20%+ on pristine collateral? Free money glitch.
Berachain.
USDT0
Unified USDT liquidity via USDT0 is here with @reservoir_xyz and @KodiakFi.
Berachain.
267
2
USDT0
Unified USDT liquidity via USDT0 is here with @reservoir_xyz and @KodiakFi.
Berachain.
Reservoir
Reservoir & Tether team up to launch the first @USDT0_to pool on @berachain
> Proof of Liquidity is now live
> @InfraredFinance vault is live
> Incentives are flowing (highest wBERA rate in the market)
> Ready for Boyco inflows
2.05K
29
Cheeezzyyyy reposted
MooMs
Everyone is talking about RWAs.
But no one is speaking about the elephant in the room.
A $1.8 Quadrillion industry that only a few protocols are targeting.
In the third part of this series, we'll focus on @Mantle_Official, which is positioning itself as a "financial hub" at the intersection of Web3 and Web2 with its latest two products:
• Mantle Index Four (MI4)
• Mantle Banking
Before diving into them and into Mantle's vision, a bit of context:
⚙️ THE TECH
Mantle Network is an EVM-compatible Layer 2 that integrates @eigen_da for data availability and @SuccinctLabs for zero-knowledge proving to provide institutions with a scalable infrastructure to build on.
Both integrations were made this year and represent key steps in Mantle's shift from an optimistic to a zero-knowledge rollup.
The original OP Proposer was replaced with the new Mantle Succinct Proposer, responsible for submitting ZK proofs to Ethereum L1. In parallel, @SuccinctLabs's SP1 Prover Network was integrated to delegate more compute-intensive ZKP generation tasks to a professional network, thus enhancing the chain's performance and scalability.
One of the main upgrades was replacing the original OP Proposer with the Mantle Succinct Proposer, responsible for submitting ZK proofs of Mantle's state changes to Ethereum L1. In parallel, to handle more compute-heavy tasks while maintaining high performance, Mantle also integrated @SuccinctLabs’s SP1 Prover Network to delegate those tasks to its specialized network.
(See image n°1 for a breakdown)
About the EigenDA integration, previously used a custom solution built on top of EigenDA, while now it directly leverages EigenDA’s solution. This allows the chain to scale data availability further without compromising security.
Now that we've recapped how Mantle distinguishes itself from other networks, let's dive into the core topics of this piece.
🏦 MANTLE BANKING
Mantle Banking is a crypto neobank that lets you manage fiat and crypto in one account, making it easy to receive, spend, and invest in both.
The platform allows users to set up a Swiss bank account and receive a globally accepted virtual debit card.
While launching such a service isn’t very difficult, there are two recurring problems most startups in this vertical face:
1.) Third-parties Dependency
2.) Web3 <> Web2 Interoperability
1.) Third-parties Dependency
Most startups launching these products don't control the underlying infra and, therefore, have a weak position when it comes to customer acquisition costs (CAC) and Lifetime value (LTV).
This is because:
1. They pay fees to external providers (e.g., custodians, payment processors, offramps, bridges).
2. They rely on their rules, uptime, and costs.
Ultimately, these two aspects increase the cost of serving customers and lower margins.
On top of that, users expect everything in one place. If your platform doesn’t offer spending, saving, investing, borrowing, and so on, they’ll quickly move towards whoever provides all of these.
2.) Web3 <> Web2 Interoperability
The second issue is most crypto apps can't properly connect to traditional banks or brokerages.
From on-ramping limitations (high fees, geo limitations, etc.) to banks limiting you once you interact with crypto apps, the UX is horrible.
Mantle nails these two problems by owning all parts of the value chain, from the blockchain to the banking one. This allows them to customize each layer of the stack and stay competitive in the market.
The mantle team outlined how ultimately capturing salaries via direct deposit into their neobank is the objective they're working toward.
From there, the use cases would be many, such as:
• Swap & send fiat currencies (USD, EU, SGD, etc.)
