Tether in 2021 will continue to be actively working with global regulators and law enforcement agencies. Furthermore, Tether are going to continue enforcing rigorous KYC and AML procedures and they will be deploying state-of-the-art technologies to monitor transaction activity and the related risk profile of its token holders.
Even in 2021 Tether continues to reinstate that the tokens (USDt) are fully backed by reserves and are issued pursuant to market demand.
Paolo Ardoino tweeted a reminder to reinstate that Tether is registered and regulated under FinCEN like all of the centralized competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Also, stated that it is less regulated and it is just FUD. Ask yourself who benefits from spreading such misinformation?
He went ahead to give this clarification in response to a query which read like If SEC’s next target is Tether, it’s going to be very, very bad for this bull run as this market heavily relying on $USDT. $USDC, the most legally regulated stablecoin, will eventually replace $USDT.
Sydney Ifergan, the crypto expert opined: “Let us hope that the SEC will not come up with new plans to work like the coronavirus on Tether (USDT) , Ethereum or any crypto you can name. Regulators can sometimes be crazy and go overbroad.”
So 2021 might not be any new about skeptics repeatedly asking the same questions to Tether USDT like when is the audit and other regular criticisms; however, the expectation is that Tether will be the top stable coin in 2021.
The USDC and USDT competition will stay around in 2021.
Tether (USDT) Routines in 2021
Enthusiasts are waiting to watch what Tether USDT has in store for 2021 in terms of market capitalization and other improvements. May be there will be more of exchange listings. May be they will help recover lost funds from DeFi. They will ensure transparency in equitable markets. Continue organizing chain swaps.
The Solana and Tether collaboration made it possible for institutions to trade USDT at Nasdaq Speeds, therefore confirming USDt’s pivotal role in making innovation possible in the crypto ecosystem. Perhaps, 2021 can bring in more of similar collaborations.
While the crypto waters are considered risky, the utility, security and viability of digital currencies have come to the forefront during the pandemic. People are continuing to look for alternatives to antiquated banking and payment systems. They will be willing to explore stable coins and crypto if they get a clarity on what stable coins and crypto are – many are still clueless.
US Regulator Orders Tether To Pay $41,000,000 in Fines – Here’s Why
The Commodities Futures Trading Commission (CFTC) is ordering the entities behind the Tether stablecoin (USDT) to pay $41 million in fines.
According to a new press release, the CFTC charged Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited for making “untrue or misleading statements and omissions of material” related to USDT.
USDT is pegged to the US dollar, and Tether claims it is completely backed by corresponding fiat assets, including the dollar and the euro.
According to the statement, the regulator examined 26 months between 2016 to 2018 and found that Tether only had sufficient reserves to fully back USDT on 27.6% of the examined days.
“In fact Tether reserves were not ‘fully-backed’ the majority of the time. The order further finds that Tether failed to disclose that it included unsecured receivables and non-fiat assets in its reserves, and that Tether falsely represented that it would undergo routine, professional audits to demonstrate that it maintained ‘100% reserves at all times’ even though Tether reserves were not audited.”
The CFTC also says Tether dipped its reserve funds into the operational and customer funds of crypto exchange Bitfinex.
“The order also finds that, instead of holding all USDT token reserves in U.S. dollars as represented, Tether relied upon unregulated entities and certain third-parties to hold funds comprising the reserves; comingled reserve funds with Bitfinex’s operational and customer funds; and held reserves in non-fiat financial products. The order further finds that Tether and Bitfinex’s combined assets included funds held by third-parties, including at least 29 arrangements that were not documented through any agreement or contract, and that Tether transferred Tether reserve funds to Bitfinex, including when Bitfinex needed help responding to a ‘liquidity crisis.’”
Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC
Tether and Bitfinex were ordered by the CFTC to pay fines worth a total of $42.5 million for various violations.
The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million.
- In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to pay a fine worth $41 million.
- This was issued by the CFTC on the grounds of “misleading statements and omissions of material fact in connection with the U.S. dollar token USDT.”
- Additionally, the companies have been ordered to cease and desist from any further violations of the CEA (Commodity Exchange Act).
- Going forward, the Commission also issued a separate order against BFXNA Inc., iFinex Inc., and BFXWW Inc – companies associated with the popular cryptocurrency exchange Bitfinex.
- They must pay $1.5 million in a civil monetary penalty for engaging in illegal, off-exchange retail commodity transactions with US citizens on the cryptocurrency exchange.
- Commenting on the matter was Rostin Behnam, acting chair of the CFTC, who said:
The case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace. […] The CFTC will continue to take decisive action to bring to light untrue or misleading statements that impact CFTC jurisdictional markets.”
Tether Users To Explore the Maldives With USDT on Travala.com
- Travala announces Tether users can now book a trip with USDT.
- The USDT token can be used on the Travala.com platform.
- Travala’s native token, AVA, records a 3.35% gain.
The world-leading blockchain-based travel booking platform — Travala continues to incorporate more travel utilities to its platform. Today, the Travala team announced to the Tether fans that they can now book a dream trip to the Maldives with USDT in a tweet.
Ok— Shanell Gibson (@Shanell13238822) October 10, 2021
Particularly, with Tether’s USDT, travelers can book flights and over-the-water bungalows. Not to mention, enjoy activities such as snorkeling, boat excursions, tours, and a lot more on Travala.com.
What’s more, Tether (USDT) is a stablecoin that aims to keep cryptocurrency valuations stable. The USDT tokens in circulation are proportional to U.S. dollars. Meanwhile, the native token of Travala is AVA. AVA is a BEP-2 token based on the Binance Chain.
Moreover, Travala allows travelers from all across the globe to book and explore several travel options. Travala accepts Credit Card, Debit Card, and cryptocurrency. Besides, AVA’s current price is $3.1 with a market cap of $164,608,058.
To promote accessibility to anyone and everywhere, Travala aligns travel bookings with the ethos of decentralized technology. With AVA, tourists can easily get discounts, loyalty rewards, and other packages on the Travala.com ecosystem.
Ultimately, since its inception in 2017, Travala tasks itself as a firm that brings the travel industry transparent pricing and innovation. What’s more, deliver enhanced security and effective stakeholder interaction.
On a final note, the AVA token saw a 3.35% increase in the last 24 hours. Travala’s circulating supply is at 52,923,082 AVA and a Total supply of 61,383,832 AVA at press time.