Rumble Inc. receives a massive $775 million investment from Tether, boosting its stock price significantly. Tether’s investment reflects shared values of decentralization and free speech. Rumble plans to use the funds for growth and a stock buyback offer.
Federal prosecutors in Cleveland seized nearly $1 million in cryptocurrency linked to a scam that targeted an elderly man, highlighting the rise of sophisticated crypto fraud. The scammers, posing as Apple support, gained remote access to his computer and stole $408,000, laundering the money through Tether. This incident underscores the growing threat of cryptocurrency-related crimes.
Howard Lutnick, President-elect Trump’s pick for Commerce Secretary, and his firm Cantor Fitzgerald are reportedly forging a multi-billion dollar deal with Tether, the world’s largest stablecoin, to launch a Bitcoin-backed lending program. This collaboration comes amidst ongoing controversy surrounding Tether’s alleged involvement in illicit activities.
U.S. federal authorities are investigating Tether, the leading stablecoin issuer, for potential violations of U.S. sanctions and anti-money laundering regulations. The inquiry, led by the Manhattan U.S. Attorney’s Office, focuses on Tether’s alleged involvement in illicit activities like drug trafficking and terrorism financing. The Treasury Department is also reportedly considering imposing sanctions on Tether, raising concerns about the stablecoin’s growing influence in global finance.
Robinhood Markets Inc. and Revolut Ltd. are reportedly considering entering the lucrative $170 billion stablecoin market, potentially shaking up the dominance of current leader Tether USDT/USD. This move comes as the European Union prepares to enforce stricter crypto regulations, which could impact the operations of major stablecoin issuers like Tether. The stablecoin market is increasingly gaining traction, particularly among younger demographics in emerging markets, indicating a potential shift towards digital payments.
Stablecoins have surged to an all-time high of $170 billion in circulation, with monthly settlement volumes tripling to $1.4 trillion. This explosive growth highlights their increasing importance in both the crypto ecosystem and traditional finance. Tether USDT/USD dominates with $120 billion in circulation, while Robinhood’s recent acquisition of Bitstamp signals its commitment to stablecoin integration. Emerging markets are driving adoption as young people seek stable stores of value, leading to significant growth in stablecoin wallets despite volatile crypto markets.
Stablecoin issuer Tether has appointed Jesse Spiro as its new Head of Government Affairs, a move that comes as the company faces increased regulatory scrutiny in the United States. Spiro, a veteran of the blockchain space, will be tasked with leading Tether’s policy and engagement efforts with lawmakers and regulators.
Barclays analysts believe that the current forecast of USD 90/bbl for Brent fair value in 2023 is likely to face upward pressure. Meanwhile, Venezuela is embracing digital currency, particularly Tether, to avoid having its oil revenues frozen in foreign bank accounts.
