Market Cap: $3.1412T -1.040%
Volume(24h): $133.0436B 5.810%
  • Market Cap: $3.1412T -1.040%
  • Volume(24h): $133.0436B 5.810%
  • Fear & Greed Index:
  • Market Cap: $3.1412T -1.040%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top News
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
bitcoin
bitcoin

$96943.241695 USD

-1.42%

ethereum
ethereum

$2702.533538 USD

-5.15%

tether
tether

$1.000487 USD

-0.03%

xrp
xrp

$2.300395 USD

-6.58%

solana
solana

$191.294595 USD

-5.99%

bnb
bnb

$577.861498 USD

-0.56%

usd-coin
usd-coin

$1.000133 USD

-0.04%

dogecoin
dogecoin

$0.248815 USD

-6.19%

cardano
cardano

$0.712010 USD

-6.83%

tron
tron

$0.228081 USD

0.31%

chainlink
chainlink

$18.671049 USD

-6.01%

avalanche
avalanche

$24.724489 USD

-7.66%

stellar
stellar

$0.320321 USD

-5.74%

sui
sui

$3.132404 USD

-10.01%

toncoin
toncoin

$3.736600 USD

-3.97%

Cryptocurrency News Articles

USDT Holds Its Ground as Stablecoin Competition Grows

Feb 08, 2025 at 09:00 am

Tether, the issuer of the world's largest USDT stablecoin, with about $140 billion in market cap, has had its fair share of regulatory scrutiny.

USDT Holds Its Ground as Stablecoin Competition Grows

Tether (USDT) still holds its ground as the largest stablecoin in the world with a market cap of about $140 billion. However, the stablecoin market is becoming increasingly competitive, especially with the rise of USDC.

In 2021, the Commodity Futures Trading Commission (CFTC) fined the USDT issuer $41 million for misrepresenting the backing of its stablecoins.

Additionally, Coinbase has begun delisting USDT stablecoins from European markets following the implementation of the Markets in Crypto-Assets (MiCA) regulations on December 30.

Despite these challenges, Tether remains optimistic about its position in the stablecoin market. During the PlanB forum in El Salvador, Tether’s CEO, Paolo Ardoino, expressed confidence in his company’s ability to withstand the competition.

Highlighting the company’s decade-long effort in building an extensive global distribution network, Ardoino stated, “Many people do not realize that Tether has built one of the most extensive digital and physical distribution networks in human history over the past 10 years.”

According to the CEO, this network, which includes partnerships with digital platforms, kiosks, and banks, sets Tether apart from its rivals.

Emphasizing the role of financial inclusion in the stablecoin’s success, Ardoino noted that Tether is working with its partners to create a platform that serves over 400 million customers in emerging markets.

In other news, Tether is reportedly planning to launch a stablecoin pegged to the United Arab Emirates dirham, which will be used to purchase real estate at 30,000 property agents. According to Ardoino, this move will contribute to blockchain innovation in the UAE.

Moreover, Tether is involved in renewable energy initiatives, including a Bitcoin mining operation in Uruguay, and the company is also preparing for an independent audit of its reserves.

While Tether faces competition from USDC, which is audited by Deloitte and boasts a growing market cap, the stablecoin issuer remains unfazed. Ardoino expressed willingness to be audited but noted that no US company wants to audit his company.

Meanwhile, Circle, the issuer of USDC, is preparing to relocate its headquarters to New York City ahead of its planned initial public offering (IPO). This move could further strengthen Circle’s regulatory standing and integrate it into traditional finance.

As the stablecoin market continues to evolve, it will be interesting to see how Tether and its competitors navigate the regulatory landscape, technological advancements, and shifting market dynamics.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Feb 08, 2025