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Tether’s USDT stablecoin launching on Tezos

Tether announced today that it is launching its USDT stablecoin on the Tezos blockchain, just days after it expanded to Polygon. Tether has been enlarging its network reach amid heavy redemptions of USDT in recent weeks. Over the past month, USDT’s supply has declined by 6 billion, according to The Block’s Data Dashboard.  Tezos is the 12th blockchain on which USDT will be available, after Ethereum, Solana, Avalanche, Polygon, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash’s Standard …

Tether’s USDT stablecoin launches on Polygon

Tether has launched its USDT stablecoin on Polygon (formerly Matic Network), expanding its reach in the crypto market. Polygon is the 11th blockchain USDT will be available on, after Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama and Bitcoin Cash’s Standard Ledger Protocol. Tether says USDT’s launch on Polygon will help the blockchain network’s ecosystem. There are currently more than 19,000 decentralized applications running on Polygon. Their users can now utilize USDT to move money in and out …

Tether’s market price slips below dollar parity amid ongoing stablecoin woes

Tether (USDT), the largest stablecoin, slipped below $0.96 early Thursday in a further sign of stress in the crypto market.  The token dropped to a 24-hour low of $0.956 on FTX as of 3:15 a.m. ET. On Bitfinex, USDT is trading at $0.998. Bitfinex and the stablecoin Tether are subsidiaries of the same parent company.  Over the past few days, TerraUSD (UST) — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar …

Why Bitfinex and Tether want to get into bitcoin mining

A senior lawmaker in Russia’s State Duma has expressed openness to selling the country’s energy in Bitcoin, following major moves away from the dollar and euro. Pavel Zavalny, who heads the State Duma’s Committee on Energy, held a press conference with the Russian government news outlet Russia Today on March 24. In it, he tried to […]

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 …

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. …

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 …