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USDT
Bitcoin Price May Slide Lower on $1B Withdrawal of USDT: IntoTheBlock
IntoTheBlock noted that more than $1 billion of Tether's USDT stablecoin was withdrawn from crypto exchanges on Tuesday, the most in a day since May. According to the analytics firm, previous cases where withdrawals exceeded $1 billion soon led to a downtrend in bitcoin. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."
Bitcoin Price May Turn Lower as Crypto Exchanges See $1B USDT Withdrawal: IntoTheBlock
The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin's price.
USDT and USDC Combined Supply Grew $3B Amid Crypto Market Rebound
The supply of the two top stablecoins, USDT and USDC grew nearly $3 billion in a week, a sign that investors rushed to buy crypto at lower prices after the market tumble last Monday. According to data from Lookonchain, 1.3 billion USDT was transferred to exchanges in the days after the market crash on August 5th. USDC’s market cap also grew some 1.6 billion this week, the highest since March last year. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."
Tether's USDT and Circle's USDC Combined Supply Grew $3B Amid Crypto Market Rebound
Stablecoins serve a key role in the crypto space and their expanding supply is usually a sign of health of the broader market.
Tether Nets $5B Profits This Year, Says Its U.S. Debt Holdings Surpassed Germany's
The company said its $97 billion exposure to U.S. Treasuries would put it 18th in the ranking among countries.
Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report
The stablecoin market supply currently stands at about $150 billion.
Why USDT Dominates Supply With Lower Transaction Volume
Visa launched a stablecoin dashboard that shows the outstanding supply of fiat-backed tokens at an all-time high, with Tether’s USDT dominating. While USDT dominates supply, when it comes to transaction volume, USDC takes the number one spot. Find out why "Crypto Is Macro Now" newsletter author, Noelle Acheson says this could be. CoinDesk's Jennifer Sanasie presents "The Chart of the Day."
DOJ Wants CZ to Serve 3 Years in Prison; Tether to Freeze Wallets Evading Venezuelan Sanctions
"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as the U.S. Department of Justice said that Binance founder Changpeng "CZ" Zhao should spend three years in prison for his guilty plea. Plus, Nigeria’s Central Bank has directed financial institutions to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX, and Binance. And, Tether has said it will freeze wallets that are using USDT to evade sanctions on oil exports in Venezuela.
Tether Will Freeze Wallets Evading Venezuelan Sanctions
Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.
Venezuela Looks to Tether to Bypass Sanctions: Reuters
Venezuela's state-run oil company started experimenting with Tether in 2023