• Pay across platforms and merchants
• Interact with Mantle's DeFi Ecosystem
(Check image n°2)
🌐 THE PAYFI VISION
• The global payments industry records an annual transaction volume of $1.8 quadrillion.
• Total revenue across the sector reached $2.2 trillion in 2023 and is projected to surpass $3 trillion by 2030.
• Cross-border payments exceeded $150 trillion in volume in 2023.
• Digital wallets account for over 50% of global e-commerce payments and are expected to rise to 60% by 2026.
This is the scale of the payments industry today. However, most of this value still moves on traditional infrastructure.
And that's where the concept of PayFi comes in.
PayFi, aka Payment Finance → the merge of stablecoins, tokenized assets, and DeFi with legacy payment rails.
PayFi is based on the principle of the Time Value of Money, the idea that a dollar today is worth more than its value in the future because it can be invested or lose value due to inflation.
I'm briefly outlining this because it's exactly where Mantle wants to position itself with the Banking platform.
We're entering the phase where CEXs, L1s, and L2s will scale from targeting traders and DeFi users to the masses. This won't be done by creating some crazy DeFi apps that most of the population wouldn't be able to understand but by serving them what they already use daily.
Onchain and offchain worlds are converging, with CEXs, ecosystems, and FinTech giants racing to capture their share of the pie.
📈 MANTLE INDEX FOUR (MI4)
Simply put, the yield-bearing S&P 500 of crypto.
MI4 is a tokenized fund that offers diversified exposure to yield-bearing assets, with @Securitize as the tokenization partner, @FireblocksHQ as the custody provider, and the Mantle Treasury as the main investor by committing $400M from its balance.
The reason MI4 is very interesting is its institutional-focused approach, as it provides a relatively low-risk, index-based product that’s familiar to traditional investors.
On top of that, it bakes in yield generation, making it even more attractive to asset managers and funds.
The yield comes from blue-chip staking strategies like:
• @mETHProtocol's mETH
• @Bybit_Official’s bbSOL
• @ethena_labs’ sUSDe
These allocations are rebalanced quarterly, and the current fund's structure looks like this:
• BTC - 50%
• ETH - 28%
• USD - 15%
• SOL - 7%
What's remarkable about MI4 is that it's @Securitize’s largest tokenized fund, demonstrating Mantle's commitment to attracting more institutional participation and expansion beyond a generic-purpose L2.
🌱 INITIATIVES TO DRIVE THE INDUSTRY FORWARD
Lastly, as we did in the previous pieces, it's worth mentioning the initiatives Mantle is carrying out to increase ecosystem adoption and global expansion.
1.) Mantle EcoFund - Launched in 2023, it's a $200M fund investing in startups building in the Mantle ecosystem. The fund is also invested in Synergy, a $5 million initiative in collaboration with TON Ventures to advance cross-chain developments between the two networks.
2.) LATAM Expansion - In partnership with @odisealabs, Mantle is engaging with local developers, entrepreneurs, and communities, providing resources and support to accelerate Web3 adoption across the region. This is also part of a bigger vision, in which LATAM will be a main propeller of Mantle Banking's adoption.
MooMs
Everyone thinks RWAs had their breakthrough.
They're wrong.
We’re at less than 0.01% penetration across all sectors.
Check the first image for a clear breakdown.
In the first part of this series, we explored the state of RWAs across the top 10 networks.
As we're still very early and the market will evolve massively, I decided to dive deeper into RWA-centric chains, starting with the pioneer of RWAfi:
@plumenetwork
$50M TVL in vaults pre-mainnet.
$4.5 billion in committed assets ready to be tokenized.
With these numbers, once Plume's mainnet goes live, it will rank 2nd by RWA TVL, behind only Ethereum.
And it's fair to say that Plume's RWAfi narrative has gained a lot of momentum in the last few months. For those catching up:
RWAfi = Real World Assets financialization
(Check image n°2)
🔮 THE VISION
Make it easy for RWAs to flow wherever they want onchain.
