions. In the last 24 hours alone, it hit $32.23 billion, according to Messari. Gradwell's got his work cut out for him. He's aiming to shift the conversation. "Many people still view digital assets as a mystery," he says. His goal is to show how USDT is "supporting dollar hegemony" in the real economy. The new hire comes at a crucial time. Tether's relationship with U.S. regulators has been a bit of a rollercoaster. In 2021, they coughed up $18.5 million to settle with New York's Attorney General. The issue? Allegations of misrepresenting USDT's backing. But they're not all at loggerheads. Tether's been playing ball with the feds lately. They've even let the FBI onto their platform. In March, they helped the DOJ recover $1.4 million in stolen USDT. Gradwell's role will be key in "enhancing communication with regulatory bodies," says Tether. It's a smart move. Government scrutiny has actually boosted USDT's market share. Talk about a silver lining. Right now, USDT dominates 69% of the stablecoin market. Its nearest rival, USDC, is eating dust. DefiLlama puts USDT's current market cap at a whopping $112 billion. Tether's clearly not messing around. They're bringing in the big guns to explain their coin's real-world impact. It's a savvy play in today's regulatory climate. Will Gradwell's number-crunching satisfy the powers that be? Only time will tell. But one thing's for sure: Tether's not sitting on its hands. For now, it's all eyes on Gradwell. Can he demystify USDT for the skeptics? That's the million-dollar question. Or should we say, the 112-billion-dollar question?

Tether CEO Paolo Ardoino suggests localized AI models as a solution to prevent hacks in blockchain. Ardoino argues that locally executable AI models are capable of protecting privacy and independence. Modern devices have sufficient power for this approach, according to Ardoino. He stated, "Smartphones and laptops can fine tune general large language models (LLMs) with user's own data, preserving enhancements locally to the device." Ardoino described this as a "paradigm shift" in user privacy and independence. "By running directly on the user's device, be it a smartphone or laptop, these models eliminate the need for third-party servers. This not only ensures that data stays local, enhancing security and privacy, but also allows for offline use," Ardoino said. Tether's boss also emphasized that users could maintain control over their information. According to him, Tether, issuer of the leading stablecoin USDT, is exploring the integration of locally executable models into its AI solutions. The proposal follows a hack at OpenAI. Reports indicate a hacker accessed OpenAI's internal messaging systems in early 2023 and compromised details of the company's AI design. That was before ChatGPT was launched to a massive success. And that was not the only security scandal around security issues with the most successful AI company. Recently, ChatGPT conversations of macOS users were found to be stored in unencrypted plain-text files. That was a huge deal, as many users share very sensitive information on those chats, including their own private financial data and work info. Apple recently announced plans to integrate ChatGPT with its "Apple Intelligence" AI-powered products. The encryption issue has reportedly been resolved. However, questions remain about why it occurred.

Tether's USDT on Tron has surpassed Visa's average daily trading volume. In a single day, USDT on Tron reached $53 billion in transactions. And that is remarkable. Visa, a traditional financial giant, averages $42 billion per day. USDT on Tron, however, hit $53 billion in just 24 hours. Visa is used all over the world as a traditional way of exchanging funds, while USDT is just a part of a fast evolving, yet very young and still maturing crypto market. Tron's achievement represents a significant shift in the financial landscape. It proves that digital currencies can compete with established financial systems. The victory over Visa, a payment industry leader, illustrates the rapid growth of digital currencies. The rise in transaction volumes on Tron is significant for the digital currency sector. Users are increasingly adopting TRC-20 wallets for various transactions. This trend suggests digital currencies are becoming integral to everyday financial activities, and the rate of this acceptance is becoming phenomenally fast. Even people who are not generally interested in crypto, are now more often using USDT for their financial needs. The extensive use of Tether (USDT) on Tron's network is driving on-chain activity. It demonstrates the efficiency of digital currencies for global transactions. This growth points to a future where digital money could outperform traditional payment systems in speed and cost-effectiveness. So, no matter how skeptical you might be, it is safe to say that digital currencies are no longer niche. They are emerging as serious competitors to established financial institutions. The latter are in a present and clear danger of becoming obsolete. TRON's dominance in the USDT market is truly remarkable. By Q1 2024, TRON held $59.3 billion, or 53.7%, of USDT's market cap. This surpasses Ethereum's share and underscores TRON's key role in the digital currency ecosystem.

Opera's mobile browser, Opera Mini, is upgrading its cryptocurrency wallet MiniPay to include two of the world's most popular stablecoins - Tether's USDT and Circle's USDC. Users can switch between USD Coin and cUSD with minimal fees. The process uses a simple drag-and-drop motion. Jørgen Arnesen, Opera's executive vice president of Mobile, explained the feature. "It abstracts assets swapping in Web3," he said. "Users can effortlessly swap between all 3 stablecoins." Just to remind you, MiniPay was launched in September 2023 inside Opera Mini browser and run on the Celo blockchain. It uses Mento's cUSD, pegged to the US dollar. A kind of an own stablecoin, to be precise. The wallet initially targeted African markets. Opera said from the beginning that the browser wallet aimed to facilitate stablecoin transfers using mobile numbers. Arnesen discussed the rationale behind this focus. "We recognized the significant potential of blockchain-enabled peer-to-peer solutions within the continent," he stated. He noted common concerns among consumers. These included high fees, unreliable services, and lack of transparency in local payment options. All of that is supposed to be overcome by Opera's wallet built in the popular browser. MiniPay has also launched a Discover Page for decentralized applications (DApps). It organizes native DApps, providing direct access to various tools. Since its launch, MiniPay has seen rapid growth. It has over three million wallet activations across several African countries. Arnesen highlighted Africa's potential for digital asset adoption. He cited its young population and widespread smartphone use. Opera Mini is the most downloaded mobile browser in Africa. It boasts nearly 100 million users.