Demand for USDT Erupts in Lebanon as Rising Inflation Kicks In

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.

Timeline of Tether

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.

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.

Santiment has pointed out another indicator to look out for that could signal a crypto market recovery. Per the data, Tether USDT shark and whale wallets — wallets that hold between $100k and $10 million of the dollar-pegged stablecoin — have been adding back to accumulation ways.

Tether has announced that starting November 3, 2022, and its USDT stablecoin will become available throughout Brazil in more than 24,000 automated teller machines (ATMs) operated by fintech company SmartPay.

USDT will be available in 24,000 ATMs in Brazil from Nov. 3 to enable conversion from USDT to Brazilian reals and vice versa. The post Brazil Now Allows You to Transact in Tether Through 24,000 ATMs appeared first on BeInCrypto.