Tether (USDT) Stablecoin Circulating Supply Nears 100B

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In the blockchain ecosystem, stablecoins have emerged as a cornerstone for traders and investors seeking stability amid the volatility of digital assets. Tether (USDT), the most widely used stablecoin, has been making headlines as its circulating supply inches closer to a significant milestone of 100 billion tokens.

Tether Dominating the Stablecoin Market

Tether, originally launched in 2014, operates on blockchain networks like Ethereum (ETH) and Tron, providing users with a digital token pegged to the value of fiat currencies like the US dollar. This pegging mechanism has contributed to widespread adoption across various crypto exchanges and platforms.

Notably, the surge in Tether’s supply reflects the growing demand for stablecoins in the crypto market. As investors seek to mitigate risks associated with price fluctuations, stablecoins offer a haven for storing value and facilitating seamless transactions. Moreover, Tether’s transparency in maintaining a 1:1 reserve ratio to back each USDT token with an equivalent amount of fiat currency has increased user confidence.

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Meanwhile, the 99.5 billion mark underscores Tether’s dominance in the stablecoin market. Despite facing criticism and regulatory scrutiny over transparency concerns in the past, Tether has continued to solidify its position as a key player in the crypto ecosystem.

Tether Expands to Other Industries

The stablecoin issuer recently confirmed making a major investment in CityPay.io, a business that processes payments at more than 600 sites across Georgia. The firm also highlighted a new Bitcoin (BTC) mining software that its team of developers is getting ready to release.

As reported earlier by TheCoinRise, the firm also partnered with regulatory agencies in the United States to combat crimes in the digital asset space. 

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Tether Freezes Terrorist Wallets 

Recall that in December 2023, Tether announced that it had frozen about 41 accounts linked to a special sanction list. Notably, quite a number of these crypto accounts have been using Tornado Cash, the crypto mixer that was previously sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) over the laundering of about $7 billion. 

The frozen accounts are yet to initiate any illegal activity although one of them is allegedly linked to the Axie Infinity Ronin bridge exploit. In a blog post, Tether regards its move as a proactive effort and a precautionary measure against such events.

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