Tether's Quiet March Surge Dwarfs ETF Influx

Tether, the issuer of the world's largest stablecoin, has made a significant move in March, adding $5.25 billion in value, surpassing the combined inflows of all ETFs this month. Despite its controversial nature, Tether's utility in facilitating liquidity cannot be ignored. The company has recently announced the launch of USDT on Celo, expanding its presence to 16 networks. Additionally, Tether is actively collaborating with the U.S. government to seize $1.4 million linked to an alleged fraud scheme, demonstrating its commitment to security and integrity.

Why Is Tether Making Waves in March?

Tether has quietly made a splash in March, with a massive $5.25 billion influx dwarfing the combined ETFs that have raked in less than $4 billion this month. This surge has gone largely unnoticed, but Tether's role in facilitating liquidity cannot be ignored.

Tether's Stealthy Surge

Despite its controversial reputation, Tether's addition of $5.25 billion in March so far has flown under the radar. For context, all ETFs combined have added less than $4 billion this month.

Expanding Its Reach

Tether has recently announced the launch of USDT on Celo, a mobile-focused blockchain designed for fast, low-cost payments. This move solidifies USDT's position in the stablecoin market, with it now live on 16 networks, including Ethereum, Solana, and Tron.

USDT as Gas Currency

Celo's core contributors have proposed using USDT as a gas currency to streamline transactions and foster efficiency within decentralized applications (dApps). This could have implications for payments, lending, and other areas.

Collaboration with U.S. Government

Tether is also working closely with the U.S. government to seize $1.4 million linked to an alleged fraud scheme. This marks one of the first instances of recovering USDT from an unhosted wallet. Tether has joined forces with the U.S. Attorney's Office in Chicago to assist in recovering these funds, which were stolen from elderly victims across the nation.

Tether Thwarts Tech Support Scam

The sophisticated scheme involved fraudsters convincing victims that their bank accounts were in danger due to hacking. Posing as tech support, they coerced victims to transfer their savings into USDT and forward the funds to a third-party USDT address.

Swift Action

Tether's proactive engagement with authorities and assistance in the restitution process underscores its commitment to upholding integrity and security. CEO Paolo Ardoino emphasized the firm's dedication to the highest standards in this regard.