Stablecoins

Collaborative Effort to Combat Financial Crimes in Crypto Industry

Tuesday. September 10 at 11:30 PM

1 min. read

Tether, Tron, and TRM Labs have teamed up to establish the T3 Financial Crime Unit (T3 FCU) to tackle illicit activities involving USDT on the Tron blockchain. The unit will focus on identifying transactions related to terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. Tron's significant role in minting USDT makes its involvement in the FCU crucial. The collaboration aims to make the crypto industry safer and more secure. USDC, a USDT competitor, stopped supporting Tron due to concerns about transparency and safety. Despite criticism from the UN about USDT's use in money laundering, Tether defended its traceability and collaboration with law enforcement. Since February 2024, Tron-based USDT has seen a significant increase in minting. The joint effort signifies a commitment to using blockchain for positive impact and deterring illicit activities in the industry.

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Tron Network Revenue Surpasses Bitcoin and Ethereum in Q3

Thursday. October 3 at 11:00 AM

The Tron Network achieved a record $577 million in revenue for the third quarter, surpassing established blockchains like Bitcoin and Ethereum in quarterly income. Tron's revenue for Q3 was $577.2 million, with 74% from staking and 26% from burning. The network's success was driven by stablecoin activity and entry into the memecoin market. Tron outperformed Bitcoin and Ethereum in aggregate fees and revenue. Despite differences in income generation methods, Tron is the second-largest blockchain for stablecoins after Ethereum. The network is popular in emerging markets due to high demand for stable assets like Tether. Tether dominates stablecoin deposits on Tron. Additionally, Tron's memecoin deployer SunPump generated $5.4 million in revenue. Tron's highest revenue day was $5.4 million, following a $1 billion USDT injection from Tether. Tron's success in Q3 highlights its growing presence and revenue in the blockchain space.

Stablecoins

Cryptocurrency Exchange Gemini Shuts Down Operations in Canada

Wednesday. October 2 at 9:00 AM

Gemini, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced its closure in Canada, sparking questions about the reasons behind the move. Canadian authorities have been imposing stricter regulations on the crypto industry, leading to several exchanges exiting the market. The Canadian Securities Administrators (CSA) extended the deadline for compliance with stablecoin regulations, causing Gemini to exit. The CSA aims to ensure investor protection and has approved several crypto exchanges to operate in Canada. While some exchanges like Coinbase are expanding their presence in Canada, others like Binance have left due to regulatory issues. Speculations suggest that the use of stablecoins as trading pairs may have influenced these decisions. Despite concerns over stablecoin regulations, there is no official ban on their use in Canada. Major exchanges like Kraken and Coinbase have delisted certain stablecoins from their platforms in response to regulatory changes.

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Japan Considers Lowering Crypto Taxes in Regulatory Review

Tuesday. October 1 at 1:30 PM

Japan's Financial Services Agency (FSA) is planning to review its crypto regulations, potentially reducing taxes on crypto gains and reclassifying digital assets to create a more favorable investment environment by 2025. The upcoming review will assess if the current framework adequately reflects the changing role of cryptocurrencies, with a possible shift to classify digital assets under the Financial Instruments and Exchange Act. This change could lead to stricter investment regulations but also lower tax burdens on crypto profits, potentially reducing the tax rate from 55% to around 20%. The FSA aims to strike a balance between promoting innovation in the digital asset space and protecting investors. The review may also pave the way for the approval of exchange-traded funds (ETFs) containing digital tokens, further integrating cryptocurrencies into Japan's financial market. Japan has been actively strengthening its digital asset sector, with firms exploring blockchain technology and stablecoins. The market has seen increased trading volumes, reaching nearly $10 billion monthly in 2024. The country's regulatory policies may be influenced by the transition of leadership from Prime Minister Fumio Kishida to Shigeru Ishiba, potentially impacting crypto regulations in Japan.

Stablecoins

Robinhood's VP Denies Immediate Plans for Stablecoin Launch

Tuesday. October 1 at 2:30 AM

Robinhood's Vice President of Crypto, Johann Kerbrat, has refuted rumors about the company's imminent entry into the stablecoin market. Despite speculations, Robinhood has no immediate intentions to introduce its own stablecoin. Kerbrat clarified that the company has not dedicated time to developing a stablecoin and finds the rumors amusing. While reports suggested Robinhood and Revolut were contemplating stablecoin launches, Kerbrat emphasized that there are no imminent plans from Robinhood's side. Revolut remained silent on the topic, with sources hinting at an exploration of stablecoin possibilities without a set timeline. The competitive stablecoin market, dominated by Tether, poses a significant challenge for new entrants. Although Robinhood has included Circle's USD Coin in its offerings, both Robinhood and Revolut seem to be delaying their entry into the stablecoin sector. Established players like PayPal and financial giants like JPMorgan Chase have also struggled to gain traction in this market.

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