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Tether Provides Clarification On $2 Billion USDT Mint

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Tether’s CEO, Paolo Ardoino, recently commented on the latest on-chain data provided by Whale Alert. According to the data, the Tether Treasury added a total of 2 billion USDT newly minted on Ethereum in a single transaction.

However, Ardoino clarified that the notification was delayed and referenced recent post on X. The post explained that the company had coordinated with a prominent third-party exchange to perform a chain swap, which involved converting part of their USDT cold wallets from various blockchains to USDT on Ethereum.

Tether CEO Explains Recent USDT Minting on Ethereum

Tether CEO, Paolo Ardoino, recently addressed the latest on-chain data released by Whale Alert, which reported that the Tether Treasury had minted and added 2 billion USDT on the Ethereum blockchain in a single transaction. He explained that the notification was delayed and pointed out that the transaction was part of a larger strategy.

Ardoino also referenced a recent post on X, which outlined the company’s coordination with a prominent third-party exchange to perform a chain swap. This swap involved transferring part of the company’s cold wallets from various blockchains to Ethereum.

The company will, therefore, retire USDT from several low-activity blockchains, consolidating those tokens on Ethereum via several significant wallet transfers. This move would be part of the consolidation effort to swap the external tokens back to the Ethereum network for better asset management with increased liquidity.

To avoid market confusion, Ardoino gave notice that such token movements would occur and underlined the procedural nature of the change as part of regular issuance operations. This primary issuer consolidation strategy is mostly about reacting to shifting user demand and focusing resources where the token activity was at its greatest. Recently, the company said it recorded a group net profit of $2.5 billion in the third quarter of this year. The stablecoin issuer has also recorded a profit of $7.7 billion over the first nine months of this year.

Swapping USDT Across Different Blockchains

Tether announced it will soon initiate a large chain swap with a leading exchange to migrate part of its reserves from several blockchains to Ethereum. This involves converting tokens held in cold wallets on TRC20, AVAX, NEAR, CELO, and EOS into Ethereum-based USDT.

A chain swap is a process where cryptocurrencies are transferred from one blockchain to another. The process enables traders to extend the use of their digital assets to various blockchains that support the cryptocurrency owned.

For instance, the token is available on several blockchains: Ethereum, Tron, Solana, and Liquid, among others. Using a chain swap, clients can access any of these networks using their USD₮. A trader can “swap” the blockchain on which their USD₮ is operating. For instance, it can move it from a blockchain such as Tron onto another such as Ethereum. It enables the end-user to utilize different blockchain ecosystems. It does that by further extending the liquidity and usability of their digital assets.

The total supply of USDT issued by Tether will not increase. Still, its balance  across different networks will be rebalanced because of increasing market demand for Ethereum-based token.

Specific figures, according to the post, entail the swap of 1 billion USDT from TRC20. There is also a swap of 600 million from the Avalanche-Chain, 300 million from NEAR, 75 million from CELO, and 60 million from EOS.

This is part of a broader strategy by the company to optimize its liquidity across different blockchain ecosystems. Strategy? To make USD readily available to users where demand for it is most robust. It routinely performs such chain swaps to enhance its users’ usability and flexibility. It does that while maintaining a stable total supply across all networks.

The Dominance Continues Despite Supply Reduction

The token supply decreased from 120.7 billion to 120.4 billion and remained the largest liquidity supply source on market. When regular trading occurs, roughly 85% of the total available USD supply is utilized. The rest will be inoperable.

The recent Bitcoin (BTC) rally to new all-time highs made mass usage of USDT shoot well over $160 billion in trading volume in one day. That’s fully 132% of its circulating supply.

That was a significantly more significant spike in turnover compared with USDC, which recorded just 47% of its market cap in volume-though it did grow on chains like Base. However, USDC has not entirely usurped the top position that USDT enjoys in every use case.

Stablecoin expansion in 2024, combined with the bull market for BTC, seems to have made it possible for issuers to keep pulling in heavy earnings, such as Tether. It remains overcollateralized with fiat and fiat-like assets, though there were concerns about its reserves, further cementing its leading role in the crypto ecosystem.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump

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Galaxy CEO Mike Novogratz believes that Commissioner Hester Peirce, who has been vocal in her criticism of SEC Chairman Gary Gensler’s approach of regulating the crypto industry through lawsuits rather than rulemaking, would be an excellent choice for the next US SEC Chair.

Novogratz’s endorsement of Peirce comes as she has been a staunch advocate for a more thoughtful, clear regulatory framework for the crypto space. Peirce’s position as the most outspoken Republican on the SEC under Gensler’s leadership further solidifies her potential candidacy for the top position at the agency.

