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Information about Tether (USDT)
USDT (or Tether coin) is a 1:1 USD-backed stablecoin issued by Tether Operation Limited in 2014. USDT is the most popular stablecoin in the cryptocurrency market, with a capitalization of more than 60 billion USD. Each 1 USDT will be worth 1 USD, allowing USDT to maintain price stability while increasing liquidity.
Tether coin (USDT) is created and traded on the Bitcoin blockchain using the Omni Layer Protocol (Omni is a software layer built on the Bitcoin blockchain that allows for the creation and trading of custom digital assets or units). Each USDT unit is backed by one USD in the Tether Limited reserve and can be redeemed through the Tether platform.
News
Russian oil firms are embracing Bitcoin, Ethereum, and USDT to navigate sanctions. This shift allows them to convert yuan and rupees into rubles, facilitating international trade despite sanctions.
In 2024, Russia’s oil and gas revenues surged by 26%, hitting 108 billion USD. This growth reflects the increasing reliance on cryptocurrencies in international trade.
With new legislation allowing cross-border crypto payments, the use of digital currencies in Russia’s oil trade is expected to persist. However, law enforcement efforts targeting money laundering add complexity to these transactions.
The GENIUS Act offers favorable conditions for Tether USDT, allowing operational choices in the U.S. Or offshore. Tether is well-prepared to meet most regulatory requirements under the act.
Analyst Alex Thorn emphasizes that Tether’s current operations comply with necessary regulations, which may bolster its market positioning, especially with a record market size of 143 billion USD for USDT.
If Tether does not establish a U.S.-based subsidiary or register, it may face restrictions. However, the act aims to keep innovation in the American market.
Bolivia intends to use cryptocurrency for energy imports, prompted by a foreign currency shortage. The state-owned YPFB has plans for a new payment system, although it has yet to be implemented. The exact cryptocurrency remains undisclosed, leading to speculation about the potential use of stablecoins like USDT.
Since lifting its ban on Bitcoin in 2024, Bolivia has seen remarkable growth in cryptocurrency usage, with a 100% increase in virtual asset trading, totaling approximately 15.6 million USD monthly. This shift may help address financial challenges amidst the ongoing fuel crisis.
Russian oil companies are utilizing Bitcoin and Tether’s USDT for international trades with China and India. This shift, driven by global sanctions, allows firms to conduct transactions more efficiently despite regulatory pressures.
Despite any potential easing of sanctions, the use of cryptocurrencies in Russian oil trades is likely to persist as it offers a swift payment method, reflecting the ongoing adaptation of the industry.
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