Tether Agrees to Provide Documents Proving USDT Asset Backing

Tether – the issuer of the world’s largest stablecoin, USDT – is once again being pressured to demonstrate the quality of its reserves.  On Tuesday, the company was ordered by a U.S. court in New York to provide detailed financial documents for evaluating claims around the asset’s backing.  An ‘Extraordinary’ Request The order is part of an ongoing 2019 lawsuit claiming that Bitfinex and Tether conspired to inflate Bitcoin’s price by pumping the market with unbacked Tether tokens. At the…

Tether Claps Back at “Disinformation” From Wall Street Journal

Tether – the issuer of the world’s largest stablecoin, USDT – has released a statement responding to the Wall Street Journal (WSJ)’s latest claims about the status of its reserves. It labeled the outlet’s assertions as “a series of unsubstantiated conclusions” seeking to discredit Tether’s attempts to remain transparent with the public. Claims from WSJ In an article published on Saturday, WSJ reviewed parts of Tether’s history and accounting process that make its reserve dependability seems less than ideal. One…

Tether Will Not Freeze Tornado Cash Addresses Unless Mandated: Report

Major stablecoin network Tether may not be on board with the US Treasury Department’s ban on crypto mixer Tornado Cash.  In an official release on Wednesday, the team revealed that they would not blacklist any of the OFAC’s sanctioned smart contract addresses. Tether in Close Touch with Law Enforcement Agencies Earlier this month, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the privacy protocol Tornado Cash. The treasury highlighted its role in laundering the proceeds of cybercrime as the…

Circle, Tether Announce Sole Support for Ethereum POS Chain

Circle and Tether – issuers of the two largest stablecoin, USDC and USDT – have confirmed that they will only support redemptions on Ethereum’s proof of stake chain, post-merge. By contrast, any possible Ethereum forks that emerge in the aftermath will be left behind by both firms.  Rejecting the Miner Revolt Per Circle’s announcement on Tuesday, the company can only viably support a single version of the Ethereum state. “Our sole plan is to fully support the upgraded Ethereum PoS…

Tether Retaliates Against FUD Concerning Stability of Stablecoin Reserves

Tether – the entity backing the world’s largest stablecoin – is once again firing back against those spreading doubt about its reserves. The company claimed that it holds no Chinese commercial paper, and will soon eliminate its commercial paper exposure altogether. Misinformation: Crypto’s Biggest Threat In an announcement on Wednesday, Tether stated that the crypto industry’s biggest current threat is the spreading of false information. The firm put it in the same league as hacks, scams, and cyberattacks, threatening the…

Bitcoin, Ether, And USDT Are Most Active in Ukraine As Cash Transactions Are Almost Dead

Ukraine is switching from fiat to crypto transactions as the Russian invasion gradually strangles the country's financial stability. While cash use declines and fiat availability drops, Ukrainians turn to BTC, Ether, and USDT to transfer assets. Furthermore, crypto donations are landing in their wallets from worldwide users as a sign of solidarity. The question is, how much will crypto influence Ukraine's resistance? Restrictions on Cash Use in Ukraine Soon after Russia invaded Ukraine, the latter’s president, Volodymyr Zelenskyy, instated the…

Strike Expands Crypto Wallet to Argentina, But It Only Holds Tether

After inspiring El Salvador’s government to adopt a Bitcoin standard, Strike is expanding its operations to another central American country. Yesterday, CEO Jack Mallers announced Strike’s launch in Argentina and were set to act as a cost-effective remittance service using Bitcoin. However, it would seem that in-wallet assets are stored in neither dollars nor BTC, using Tether instead. Strike’s Significance In Argentina Mallers revealed his company’s expansion in a tweet on Tuesday, alongside a thread explaining its significance. “Today, we…

Myanmar Pro-Democracy Opposition Adopts Tether As Official Currency

As crypto markets are tanking, traders get some welcomed good news - from an unlikely source. Myanmar's shadow government made Tether its official currency. The National Unity Government, which holds no real political power, stated that it accepts stablecoin Tether. Formed after former leader Aung San Suu Kyi's ousting in February, the group stands in opposition to the military junta. Former government officials that the Junta deposed and pro-democracy groups make up NUG. The shadow government holds no territory. However, they…

Bitcoin Tanks As Tether Faces Another Lawsuit

Major cryptos are in the red as major stablecoin Tether faces another lawsuit. The Crypto Fear and Greed Index, a measure of crypto sentiment, says it all. After the same opinion dominated last week, market sentiment is at "Extreme Fear" again. Over the last 24 hours, Bitcoin fell below $46,000. It since settled at $47,000. Ethereum, the second-largest crypto, fell to $3,806. Furthermore, smaller coins such as BNB, Solana, Cardano and XRP are all red. Except Doge, which rose after…

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