Tether(USDT) News: Navigating Controversy and Maintaining Dominance Amidst Legal Challenges

Tether, a pioneer in the stablecoin market, continues to face scrutiny and controversy despite its dominant position. This summary explores how Tether has navigated these challenges and maintained its relevance in the cryptocurrency space.

The Silent Power Player: How Tether Navigates the Stormy Crypto Seas

Tether, a pioneering stablecoin launched in 2014 by Reeve Collins, Brock Pierce, and Craig Stellers, promises stability by being backed 1:1 by the U.S. dollar. Despite its wide adoption across multiple blockchains and dominant position in the stablecoin market, Tether remains controversial due to its association with Bitfinex and legal issues involving an alleged $850 million cover-up. Despite these challenges, Tether maintains value stability, subtly shifting but largely staying NEAR the dollar mark. In the volatile cryptocurrency landscape, Tether anchors value, highlighting both its significant influence and inherent risks.

Tether CEO Concerns Over Stablecoin Bill Markup

Tether CEO Paolo Ardoino has expressed concerns over a forthcoming stablecoin bill markup that could reportedly cut offshore access to U.S. Treasury markets. Vance Spencer, co-founder of Framework Ventures, raised alarms about the proposed changes, claiming they would block centralized international stablecoin issuers from accessing U.S. Treasury markets. Spencer criticized this as a blatant attempt at regulatory capture by U.S. players done at the expense of U.S. national interest.

Singapore retail chain Metro to start accepting stablecoin payments

Singaporean department store chain Metro has partnered with Singaporean crypto payments firm DTCPAY to enable stablecoin payments in physical stores and online at Metro Mall. The supported stablecoins include Tether’s USDT, Circle’s USDC, Worldwide Stablecoin Payment Network’s WUSD, and soon First Digital Dollar Stablecoin (FDUSD). Metro’s COO Erwin Wuysang-Oei described the partnership as a step toward keeping up with the evolving retail landscape, emphasizing that by accepting stablecoin payments, Metro is `not only embracing the future but shaping it`.