Lugano teams with Tether to drive citywide blockchain adoption

Tether, the issuer of stablecoin USDT, has announced a partnership with the Swiss city of Lugano to enhance the city's robust blockchain infrastructure, according to a report by Tether on Aug. 22.

Timeline of Tether

Deltec Bank & Trust, a renowned institution in the Bahamas, finds itself embroiled in a web of intrigue that ties it to one of the most recognized names in the cryptocurrency world, Tether.

The regulators in Canada have set up new policies that have led Coinbase to suspend USDT, DAI, and RAI trades in the country. Ontario Securities Commission imposed this regulation in 2021 and Coinbase vowed to work with these organizations to ensure the crypto market is entirely on track.

Tether, the issuer of the world's largest stablecoin USDT, announced on Thursday that it will discontinue support for its flagship stablecoin, on three blockchains, Kusama, Bitcoin Cash SLP (Simple Ledger Protocol) and Omni Layer.

Tether's USDT stablecoin value wobbled from its $1 peg amid the market carnage that wiped nearly $100 billion from the crypto market on Aug. 17. Typically, cryptocurrency traders resort to stablecoins as a hedge against the inherent market volatility within the industry.

Binance, the world's leading cryptocurrency exchange, has unveiled plans for a significant token swap. This initiative entails the conversion of all New Bitshares (NBS) tokens residing within user wallets to US dollars, marking a departure from the initial trajectory set almost a year ago.

Key Points: Binance has announced the issuance and conversion of delisted New Bitshares (NBS) tokens held by its users. This transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users' Binance Wallet location records.

Tether, the largest stablecoin issuer, announced it would stop supporting several smaller blockchain protocols over the coming year. This move reflects Tether's migration toward larger networks like Ethereum and Tron. Specifically, Tether will cease issuing and interacting with the dollar-pegged USDT token on Omni, Kusama, and Bitcoin Cash by August 17th, 2022.

On August 17th, Coinbase announced that it would halt trading of Tether (USDT), Dai (DAI), and RAI stablecoins for Canadian users starting August 31st. This move comes in response to changing regulatory requirements in Canada, where authorities have been tightening their grip on the crypto industry.

Coinbase, a prominent cryptocurrency exchange, has recently announced its decision to suspend trading of certain stablecoins for Canadian users starting from August 31. This development comes as part of Coinbase's ongoing efforts to ensure that the assets listed on its platform align with its stringent listing standards.

Based on a number of internal Analysis indicators, Tether Limited ceased supporting its flagship product USDT, the largest stablecoin, on three blockchains. Omni, the first platform USDT utilized since 2014, is also on the list.