#stablecoin

Several major financial companies have come together to create the Global Dollar Network, an open stablecoin network aimed at accelerating the global adoption of stable digital assets.

Tether, the issuer of stablecoin USDT, reported $2.5 billion in net profit for Q3 2024. Independent auditing firm BDO confirmed that Tether’s total profit for the first nine months of 2024 reached $7.7 billion, with all declared reserves fully verified.

On October 25, the Wall Street Journal reported that U.S. authorities have launched an investigation into Tether, the leading issuer of stablecoin USDT. In response, Tether’s CEO Paolo Ardoino issued several remarks.

Paolo Ardoino, CEO of Tether, voiced apprehensions about Europe’s MiCA regulation (Markets in Crypto Assets), which he believes could pose substantial risks to stablecoin issuers.

In addition to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and the stablecoin Tether (USDT), MoonPay users can now add XRP to their portfolios. This expansion aligns with the growing demand for this cryptocurrency and broadens the platform’s capabilities.

Paxos, a fintech company focused on building blockchain and digital asset infrastructure, has launched a new platform designed for stablecoin transactions.

The Ethena Labs community has proposed using Solana (SOL) as collateral for the synthetic stablecoin USDe, which is backed by hedged trades and reserves. This initiative is now under review by the independent Ethena Risk Management Committee, which has seven days to evaluate the proposal.

Tether, the issuer of the world’s largest stablecoin, USDT, is celebrating a decade of operations. In honor of this milestone, the company has announced a documentary titled "Stability and Freedom in Chaos," which focuses on USDT's role in combating national currency inflation, using case studies from countries like Turkey, Brazil, and Argentina.

Tether’s USDT stablecoin established itself as a major force in the global financial system. Its uses are now expanding well beyond the crypto world, notes Paolo Ardoino, CEO of Tether.

On October 31, Paxos, a prominent blockchain and tokenization infrastructure provider, launched its new stablecoin, the Global Dollar (USDG), pegged to the U.S. dollar. USDG has been developed under the strict guidelines of the Monetary Authority of Singapore (MAS).

Circle, the issuer behind the USDC stablecoin, has entered into a memorandum of understanding with Hong Kong’s largest telecommunications provider, HKT, to jointly create a blockchain-based solution for loyalty program management.

World Liberty Financial, the project championed by Donald Trump’s sons and fueled by a recent $14 million private investment, is moving closer to releasing its USD-pegged stablecoin. According to Decrypt, the team is now focused on solidifying the technical backbone for the new coin.

Stripe, a payments services company, acquired the stablecoin platform Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington’s post on X.

Tether, the issuer behind the USDT stablecoin, has published a new report showcasing user statistics. The release comes shortly after the company debuted its documentary, “Stability and Freedom in Chaos: The Story of USD₮.”

Ripple, a leading digital asset infrastructure provider, has announced its partners for the launch of the RLUSD stablecoin. Bitstamp, Uphold, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish will be collaborating on this initiative. Market makers B2C2 and Keyrock are also on board to support RLUSD’s liquidity.

Tether Holdings Ltd continues to roll out ambitious plans to broaden its influence. As a major player in the crypto market and the leading stablecoin issuer, the company is now shifting its focus towards traditional financial markets.

The native USDC stablecoin is now live on the Sui Network. This means developers and users can make transactions with it without any bridging.

Coinbase, the world’s second-largest cryptocurrency exchange by trading volume, announced it will delist all stablecoins that do not meet the MiCA regulations set by European authorities. Among those at risk is USDT, the leading stablecoin issued by Tether Holdings Ltd.

At the end of September, Ripple got a major update related to its Ripple USD (RLUSD) stablecoin. The blockchain payments company minted 800,000 RLUSD, or 99% of the total supply in 24 hours, according to an X post by XRP Ledger validator Vet.