Latest Tether News and Insights | Yellow.com

Tether's USDT stablecoin on the TRON network has overtaken Visa's daily transaction volume. We've been waiting for this for quite a while. This marks a significant milestone in the cryptocurrency sector. Market intelligence firm Lookonchain reported the development on social media platform X. The 24-hour trading volume of USDT on TRON reached $53 billion earlier this week. That's 10% more than the previous day. Meanwhile Visa's average daily trading volume stood at $42 billion. In general, Visa processed $3.78 trillion in transactions during Q1 2024. Tether recently launched a new gold-backed stablecoin called aUSDT. The digital asset is backed by Tether Gold (XAUT), which is linked to physical gold reserves in Switzerland. Paolo Ardoino, Tether's CEO, commented on the launch: "While the stabilization mechanism is different compared to traditional options like USDT, this innovative solution marks an exciting milestone." Ardoino also revealed plans to incorporate this technology into Tether's upcoming digital asset tokenization platform. So it becomes clear that Tether's is going to try to keep its leadership in the stablecoin space. Not to mention that the surge in USDT's volume on TRON highlights the growing importance of stablecoins in the digital economy. A few years ago we would only laugh at people who could assume that stablecoins will overcome such a financial monster as Visa in volumes.

Binance has integrated Tether's USDT token on The Open Network (TON). Users can now deposit and withdraw USDT on TON via Binance. This integration enhances liquidity on the TON blockchain. It also reduces transaction fees. Given how popular Telegram is - with over 1 billion users - it may be a significant addition to the existing world of USDT. As of now Tether's USDT is the leading stablecoin in the world. The move is expected to improve transaction speeds. It offers a cost-effective method for handling USDT transactions. Users are advised to verify their token deposit addresses and smart contract address on TON. Binance's integration precedes regulatory changes in the European Economic Area (EEA). The Markets in Crypto-Assets Regulation (MiCA) will restrict unauthorized stablecoins like USDT. Cryptocurrency exchange Uphold is delisting USDT and five other stablecoins by July 1. The other stablecoins affected are Dai, FRAX, GUSD, USDP, and TUSD. Telegram founder Pavel Durov recently announced plans to use TON blockchain. He aims to tokenize stickers and emojis on the platform. Durov is clearly up for turning Telegram from just a Messenger into a full-scale blockchain solution. Durov outlined plans to build Telegram functionalities on TON blockchain. These include integrating USDT and ad revenue-sharing options. The integration of USDT on TON via Binance marks a significant development. However, upcoming regulatory changes may impact its usage in some regions. Like in Europe where USDT is under fire now.

Bitcoin, Ethereum, and Tether are becoming real hits in the narcotics business. Mexican drug lords prefer popular crypto tokens to fiat money to make payments in fentanyl trade, U.S. Treasury warns. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an alert concerning the growing use of cryptocurrencies by Mexican cartels. Infamous drug traffickers are buying fentanyl ingredients with popular digital assets. The cartels are sourcing materials from Chinese suppliers. They are actively using Bitcoin, Ethereum, Monero, and Tether for those purchases. Which shouldn't come as a surprise, as these tokens are the most popular in the crypto world. Payments often land in hosted wallets at crypto firms. Some transactions involve secondary money transmitters. This trend isn't new to U.S. authorities. Recent sanctions and criminal cases have highlighted the issue. In October, the Justice Department charged eight China-linked companies. These firms faced allegations of illegal drug activities. The charges included production, distribution, and sales of precursor chemicals. Fentanyl overdoses are now the leading cause of death for Americans aged 18-45. The drug's potency is alarming. It's 100 times stronger than morphine. China is a major source of fentanyl precursors. Later these chemicals travel through multiple countries. Their final destination in most cases is the United States.

A California nonprofit has begun a major advertising push to highlight concerns about Tether. Consumers' Protection is spending millions on TV ads, billboards, and digital outreach. The campaign centers on a 30-second TV spot. It asks: "Is Tether the next FTX?" The ad labels Tether the "go-to cryptocurrency for the world's worst." The nonprofit cites Tether's lack of a full audit as a key issue. This mirrors criticisms of FTX before its collapse. Billboards will appear in high-profile locations. These include Times Square in New York and mobile displays in Washington, DC. A new website accompanies the campaign. It features stark visuals and links to critical media coverage of Tether. The effort underscores stablecoins' growing prominence. Will Hild, executive director of Consumers' Protection, stated: "Consumers should be weary [sic] of any so-called stablecoin that refuses to properly certify that they actually hold the assets they claim." Research suggests limited consumer use of stablecoins currently. Bloomberg reported in May that less than 10% of stablecoin transactions involve "real people." Tether is pushing into the consumer market. It launched a Telegram-based mobile app in May. PayPal's new PYUSD stablecoin also targets consumers. Regulatory challenges loom for Tether, some crypto exchanges are delisting USDT ahead of new EU rules. Consumers' Protection, founded in 1929, is a US nonprofit. It receives backing from religious and conservative groups. The organization runs other campaigns on issues like ESG investing and corporate "wokeness."

Tether unveiled a new stablecoin which is pegged to U.S. Dollar. But has a peculiar difference from the existing - and extremely popular - USDT. The new token is called Alloy (aUSDT) and it is backed by overcollateralized gold reserves rather than government debt. Tether released a very pompous statement on the subject. “aUSDT unifies the most popular currency in the world with the store of value used by humanity for the last 5,000 years,” the company wrote on X. Tether claims that gold-backed currencies were "historically strong". They always helped to reduce inflation and sustain steady economic growth. As for Alloy (aUSDT), Tether claims it is going to be a super reliable token. Firstly, because it is overcollateralized, which means it is backed by value that exceeds the number of tokens in circulation. it creates a kind of a buffer zone for price bumps. For instance, if gold suddenly starts falling down in price, the stablecoin might lose its dollar peg. But, hopefully, that is not possible if all the investors know that aUSDT is overcollateralized, and Tether always has enough resources to back it. What's more interesting, aUSDT is not backed by gold. Tether decided to use another of its assets, Tether Gold (XAUT), as a backup. XAUT is a popular token pegged to and backed by one troy ounce of gold. So it's the excessive holdings of XAUT that are backing aUSDT, not real gold. XAUT has a good standing on the market. Its market cap is over $574 million now, which makes it the largest gold-pegged stablecoin at the moment. Paxos's PAXG is following closely with $428 million.