"RWAs are about making it easy to interact with the real world onchain, with a crypto-native user experience."
At the heart of the company's vision, there is the belief that tokens offer a superior UX compared to anything in traditional finance or Web2 today.
From financial instruments to gold bars to durian farms, the objective is to be able to trade, lend, borrow, and do anything with all kinds of assets.
Composability is the key word in all this.
As I highlighted multiple times in the first part of this series, composability is a critical component of RWAs.
Bringing assets onchain just for the sake of making them digital is useless.
Composability has similarities with the open capital markets of the past. When capital and assets flow freely, innovation explodes, new businesses are born, and entire economies grow.
• Amsterdam became the global financial center by pioneering stock markets, accessible to anyone.
• Singapore became a global financial hub within a few decades by encouraging the free flow of capital and minimizing restrictions on foreign investments.
The same will happen onchain. The more assets can interact seamlessly, the more value and growth will be unlocked.
⚙️ THE TECH
Now that we have a clear idea of what Plume aims to achieve, let’s dive into the tech side to see how this vision will become a reality.
Unlike many other RWA or general-purpose blockchains that combine L1s with L2s or Subnets, Plume focuses on turning its single L1 chain into a hub for all processes related to asset tokenization.
Think of it as a startup providing a full-stack infrastructure for:
• Tokenizing assets
• Meeting regulations and staying compliant
• Custodying assets
• Exploring composability and new use cases
All of this is made possible by bringing under the same umbrella four elements:
1.) Passports - Smart wallets
2.) Nexus - Data infrastructure
3.) Skylink - Interoperability infrastructure
4.) Arc - Tokenization app
(Check image n°3)
1.) Key Points About Plume Passport
Plume’s Smart Wallet integrates custody and compliance directly within the wallet, abstracting these functions away from the user.
These wallets provide features like gasless transactions, automated operations, batch processing, and other types of contract-based interactions.
All these features are natively built-in, allowing devs to customize their offerings and tailor them to specific use cases, something that wouldn't be possible if relying on third-party providers.
What Plume did differently was modify the core of the blockchain itself, allowing the storage of custom code directly inside a regular wallet (EOA).
This approach is not possible with Ethereum, for instance, as it'd require a hard fork of the network. As a result, builders on Ethereum rely on third parties, which utilize ERC-4337 to create a separate smart contract account linked to the externally owned account (EOA).
2.) Key Points About Nexus
Nexus is another crucial element of the blockchain, as it gathers several real-world data points, enabling new use cases for DeFi and non-DeFi applications.
See it as an aggregator of multiple external sources, which receives real-time data and streams it onto the blockchain. The current partner providers are:
• @SUPRA_Labs
• @StorkOracle
• @truflation
• @sedaprotocol
• @eoracle_network
• @redstone_defi
• @oraichain
• @OpenLayerHQ
• @ChronicleLabs
The key feature of Nexus that differentiates it from other data providers is its custom transaction type.
Instead of transmitting data together with tokens, Plume reserves a portion of the block space specifically for these data transactions, ensuring their timely processing even during peak network congestion.
However, if there is no congestion or excessive activity on the chain, this "reserved" block space is utilized normally for any other type of transaction.
3.) Key Points About Skylink
Developed in collaboration with @LayerZero_Core, this solution enables yield distribution directly to user wallets by creating unified pools that allow users to move assets by minting and burning across multiple chains.
This process is done by creating "mirrored YieldTokens" across partner chains.
When a YieldToken is created on Plume, mirrored tokens are automatically generated on each partner chain using LayerZero’s architecture.
These tokens reflect only the yield component of the native tokenized assets on Plume while inheriting all the security and compliance features of the underlying assets.
In simple terms:
• Constant yield streaming across any blockchain.
• Unified compliance and security standards across all chains.
4.) Key Points About Arc
Arc is a full-stack tokenization app that allows issuers to select the proper apps to install based on the specific type of asset being tokenized.
