Tether stablecoins to expand to 24,000 ATMs in Brazil next month

USDT stablecoins will be available at more than 24,000 ATMs in Brazil starting next month. The post Tether stablecoins to expand to 24,000 ATMs in Brazil next month appeared first on The Block.

Timeline of Tether

Stablecoin issuer Tether announced that local crypto services provider SmartPay will launch USDT tokens in over 24,000 ATMs across Brazil starting Nov. 3. Brazil still has 34 million unbanked individuals, or those who do not have a bank account or do not use it often, according to a survey by the Instituto Locomotiva conducted in January 2021.

U.S. federal prosecutors have alleged that five Russian nationals laundered tens of millions of dollars in cryptocurrencies for Russian oligarchs and sanctioned entities. What Happened: The accused have been identified as Yury Orekhov, Artem Uss, Svetlana Kuzurgasheva, Timofey Telegin and Sergey Tulyakov.

The Department of Justice has hit an alleged criminal ring for violating sanctions through the use of shell companies and cryptocurrencies to launder Venezuelan oil sale profits and purchase equipment for the Russian military.  The post U.S. authorities indict alleged money laundering ring that sold Venezuelan oil for USDT appeared first on The Block.

Stablecoins haven't been exempt from suffering losses during the ongoing cryptocurrency market crash, but its major assets are still persevering, with Tether (USDT) not only ranking third among all cryptos but also dominating centralized exchanges by stablecoin trading volume.

In a tweet on October 13, stablecoin issuers Tether announced that it had reduced its commercial paper holdings to zero to ensure secure and liquid reserves for Tether USD (USDT). “Tether is proud to announce that we have eliminated commercial paper from our reserves,” said Tether in its tweets.

Market maker Wintermute has paid off a $96 million USDT loan, paying back DeFi lender, TrueFi, a day before the debt hit its maturity date. The post Wintermute pays off $96 million USDT TrueFi loan appeared first on The Block.

Late in September, Tether made headlines when a judge ordered the company to reveal what is likely to be crucial documentation for any evaluation of USDT's backing with U.S. dollars. The court found that the proof was necessary to establish that Tether had a treasury that completely backs its stablecoin.

Top stablecoin issuer Tether (USDT) is completing its goal of eliminating commercial paper holdings from its reserves before the end of 2022. The firm says it has finally cut its commercial paper investments to zero from over $30 billion in September last year and is moving to diversify its portfolio.

After a Manhattan federal judge blasted Roche Freedman LLP founding partner Kyle Roche's public statements, the judge has removed the crypto boutique law firm from the market manipulation lawsuit against Tether and Bitfinex. The recent hearing has shown that U.S. district judge, Katherine Polk Failla, believes the litigation process could be derailed.

Tether, the issuer of the world's largest stablecoin USDT by market cap, announced on October 13, 2022 that it has “eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills).