BUSD supply dominance grows as USDT's supply drops 4%

Binance USD (BUSD) is the best-performing stablecoin among the top three stablecoins, as its supply dominance increased by 6% on the year-to-date metrics to 16%. The post BUSD supply dominance grows as USDT's supply drops 4% appeared first on CryptoSlate.

Timeline of Binance-usd, Tether

The U.S. dollar-pegged stablecoin issued by Tether, USDT, has been rising in popularity in Lebanon amid rising inflation that has made access to foreign exchange from traditional channels difficult.

The USDT transaction volume reached a new high over the last four months according to Glassnode's latest tweet posted on 7 November. With multiple factors in favor of USDT, it appears that the stablecoin may not be losing its dominance anytime soon.

As hyperinflation grips Lebanon, the nation has turned towards decentralised mechanisms like cryptocurrencies to sustain its livelihood in the long run. Lebanese citizens have started accepting digital crypto payments, which have now become an integral part of their day-to-day lives.

You probably are aware that Elon Musk completed the $44 billion Twitter deal just a few days ago. Now, the speculations about crypto payments being implemented for Twitter is increasing by the hour. This is largely because Musk, the self-proclaimed leader of Dogecoin, shall reportedly be introducing Dogecoin payments for Twitter blue services.

An investigation to determine whether Tether executives committed bank fraud during the stablecoin issuer's early days has been reassigned.  According to several reports, a new team with the US Attorney's Office for the Southern District of New York will now be handling the investigation.

The New York Justice Department is taking over a year-old investigation into top stablecoin issuer Tether. Washington federal prosecutors warned top Tether executives last year that they could be charged with crimes related to their banking policies and activities relating to USDT.

Tether has criticized a report published by Bloomberg that talks about a renewed investigation onto it's bank fraud case. The company has alleged that Bloomberg is recycling old news for attention.

A new team is reportedly picking up on the dormant Tether bank fraud investigation in New York. The post Justice Department revives probe into Tether over bank fraud: Bloomberg appeared first on The Block.

Tether, the company behind the world's largest stablecoin Tether (USDT/USD), has together with encrypted protocol Holepunch and Bitcoin-focused platform Synonym, unveiled a new peer-to-peer (P2P) credit system.

FTX boss Sam Bankman Fried has shared the company's vision of developing a stablecoin. The FTX CEO was on an interview with The Big Whale, where he gave an insight into the company's vision for designing the asset.