You can imagine it as an App Store where you plug in what you need, from KYC and AML features to secondary markets and off-ramps.
The platform has four main components:
1. Tokenization dashboard
2. Trading & analytics platform
3. Back-end server
4. Database infra
Developers can select the most suitable components for their assets without worrying about back-end hassles like development and compliance, as Plume takes care of all that.
📈 RECENT INVESTMENTS & PARTNERSHIPS
Q1 of this year has seen Plume receive commitments from leaders across different verticals of our industry.
In no case, the details of the investments have been disclosed, but the names are very relevant, so I thought it's worth quickly mentioning them:
• @yzilabs - Tier-1 incubator (fmr Binance Labs)
• @apolloglobal - tradFi giant with $700B of AUM
• @LayerZero_Core - Leading interoperability provider
Additionally, several partnerships across multiple sectors have been made. Props to the BD team grinding 24/7. Some key names include:
• @PayPal - Integrate PYUSD Plume's vaults
• @goldfinch_fi - Integrate Goldfinch's private credit product
• @superstatefunds - Deploy treasury bill and carry fund product
• @FireblocksHQ - Provide custody services
• @BitlayerLabs - Integrate native BTC bridge
• @Moca_Network - Support on distribution
• @MercadoBitcoin - Support on distribution
Regarding Distribution
The last two protocols in this list should significantly boost Plume's distribution network.
1.) The first, Mocaverse, will allow its network of 100+ companies and 700M+ users to access Plume's products.
2.) The second, Mercado Bitcoin (the largest CEX in Brazil), will tokenize $40M of asset-backed securities, consumer credit, corporate debt, and accounts receivable and distribute them to its 4+ million users.
In addition to these partnerships, a brief mention should go to Plume USD, Plume's stablecoin designed to facilitate all operations within the ecosystem.
The stablecoin will be mintable through USDT, USDC, and other assets and will be supported since mainnet day 1 by many protocols. Some of them include:
• @Cultured_RWA
• @SoleraLabs
• @NestCredit
• @OspreyMarket
• @metastreetxyz
• @mystic_finance
🦶 RWA'S ACHILLES HEEL
One of the key aspects when analyzing RWA-centric chains, if not the most important one, is their approach to the regulatory landscape.
In this regard, Plume made a very interesting move last week by publicly welcoming Salman Banaei, the former Senior Special Counsel at the U.S. SEC, as their new General Counsel.
@banamlas has 15+ years of experience across both the private and public sectors, including service at the SEC, Uniswap Labs, and the CFTC.
His role will be to oversee legal, policy, and compliance strategy, ensuring the team moves forward without crossing critical legal boundaries
Furthermore, to better align with regulatory standards, Plume runs AML screening when tokens are transferred.
This means that if someone uses a wallet to send tokens from another chain, and that wallet has done illicit activity, the transfer will fail and the tokens won't appear on Plume.
How does this work?
All transactions are submitted through the Plume RPC before being sent to the sequencer for ordering and execution.
Once the RPC receives the transaction, its details are forwarded to a third party that performs compliance and security screening by leveraging the OFAC sanctions list to detect potential sanctioned addresses.
In parallel, all transactions and network activity are monitored and analyzed to spot unusual patterns or suspicious behavior that could indicate fraud, money laundering, or sanctions violations.
In this case, Plume collaborates with third-party providers, including:
• @0xPredicate
• @chainalysis
• @elliptic
• @scorechain
🌱 INITIATIVES TO DRIVE THE SECTOR FORWARD
Lastly, as we did in part n°1 of the series, it's worth mentioning initiatives adopted by ecosystems to push the RWA sector forward.
Plume has launched two initiatives targeting not only RWAs but also the growing AI scene by collaborating with another ecosystem.
1.) $10M RWAI GPU Initiative focused on tokenized GPU assets in collaboration with @AethirCloud.
2.) $25M Ecosystem Fund to support real-world assets tokenization and early-stage startups.