Hester Peirce May Become Future US SEC Chair, Says Novogratz

While the crypto industry awaits the forthcoming shift in regulation, many are setting their gaze upon Hester Peirce – a prominent commissioner of the SEC – who is in a great position to have a lot to say about the future of cryptocurrency in this country. She would be an excellent choice for the US SEC Chair, at least when it comes to Galaxy CEO Mike Novogratz who openly supported Peirce, during his CNBC call.

The crypto community has often called her “Crypto Mom” due to her friendly stance toward crypto. Her influence has greatly influenced considering more friendly regulations toward digital assets. With Gary Gensler’s term ending in a few months as US SEC Chair, Peirce’s name comes out tall. One can see the elevation as turning the tide in a different direction concerning crypto regulation by the SEC.

She has also long supported bringing clarity and regulatory certainty to crypto. Her more open and balanced perspective is a far cry from that of Gensler. He was decidedly tough on the operators in the industry with his aggressive enforcement activities. His push for more strict regulation also resulted in significant friction with the crypto community.

With rumors that Gensler will soon resign, Peirce’s possible appointment is a cause for optimism in the cryptospace. Industry players like Novogratz believe that with Peirce, the SEC might finally turn toward a more enabling framework. As such, it could allow innovation rather than being throttled in growth.

Trump to Fire SEC Chairman Gensler if Re-Elected – But Not So Fast

At the conference Bitcoin Nashville in July, Donald Trump promised to fire Gensler if he won re-election in 2024. “On Day one, he will be gone,” Trump told attendees. But technically, he would have to cite legal reasons for removal, such as neglect or incompetence. The process could take longer than a year with legal reviews.

The crypto community widely regards Peirce as a “Crypto Mom” because she has criticized Gensler’s approach. In a September 16 dissenting opinion with Commissioner Mark Uyeda, she stated, “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”

Peirce has extensive experience in financial market regulation. She has done research at George Mason University and in advisory roles to the Senate Committee on Banking, Housing, and Urban Affairs. Peirce also worked as an attorney with the SEC and an associate at WilmerHale. Former President Obama appointed Peirce, and she has been an SEC commissioner since 2018.

While she has gained much support in the crypto industry, Peirce said to leave the commission when her term ends. Setting her up as the US SEC Chair because of this, therefore, would be very farfetched.

A New Era for Crypto Regulation?

The recent political jolts have given Mike Novogratz reason to speak loudly and clearly about the probable regulatory change in the pipeline. He believes that the crypto industry is in a better place with a Congress open toward blockchain and cryptocurrency.

He said more significant electoral victories have placed pro-crypto lawmakers in key positions that preach a wide trend of support for crypto-friendly policies. Novogratz underlined far more growth is yet to be seen. Of course, with the exemplary leadership of the most important regulatory agencies,

Novogratz said the whole dynamic changes if someone gets in charge of the SEC and is open-minded about crypto. He added that perhaps with Peirce as the US SEC Chair, the SEC could finally start fleshing out a regulatory regime friendlier to the crypto world.  He said a scenario would follow in which large institutions would come aboard with digital assets. That would bring severe liquidity into the market, fostering innovation in the sector.

The crypto industry has seen tough regulatory times lately, but Novogratz remains optimistic about its future. He says that in the next couple of years, there is a likelihood of massive changes. These changes could help crypto grow further with new appointments like those announced in the SEC, FDIC, and FCC. “It is going to be a step change,” he said, of the wholesale regulatory change that could unleash billions in market value.

Still, Novogratz believes the long-term prospects of crypto are very bright. The regulatory landscape has only started shifting, and the hope is that this new leadership at the SEC will take away the uncertainty and allow for a better climate in which crypto can grow for investors, businesses, and innovators alike to have much-needed clarity.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?

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Amid a remarkably bullish market on Tuesday, the SHIB meme cryptocurrency once again nabbed substantial investor attention by displaying a whopping surge in its burn rate. Recent stats indicate that the Shiba Inu burn rate witnessed a remarkable 3674% uptick, projecting bullish market sentiments on the coin’s future price movements. SHIB price currently trades at the $0.000019 level, with traders and investors eyeing a potential $2 price target in light of recent broader events and a burn rate surge.

Shiba Inu Burn Rate Shoots 3,700% Reverberating Investor Bullishness

As per the latest data from the official tracker Shibburn, the Shiba Inu burn rate witnessed a 3674% upsurge on November 6, underscoring a massive blow to the Ethereum-based meme coin’s supply. According to the data, 53.31 million coins were burnt in the past 24 hours, causing a phenomenal surge in the burn rate. Intriguingly, the wallet address 0x2e2.. was noted to be responsible for the lion’s share in today’s massive burn surge. Per the data, this address burned 28.84 million tokens over the past day.

