During 2025, remittances from Venezuela to countries such as Colombia, Peru, and Ecuador have increased, particularly in USDT, according to a recent statement by Richard Ujueta, president of the Venezuelan Chamber of Electronic Commerce (Cavecom-e).

The executive indicated that, according to official figures, there has been an increase in cryptocurrency remittances sent to these countries. He also highlighted that “90 % of remittances entering Venezuela are in USDT.”

Ujueta specified that, with respect to the Binance exchange, there are “more than 5,000,000 users; 20% of the population is currently using cryptocurrencies.”

The executive maintained that cryptocurrencies are an alternative for citizens in the country, highlighting the increase in the adoption of digital assets, adding that “e-commerce has been an important lifeline for the Venezuelan economy.”

M.Pino

Source: ultimasnoticias

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La entrada Remittances in cryptocurrencies from Venezuela to other countries increase apareció primero en Bitfinance.

Cryptocurrencies, especially tether (USDT), have become an alternative for the private sector in Venezuela given the low availability of dollars.

In this sense, the private sector uses tether for transactions through authorized banks that offer these transactions to local companies. To do so, “they must have digital wallets endorsed by the government and pay in bolivars.”

Given the drop in foreign currency injections from the Central Bank of Venezuela, which stood at 14% so far this year compared to 2023, according to private estimates, companies are turning to digital currencies.

In August, Vice President Delcy Rodríguez indicated that “new exchange rate management mechanisms are being implemented, without providing further details.” Meanwhile, “analysts consulted indicate that a portion of oil exports are already being paid in USDT and that these funds are being channeled into the market.”

According to data reported by Ecoanalítica, in July, “$119 million in cryptocurrency was circulated for the private sector.” In their daily activities, companies “can use USDT to import supplies, pay suppliers abroad, or convert them into dollars.”

M.Pino

Source: finanzasdigital

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La entrada Cryptocurrencies are an alternative to the lack of foreign currency in Venezuela apareció primero en Bitfinance.

Howard Lutnick, chief executive of Cantor Fitzgerald, a US financial services company, spoke about the reserves of Tether’s USDT stablecoin, stating that the cryptocurrency is adequately backed by liquid assets.

During an interview with Bloomberg TV, Lutnick confirmed that Tether has enough capital to support the more than 95 billion USDT outstanding. When questioned about Tether’s real ability to back the issued USDTs, he said that “they do,” highlighting the proper management of its assets.

The CEO’s comments reflect data from Tether’s latest certification report, showing $86.4 billion in assets versus $83.2 billion in liabilities.

Since 2017, USDT’s endorsement has been a controversial issue. Tether has resolved several lawsuits and has committed to greater transparency in the management of assets that support the currency’s parity with the US dollar.

USDT, being the third-largest cryptocurrency in market capitalization and the stablecoin with the most outstanding assets, faces challenges beyond reserve management. A UN report singled out USDT as a means to commit financial crimes, including money laundering and scams in Southeast Asia.

The Tether team rejected these claims in a statement, defending the opportunities that stablecoins on public networks offer to fight crime.

Cantor Fitzgerald, being the custodian of the Treasury bonds in the USDT reserves, adds credibility to Lutnick’s statements about the finances of Tether, the largest-capitalized stablecoin issuer in the market.

K. Tovar

Source: Diariobitcoin

(Reference image source: Drawkit Illustrations, Unsplash)

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La entrada Tether has enough backing for its USDT apareció primero en Bitfinance.

Over the past four weeks, stablecoin issuing giant Tether has minted an impressive total of 4 billion USDT tokens, further consolidating its leading position in the market.

The Tron blockchain hosted the most recent issuance of Tether, with 1 billion USDT created on November 10, according to data provided by Whale Alert. This latest action follows the issuance of 1 billion USDT on Ethereum on November 9, as well as the 2 billion issued in two batches on Tron on November 3 and October 19.

Paolo Ardoino, CTO and new CEO of Tether, commented on the Whale Alert data on X, highlighting that the 1 billion USDT transaction on the Tron network was a “USDT inventory replenishment.” He clarified that this amount will be used as inventory for issuance requests in the next period and on-chain exchanges.