3.6K
17
matthew sigel, recovering CFA
Addressing Memecoin Wash Trading on the Solana Blockchain
The continued success of Solana in attracting usership and financial activity has rankled some in the crypto community. Some contend that most of Solana’s documented 111M monthly active wallets, compared to Ethereum’s 5.4M, are mostly Sybil (fake) users. Detractors of Solana’s success also claim that Solana’s on-chain revenue is driven by memecoin trading. It is further supposed that Solana’s memecoin activity mainly comprises wash trading rather than organic volume. The naysayers of Solana extrapolate these assumptions to infer that the token performance of SOL is due to revenues derived from suspicious trading.
Concerning wallets, it is very difficult to untangle activity stemming from one user controlling many wallets versus more organic activity derived from one user controlling one wallet. We do agree that a very large portion of these wallets are not organic. To assess the “FUD” on memecoins, we analyzed recent memecoin activity on Solana and compared it to Ethereum’s activity over the same period. Additionally, we compared current Solana and Ethereum activity to peak memecoin activity on Ethereum in the fall of 2021. To contextualize things further, we added NFT trading to the mix, which many crypto detractors formerly cited as an inorganic driver of blockchain fees.
We find that memecoin activity on Solana is significant, as around 34.3% of Solana’s revenues derive from memecoin and NFT activity. This compares to around 6.6% of Ethereum revenues today and 20.3% of Ethereum Revenues between July and October 2021. We estimate that the wash trading share of memecoin and NFT volume is 41.4% on Solana, compared to 28.9% and 44.4%, respectively, for Ethereum in 2024 and 2021. Wash trading is the practice of buying and selling the same asset to create false market activity, inflating trade volumes without real risk or profit.
Putting it together, we assess that 14.2% of Solana revenues come directly from wash trading compared to 2% for Ethereum in 2024 and 9% in mid-2021. One important caveat to this analysis is that it assumes that Solana memecoin wash trading generates MEV in line with normal trading. Without MEV on these trades, our estimates would fall by 50%.
We employed Dune queries of Solana and Ethereum’s blockchain to accumulate memecoin and NFT activity over the specified time ranges to accomplish this analysis and. We then used MEV and transaction fee data from Artemis, Jito, and Flashbots to assess each chain's gas fee revenue and MEV. We triangulated these figures to estimate the portion of total blockchain revenues (fees + MEV) sourced from memecoin and NFT activity. For memecoins, we then pulled the total DEX trading activity for Solana and Ethereum. We filtered that activity for wash trading using a threshold value for the ratio of daily trading volume to a coin’s market capitalization for a day’s trading. If trading volume exceeds that threshold, it is considered to wash trading. We chose 0.05 as the threshold by calculating SOL’s average V/MC over the last three months, ~0.0125, and multiplying it by 4, which is our estimation of memecoin volatility relative to that of SOL’s. See the tables in the replies for sensitivity analysis on memecoin trading labeling.
To gauge NFT wash trading on Solana, we used Dune Analyst @ tianjinfan’s methodology. For wash trading of NFTs on Ethereum, we used the mighty @ hildobby’s methodology.
We believe Solana’s greater amount of memecoin trading and wash trading is due to several factors:
Solana is a high throughput chain that prices transactions 1/10,000th that of Ethereum’s transactions. The opportunity cost of wash trading is much cheaper on Solana than on Ethereum. Next, memecoin activity on Solana is more active due to Solana’s vibrant ecosystem of applications like that simplify memecoin trading. Furthermore, due to Solana’s low latency architecture, memecoin trading is a better user experience on Solana than on Ethereum. Finally, we assert that Solana’s MEV architecture may drive higher token volumes. This is because Solana’s MEV trading is driven by statistics-driven assessments of landing a transaction through submitting many orders for the same trade. Some of these likely land without capturing MEV, and this may juice trading figures higher than on Ethereum, where block building is done through discrete bidding rather than sending a high volume of orders.