For context, the token burn mechanism aids in killing the meme coin’s excessive supply, which market watchers believe to be the true reason behind SHIB’s sluggish performance. The phenomenal blow to the supply, as mentioned above, ignited a torrent of optimism among Shiba Inu market participants, adhering to the law of supply and demand.

Meanwhile, recent community developments have further taken the broader market by storm. The coin’s lead developer, Shytoshi Kusama, earlier revealed a S.H.I.B proposal for the U.S. government aiming to turn the country into a crypto valley. The outlined proposal, with a budget plan of $1.3 to $2.35 billion, aims to promote blockchain developments nationwide, with the dog-themed meme coin primarily in focus. Overall, the burn surge, coupled with this recent advancement, has garnered significant optimism on the coin’s future price movements.

SHIB Price Blows Up 6%

At the time of reporting, SHIB price surged nearly 7% intraday and is now trading at $0.00001908. The token’s 24-hour low and peak were $0.00001758 and $0.00001972, respectively. Notably, even the crypto’s intraday trading volume upsurged nearly 200% to $1.16 billion.

Further, Coinglass data underscored a market uptrend for the meme coin today. SHIB futures OI surged nearly 25% to $51.14 million. Moreover, the derivatives volume rocketed roughly 137% to $384 million. Overall, these stats, coupled with the Shiba Inu burn rate surge mentioned above, have paved a bullish path for the coin’s future price movements.

In addition, Donald Trump’s recent victory has fueled a pro-crypto sentiment across the broader cryptocurrency market. In light of this event, a Shiba Inu price analysis showcases that the token could hit $2 amid boosted market sentiment.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US Presidential Election Results 2024 Highlights

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The U.S. presidential elections finally come to a close, with Republican Donald Trump ‘trumping’ over Democratic Kamala Harris. Recent voting results show that the Republican secured 286 electoral votes, whereas the Democratic presidential candidate secured only 224, pushing chances of the former U.S. president’s victory to take substantial weightage. With a total of only 270 electoral votes needed to bag victory, the Democratic party’s win remains alarmingly slim while Trump emerges as the talk of the town nationwide.

Kamala Harris Losses & Trump WinsKamala Harris Losses & Trump Wins

 

Kamala Harris Fumbles In US Presidential Elections 2024

As per election data from Stand With Crypto, Donald Trump currently stands strong in the presidential elections with a majority of the votes, i.e., 286 electoral votes. Other election data showed Kamala Harris stands right behind with 47.4% of the votes, i.e., 224 electoral votes. Meanwhile, Jill Stein and Robert Kennedy followed with 0.4% of votes each. This data, altogether, underscores that the Republican presidential candidate won the 2024 elections, whereas the Democratic presidential candidate lost.

Simultaneously, it’s noteworthy that this presidential election saw a substantial rise in support for pro-crypto candidates, aligning with the abovementioned results. In an X post by Thinking Crypto podcast founder Tony Edward on November 6, it was pointed out that anti-crypto candidates suffered an alarming loss in this election. Meanwhile, with his pro-crypto stance, the Republican presidential candidate appears to have stolen the spotlight.

However, Democratic Kamala Harris faced a significant setback with her diminished interest and policies surrounding crypto. Aligning with this, a recent CoinGape Media report shows that pro-crypto candidates are readying to dominate the U.S. Congress. A total of 242 pro-crypto candidates have been elected to the House of Representatives against 113 anti-crypto candidates. Also, 14 pro-crypto candidates are in the Senate as of now, while 9 anti-crypto lawmakers are also present in the Senate. Overall, it is clear that the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets.

Further, in light of Trump resuming his role as the 47th president of the United States, the crypto horizon remains bullish. The Republican presidential candidate earlier promised to fire SEC Chairman Gary Gensler, given that he won, adding to pro-crypto support nationwide. Also, he gauged in on establishing a national Bitcoin fund and making the United States the “Bitcoin and cryptocurrency capital of the world,” which also aligns with the pro-crypto victory in this election.

What’s Happening In The Crypto Realm?

Meanwhile, with the nationwide masses getting a clear understanding of Kamala Harris’ loss, crypto participants are witnessing a paradigm shift in market sentiment. Notably, Bitcoin (BTC) touched a new ATH amid recent election developments. Further, even altcoins soared remarkably, as seen by the global market cap reaching $2.4 trillion. This bullish momentum primarily falls in line with the pro-crypto candidate’s recent win.

Simultaneously, a meme coin also emerged as a hot trend amid the elections. Notably, Elon Musk’s D.O.G.E. role under the Trump cabinet has garnered substantial optimism toward Dogecoin price. DOGE price surged nearly 13% intraday to reach $0.1902. Notably, the coin even topped the $0.2 level today, aligning with Trump’s win. Nevertheless, the Democratic presidential candidate has faced a severe setback in the U.S. 2024 elections.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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