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Tether in its email said they found Cake DeFi to be controlled by “another corporation that resides in Singapore,” and thus they won’t be allowed to redeem USDT. Tether, the largest stablecoin issuer behind USDT, has reportedly changed its terms of services (ToS) in Singapore. An email shared by the decentralized finance protocol Cake CEO on Sept. 25 shows the changes to Tether's ToS prohibiting certain customer base from redeeming USDT. The CEO of Cake Group Dr. Julian Hosp took to social media platform X (formerly Twitter) to share the email received from Tether informing that they cannot redeem USDT for USD due to the changes in the ToS of the stablecoin issuer just one day ago. Ok, so, I won't be able to tell you if redeeming $USDT into $USD is actually possible, due to being in #Singapore, which was a recent change to the @Tether_to ToS from one day to another. Interesting. pic.twitter.com/1YzNqkbjMO — Dr. Julian Hosp (@julianhosp) September 25, 2023 Hosp in his X ...

Four individuals posing as currency dealers have been arrested and charged in Taiwan for defrauding at least 10 victims out of over NT$50 million ($1.6 million), by tricking them into buying Tether (USDT). As reported by CNA and Taiwan News, after months of investigation prosecutors obtained court approval to detain four individuals with the surnames Li, Hong, Lai, and Zhang. Following police searches on August 29 and September 1, the four fraudsters were arrested in Keelung, a coastal city just 30 minutes northeast of Taipei. After questioning, all four allegedly admitted to fraud, money laundering, and organized Crime . The group apparently used popular messaging app LINE to message victims, encouraging them to invest in stocks. Once trust was established, they switched to promoting USDT. Victims were reportedly shown how to set up a crypto wallet and were guided towards fake sites and apps that were secretly controlled by the fraudsters. Victims’ funds were then withdra...

On-chain data indicates that bitcoin (BTC) and ethereum (ETH) have observed negative exchange net flows in the past week, contrasting the positive net flow witnessed with tether (USDT).  Amid this trend, the bitcoin supply last active in the past ten years has hit an all-time high value. These metrics suggest a notable decrease in selling pressure across the market and a looming accumulation pattern. Glassnode, a renowned on-chain analytics resource, shared crucial insights into these trends in a series of tweets today, providing valuable information about investor sentiment and market dynamics. Weekly On-Chain Exchange Flow #Bitcoin $BTC ️ $6.5B in ️ $6.9B out Net flow: -$397.9M#Ethereum $ETH ️ $2.7B in ️ $3.8B out Net flow: -$1.1B#Tether (ERC20) $USDT ️ $7.6B in ️ $7.3B out Net flow: +$318.1Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) June 19, 2023 The data reveals that BTC saw a net outflow of $397.9 million during the past week. This indi...

The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users? It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded? According to data from the International Monetary Fund, the U.S. dollar now accounts for just over 58% of global foreign exchange reserves, a considerable decrease from the 71% share it had in 2001. Global foreign exchange reserves from 1999 to 2021. Source: IMF Jeremy Allaire — the CEO of USD Coin (USDC) issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.” De- dollar ization refers to the process of reducing the use of the U.S. dollar in a country’s economy, and ...