If one contextualizes a potential SOL ETP among comparable investments, looking at companies like Alibaba, DraftKings, and the CME might be instructive. In Alibaba’s case, there was initial skepticism about package volume that may have included ‘empty packages’ to boost metrics, an issue that underwriter research addressed before BABA’s 2014 NYSE IPO. Similarly, DraftKings and the CME derive much of their revenue from speculative trading, with both platforms providing incentives, like reduced fees or rebates, to encourage activity. By contrast, while Solana’s transaction volumes include some wash trading and speculative activity, it doesn’t incentivize users similarly, as its high activity levels are driven by the blockchain’s low-cost, high-throughput design. Solana’s on-chain activity is concentrated mainly in memecoins, making it a hub for speculative assets in the crypto world. However, unlike DraftKings, whose business is limited to gambling, Solana has the potential to expand beyond speculation into impactful use cases such as decentralized physical infrastructure networks (DePIN) and social media applications. While memecoins contribute significantly to Solana’s current revenue, its high valuation—approximately 250x forward revenue—reflects investor expectations for future growth in non-speculative applications.
The analysis of Solana’s revenue sources is important because it brings to light concerns about our proposed SOL ETP. Since there is reason to believe a significant portion of SOL’s revenues are derived from suspicious trading, our ETP prospectus includes significant risk disclosures. That said, we believe this high amount of activity derives from Solana’s high-quality user experience and will become a less important part of Solana’s revenue base as new activity comes to Solana. Ethereum’s transformation should be a guiding light for how Solana’s DEX volumes can mature over time to trading fewer meme-related assets.
Lastly, to the anonymous X account that keeps clogging our bosses’ inboxes and mentions with complaints and threats on this topic, we would remind him or her that the United States operates under a disclosure-based regulatory regime. The issues above have been addressed throughout the risk factors in our current SOL ETP prospectus. VanEck is indeed taking on issuer liability by proposing to offer the Fund. VanEck and its Legal Department devote significant time and expense to ensure that all material risks are identified in an offering document and no material facts are omitted.
Here is the relevant section:
"SOL Trading Platforms May Be Exposed to Fraud And Manipulation"
“The SEC has identified possible sources of fraud and manipulation in the SOL market generally, including, among others (1) "wash trading"; (2) persons with a dominant position in SOL manipulating SOL pricing; (3) hacking of the SOL network and trading platforms; (4) malicious control of the Solana network; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in SOL, new sources of demand for SOL) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether (for more information, see "Risk Factors—Risk Factors Related to Digital Assets—Prices of SOL may be affected due to stablecoins (including Tether and US Dollar Coin ("USDC")), the activities of stablecoin issuers and their regulatory treatment"); and (7) fraud and manipulation at SOL trading platforms. Potential market manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes in the crypto market and/or cause distortions in price, which could adversely affect the Trust or cause losses to Shareholders.”
@Patrick_Bush_VE
The current price of Tether is ₺38.6452. Over the last 24 hours, Tether has increased by +0.01%. It currently has a circulating supply of 149,359,355,091 USDT and a maximum supply of 149,359,355,091 USDT, giving it a fully diluted market cap of ₺5,771.27B. At present, the Tether coin holds the 0 position in market cap rankings. The Tether/TRY price is updated in real-time.
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates ("OKX TR") are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Tether (USDT) is the world's first and most widely used stablecoin and the third-largest cryptocurrency by market cap. USDT is an Ethereum-based, asset-backed, stablecoin pegged to the US dollar. Hence, Tether's value is meant to remain consistently close to 1 USD.
Initially called Realcoin, Tether was launched in 2014 by Reeve Collins, Craig Sellars, and Brock Pierce. USDT tokens are issued by Tether Limited, a company controlled by Bitfinex, and can theoretically be redeemed at any time for an equivalent amount.
How does Tether work
Tether was initially built on top of the Bitcoin blockchain, but its network has now been expanded to run on over ten different blockchain protocols, including Ethereum (ETH), Tron (TRX), and Solana (SOL). Tether was also launched on the Omni layer, a platform for creating and trading assets on the Bitcoin network.
