Tether Is the Most Used Stablecoin in Illicit Crypto Flows, TRM Says (2024)

FAQs

Tether Is the Most Used Stablecoin in Illicit Crypto Flows, TRM Says? ›

Tether was the most used stablecoin for criminal activity in crypto last year, a period when the overall volume of illicit transactions in the sector fell as more digital-asset outfits faced sanctions, according to TRM Labs .

Tether's USDT, the largest stablecoin, is not only growing larger, it's also cementing its dominant position and now accounts for almost 75% of stablecoin market value, up from 55% two years ago, data by blockchain data analytics platform Token Terminal shows.

Tether is the undisputed pioneer in terms of stablecoin market cap figures.

Although USDT is used more frequently for trading and payments, USDC is viewed by some as a safer stablecoin. This is because Circle has its reserves attested to by an independent auditor monthly, while Tether's attestations occur quarterly.

Tether tokens offer the stability and simplicity of fiat currencies coupled with the innovative nature of blockchain technology, representing a perfect combination of both worlds.

As of July 2024, Tether has more than 350 million users globally. Tether Limited is owned by the British Virgin Islands–based company iFinex Inc., which also owns the Bitfinex cryptocurrency exchange.

Tether is a fiat-collateralized stablecoin, which is a type of stablecoin that is backed by a fiat currency like USD, CAD, AUD, or even Yen (JPY). Tether was created to bridge the gaps between fiat currencies and blockchain assets while offering transparency, stability, and low fees for USDT users.

USDC brands itself to be the world's safest stablecoin. According to its issuer, Circle, each USDC token is backed 100% by highly liquid cash and cash-equivalent assets.

Who is behind the Tether? ›

Tether was founded by Brock Pierce, Reeve Collins, and Craig Sellars.

Tether tokens offer exceptional liquidity on tier one exchanges giving traders the ability to take advantage of arbitrage opportunities in the fastest time possible.

To withdraw USDT to a bank account, you can transfer your USDT to an exchange that supports the withdrawal of USDT to a bank account. Then, you can initiate a withdrawal request and provide the necessary information, such as the bank account number, name, etc. The withdrawal process may take a few days to complete.

USD Coin (USDC) is a stablecoin, a cryptocurrency backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. USDC's cash assets are held in segregated accounts with regulated U.S. financial institutions and its reserve portfolio is held at the Bank of New York Mellon.

Know that crypto deposits are not FDIC insured, period.

USD Coin (USDC -0.01%) is a digital dollar. It falls into the category of stablecoins, which are cryptocurrencies pegged to another asset. In USD Coin's case, the asset is the U.S. dollar, and one USDC is designed to maintain a value of $1.

Currently, Tether rank on the market is #3.

Tether-Issued Stablecoin USDT's Market Dominance Surges as Market Cap Surpasses $118B.

100% backed and fully transparent. All Tether tokens (USD₮) are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether's reserves. We publish a daily record of the current total assets and reserves.