Showing 6 Result(s)

Tether has helped recover $87 million in USDT to date

Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong addresses since its launch in 2014, its CTO Paolo Ardoino told The Block. Just earlier this week, for instance, Tether recovered nearly $1.5 million in USDT on behalf of users, according to Ardoino. As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new …

Bitfinex withdraws from Ontario amid major push against centralized exchanges

On January 14, Bitfinex announced that it will close user accounts in Ontario at the beginning of March. In its announcement, the exchange wrote: “Starting on March 1, 2022, Ontario customers will no longer have access to any Services. Any Ontario customers who have open positions in our peer-to-peer financing markets are advised to immediately start exiting those positions in preparation for March 1, 2022.” Canadian securities regulators have been increasing oversight of custodial cryptocurrency exchanges, requiring them to register …

USDC’s supply on Ethereum surpasses that of USDT’s for the first time

The total supply of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether’s (USDT) for the first time. The current total supply of USDC on Ethereum stands at 39.92 billion, whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan. USDC’s supply beating USDT’s on Ethereum is significant since the blockchain remains a major contributor of growth for both stablecoins. USDC and USDT are available on several blockchains, including Solana and Algorand. …

CoinDesk formally joins Tether Freedom of Information case in New York, Tether responds

CoinDesk has formally joined the legal proceedings between Tether and the New York Attorney General in a case centering on the release of company documents to the news outlet. The conflict dates back to June of last year, when CoinDesk filed a Freedom of Information Law request, or FOIL, in New York requesting documents detailing Tether’s reserve breakdown, which the stablecoin issuer and its parent company iFinex provided to the NYAG as part of a settlement agreement in February. New …

Tether froze over $1 million worth of USDT last week

Stablecoin issuer Tether froze over $1 million worth of USDT last week, according to on-chain data. The amount is significant, given it belongs to a single blockchain address. Tether called the “AddedBlacklist” function on December 30 to block this address within this transaction. This address now won’t be able to move the frozen funds. When Tether blacklists an address, it freezes the USDT balance of it, as The Block has reported previously. It is unclear who owns this address, which …

Stablecoin supply grew by 388% this year, driven by DeFi and derivatives

The market for stablecoins experienced breakneck growth in 2021, with the supply for dollar-backed cryptocurrencies surging by 388%, according to data compiled by The Block Research.  As indicated by The Block Research’s 2022 Digital Asset Outlook report, the aggregate supply of stablecoins has increased from $29 billion at the start of 2021 to more than $140 billion. That growth benefited a swathe of stablecoins, including tether (USDT) and USD coin (USDC), which is managed by a consortium that includes Circle …