USDT can be minted or destroyed by its issuing company Tether Limited, and more importantly, be quickly and cheaply transferred to individuals over any supporting blockchain network. Whenever new USDT tokens are issued, Tether is meant to allocate the corresponding USD amount to its reserves, in order to ensure that USDT remains fully backed by cash and cash equivalents.
What is Tether used for?
USDT has become popular for trading across major exchanges due to its ease of use and wide acceptance. In most cases, users can also conveniently move their holdings between their Web3 wallets and exchanges.
Tether can also be used to gain some level of exposure to the US dollar. Tether Limited publishes a daily report on the value of its reserves and has quarterly assurance opinions issued by external accountants.
USDT developments
In an updated statement, Tether revealed that USDT tokens are no longer backed entirely by US dollar deposits. Instead, Tether is allegedly backed by reserves, including traditional currency, cash equivalents, short-term deposits, commercial papers, US treasury bills, corporate bonds, secured loans, precious metals, corporate funds, and more.
In January 2021, Tether Limited minted a record 2 billion USDT tokens in a single week. This came during tremendous growth in the crypto markets. The growing interest in USDT was due to several reasons, including an increasing lack of trust in the traditional financial system and rising institutional interest in cryptocurrencies.
In November 2021, USDT launched on the Avalanche platform. Avalanche, launched in 2020, is one of the blockchain industry's fastest and cheapest-to-use smart contracts platforms. The Avalanche-native USDT was first supported by Bitfinex and was said to offer cheaper and quicker USDT transactions.
In April 2022, USDT support was added for the blockchain network Kusama making Kusama the tenth network to support the asset-backed stablecoin. This represented a milestone for Kusama and an especially significant one for USDT. Kusama is a decentralized network of specialized, parallel blockchains closely related to the much more extensive Polkadot network and is often referred to as Polkadot's Canary network.
In May 2022, USDT was launched on the Polygon network. Polygon is an Ethereum scaling solution, also known as a sidechain or Layer-2 network, known for charging significantly lower transaction fees and being faster than its main network, Ethereum. At the time, Polygon had processed over $1.6 billion in transactions, had over $5 billion in locked value, and had more than 19,000 decentralized apps (DApps) running on it. Polygon is the 11th blockchain network that USDT was launched on.
Tether's expansion continued during 2023 with key partnerships such as that with Argentinian crypto payments provider KriptonMarket. The partnership supports USDT transactions at the Central Market of Buenos Aires, allowing customers to pay for goods using USDT. The collaboration also allows vendors to pay a portion of their employees' salaries in the stablecoin.
On August 12, 2024, USDT reached a new record market cap of $115 billion, on its way to capturing a 70% share of the total stablecoin market. The milestone followed noteworthy growth for the leading stablecoin, with USDT increasing its market cap by more than 40% between September 2023 and August 2024.
In the same month, Tether announced the expansion of USDT to the Aptos blockchain in a move that aimed to improve accessibility to digital currencies globally. The integration of USDT with Aptos brought lower gas fees and high performance to users of the chain, opening the door to wider adoption.
USDT price and tokenomics
Tether Limited controls the minting and burning of USDT tokens. IN theory, when there is demand for USDT, Tether mints new tokens and when USDT is sold, the corresponding number of tokens is burned.
There are about 116.99 billion USDT in circulation as of mid-2024, and USDT has a current total supply of 118 billion. Some USDT tokens are held in reserve by Tether Limited, explaining the gap between the number of tokens in circulation and the number in existence.
USDT has no supply cap, so any number of USDT tokens could potentially be created by Tether Limited, if there is sufficient collateral to back them. Minting new tokens doesn’t erode the value of existing tokens. Likewise, burning USDT tokens doesn’t increase token value.
About the founders
Tether was founded in 2014 by a group of early crypto adopters and Bitcoin enthusiasts passionate about digitizing fiat currencies. Its origins lie in the Mastercoin protocol, based on the Bitcoin blockchain.