These new USDT issued represent a substantial portion of the total 22.75 billion USDT that Tether plans to mint in 2023, according to data from Whale Alert. Of the total, 57% (13 billion) have been issued on the Tron blockchain, while the remaining 9.75 billion have been launched on the Ethereum blockchain.

Throughout the year, Tether has been actively involved in minting new stablecoins. In March 2023, the company issued 9 billion USDT, adding to the 3 billion minted the previous month. Significant emissions between June 12 and July 12 also stand out, where 3.75 billion USDT were created.

In addition to minting new coins, Tether has carried out USDT burns. In August, 1.2 billion USDT was burned on the Tron blockchain, following previous burns of 3.1 billion in June and 2 billion in February, both on Tron and Ethereum respectively.

The crypto community has reacted quickly to these latest USDT issuances, recalling past events where aggressive Tether issuances coincided with significant banking events. Although some speculate about possible connections, Tether has categorically denied any relationship with banks such as Silicon Valley Bank, Silvergate, and Signature Bank.

In addition to the active issuance of new coins, Tether is working on integrating important projects into the ecosystem, according to CEO Ardoino. The company is expected to announce five new projects in 2024, some of which could have a significant impact on popular Web2 centralized services.

K. Tovar

Source: Cointelegraph

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La entrada Tether managed to issue up to 4 billion USDT apareció primero en Bitfinance.

The Superintendency of Banks (Sudeban), together with the Superintendency of Cryptoactives (Sunacrip) of Venezuela will monitor in real time the transactions that are directly linked to cryptocurrencies.

Through social networks it was learned that, during a meeting that took place last week, both organizations agreed to tighten the supervision mechanisms on movements that involve digital assets.

All this arises due to some “irregular practices” that could be carried out and that “attack” against the local currency, the digital bolivar as well as the stability of the exchange market.

This is how Sunacrip will monitor “real time” operations. Although they do not clarify it in their statement, this possibly responds to the growth in the adoption of the bitcoin ecosystem and cryptocurrencies in the Caribbean nation.

K.Tovar

Source: El Diario

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La entrada Venezuela will monitor operations with cryptocurrencies apareció primero en Bitfinance.

A court in the United States asked the company that owns the stable currency Tether to provide documents that demonstrate the backing in dollars of the digital asset USDT.

New York Southern District Court Judge Katherine Polk Failla issued an order following the proceedings of a class action case alleging that Tether and Biftfinex used the USDT coin to manipulate the cryptocurrency market.

As part of the court’s mandate, companies will be required to submit “ledgers, balance sheets, income statements, cash flow statements, and profit and loss statements” that demonstrate 1:1 backing of their stablecoin.

The judge also asked Tether to provide details about its cryptocurrency accounts on exchanges, including Bitfinex, Poloniex, and Bittrex.

The lawsuit comes from five digital currency dealers, who in 2019 began the legal process that establishes that there was an attempt to boost the price of Bitcoin through a large purchase of USDT that was not supported.

K. Tovar

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Source: Diariobitcoin

La entrada Tether will need to prove its backing in USDT apareció primero en Bitfinance.

The current CTO of Bitfinex, Paolo Ardonio recently stated that the Tether currency is a stablecoin that improves what Bitcoin offers, because it manages to hold up in times of volatility.

This peculiarity is very useful, especially in countries where local currencies are often highly affected by inflation.

At the Freedom Forum held in the city of Oslo, Norway, Ardoino shared with the attendees some considerations about the stablecoin, exposing some benefits of its use both for the cryptocurrency ecosystem and for certain countries with economies not so favorable.

The CTO highlighted the importance of digital assets as an instrument of financial freedom, due to its special characteristic of allowing users to get ahead in scenarios that are complicated by fiat money.

“Tether is one of the tools that should be used by countries facing economic difficulties, where national currencies are devaluing, where people want an advantage against runaway inflation,” Ardonio stated.

For now, Tether has a market capitalization of more than 72.43 billion dollars, and currently ranks third among the coins with the highest working capital.

K. Tovar

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Source: Diariobitcoin

La entrada Tether stands out as an instrument of financial freedom apareció primero en Bitfinance.