Tether ‘welcomes' PayPal's PYUSD stablecoin to the market, says CTO Paolo Ardoino

Paolo Ardoino, CTO of Tether (USDT), said in an Aug. 8 statement shared with CryptoSlate that he welcomed PayPal's entrance into the stablecoin industry. Ardoino said PayPal's foray into the field would enhance the overall growth of the ecosystem as it would drive competing firms to develop solutions that would further boost adoption and innovation.

Timeline of , Tether

Mike Novogratz, founder and CEO of Galaxy Digital Holdings Ltd., has expressed optimism regarding the return of traditional institutional investors to the cryptocurrency market, especially in the aftermath of last year's upheaval in the digital-asset world.

Justin Sun, the prominent cryptocurrency entrepreneur and founder of the Tron blockchain, has taken a significant step by withdrawing 200 million USDT (Tether) from his decentralized finance platform, JustLend. In a notable move, the funds have been deposited into the Asia-based crypto exchange, Huobi.

Tron Network founder Justin Sun may have moved a huge amount of the Tether stablecoin into the Huobi exchange. Furthermore, the exchange has been embroiled in rumors regarding insolvency as liquidity dries up.

A notable transaction involving the wallet address linked to blockchain entrepreneur Justin Sun (TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N) has stirred attention in the cryptocurrency community.

U.S district court in New York ruled in favor of the stablecoin issuer in the legal battle. The filing stated that Tether was not liable for any injury allegations as per the plaintiff's claim because USDT did not suffer loss of value.

Tether, a trailblazing stablecoin issuer, has recently reported an impressive profit of $850 million for the second quarter of the year. This announcement comes amid Tether's significant exposure to US Treasuries, with the company revealing a staggering $72 billion holding in these government bonds.

A class action lawsuit filed against cryptocurrency firms Tether and Bitfinex was dismissed Friday by a federal judge in New York. The judge ruled the complaint lacked plausible claims of injury and failed to show that Tether's stablecoin USDT had diminished in value.

Laura Swain, the Chief Judge of the U.S. District Court for the Southern District Of New York, has dismissed a class action lawsuit against USDT issuer Tether and its sister company Bitfinex. The lawsuit was brought on by plaintiffs who alleged Tether was falsely advertising its USDT stablecoin.

Tether and its sister entity Bitfinex have scored a legal victory as a U.S. court throws out a lawsuit filed against both. A point to note: Tether and crypto exchange Bitfinex are owned by the same company, iFinex.

Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on August 4, dismissing the class action lawsuit filed against Tether and Bitfinex by plaintiffs Matthew Anderson and Shawn Dolifka.