Brock Pierce was one of the original members of the Mastercoin Foundation who helped develop and promote Mastercoin. Pierce, Craig Sellars, and Reeve Collins co-founded Tether in 2014, with Mastercoin protocol as its technological foundation.
Tether's precursor, "Realcoin," was announced in July 2014, and the first tokens were issued in October 2014. The project was renamed Tether in November of that year, alongside an announcement of entering the private beta phase, with three currencies: USTether (for USD), EuroTether (for EUR), and YenTether (for JPY).
Brock Pierce is a widely known entrepreneur and co-founder of multiple high-profile entertainment and crypto projects, including Blockchain Capital and Block.one, the company that created the EOS blockchain. He also served as Director of a non-profit organization called Bitcoin Foundation, created to improve and promote Bitcoin.
Reeve Collins is also a serial entrepreneur who had already co-founded successful companies like Traffic Marketplace, RedLever, and Pala Interactive. On the other hand, Craig Sellars has been an active member of the Omni Foundation and associated with multiple organizations, including Bitfinex, Synereo, MaidSafe Foundation, and Factom.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 2.7K new posts about Tether, driven by 1.9K contributors, and total online engagement reached 872K social interactions. The sentiment score for Tether currently stands at 73%. Compared to all cryptocurrencies, post volume for Tether currently ranks at 1911. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Tether.
Powered by LunarCrush
Posts
2,680
Contributors
1,919
Interactions
871,631
Sentiment
73%
Volume rank
#1911
X
Posts
1,349
Interactions
642,879
Sentiment
71%
Tether FAQ
What is a stablecoin?
Stablecoins are cryptocurrencies designed to have a fixed price by having their value pegged to some cryptocurrency, commodity, fiat currency, or financial instrument or by utilizing an arbitrage system.
What is USDT?
USDT is a stablecoin pegged to the value of the US dollar. It was launched in 2014 to facilitate the transfer of fiat currencies on the blockchain. USDT is also the largest stablecoin after USD Coin (USDC). Tether is issued by Tether Limited, a company based in Hong Kong, and operates on blockchain networks, including Bitcoin, Ethereum, and Tron. Each USDT token represents one US dollar held in reserve by Tether Limited.
Why would I want to buy USDT?
USDT provides a stable and secure way to store and transfer value on the blockchain. As a stablecoin, its value is pegged to the US Dollar, which makes it less volatile than other cryptocurrencies. This stability makes it a popular choice for traders who want to minimize their exposure to cryptocurrency market fluctuations.
Another good reason to buy Tether is its wide acceptance among cryptocurrency exchanges, which makes it a convenient way to move funds between different trading platforms. However, like most digital assets, cryptocurrency is deemed high-risk and prone to sharp price changes and volatility. Therefore, always DYOR before making any financial decisions.
Where can I buy USDT tokens?
Easily buy USDT tokens on the OKX TR cryptocurrency platform. Available trading pairs in the OKX TR spot trading terminal include USDT/USDC, BTC/USDT, ETH/USDT, and OKB/USDT.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into USDT, visit the OKX TR Crypto Converter Calculator. OKX TR's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
Another option to buy USDT tokens is through the OKX TR P2P Trading marketplace. P2P trading allows users to buy and sell cryptocurrencies directly from other users without needing a middleman.
Can I use USDT to buy other cryptocurrencies?
With OKX TR, you can easily use USDT to buy other crypto assets, including Bitcoin (BTC), Algorand (ALGO), XRP (XRP), and Bitcoin Cash (BCH), using OKX TR Convert. OKX TR Convert allows users to convert top crypto and stablecoins like USDT with zero fees and no slippage.
How much is 1 Tether worth today?
Currently, one Tether is worth ₺38.6452. For answers and insight into Tether's price action, you're in the right place. Explore the latest Tether charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as Tether, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Tether have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX TR does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX TR. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates (“OKX TR”) are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
Socials