By Shikha Singh
Ethereum Overtakes Tron as the Leading Network for USDT Supply.
Ethereum has overtaken Tron as the primary blockchain for Tether’s USDT supply, with Tether issuing $20 billion in USDT on Ethereum in the past month.
This shift highlights Ethereum’s growing dominance in the stablecoin market, with the network now accounting for the majority of Tether’s minting activities since November 6.
Analysts predict that Ethereum’s stablecoin supply could skyrocket to $1 trillion by 2025, further boosting its role in decentralized finance (DeFi).
Trump’s World Liberty Acquires ETH, LINK, & AAVE in $12 mn Crypto Shopping Spree.
President-elect Donald Trump’s decentralized finance (DeFi) initiative, World Liberty Financial (WLFI), has made headlines with a $12 million cryptocurrency purchase.
The company bought Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) tokens using USD Coin (USDC). Over the past 12 days, WLFI spent $30 million on 8,105 ETH at an average price of $3,701 per token.
The buying spree follows a $30 million investment from Tron founder Justin Sun, who also joined WLFI as an advisor.
Bank of England Seeks Crypto Exposure Disclosure from Firms.
The Prudential Regulation Authority (PRA) of the Bank of England has asked businesses to disclose their current and future exposure to cryptocurrencies by March 2024.
This initiative aims to monitor financial stability and guide policy on digital assets. Companies must report their use of the Basel framework, detailing holdings, risk profiles, and the use of permissionless blockchains, with concerns raised about risks like settlement failure and lack of ownership guarantees.
This request is part of a broader effort to assess the financial stability impact of cryptocurrencies. Meanwhile, global firms are increasing Bitcoin investments, such as Boyaa Interactive converting $50 million in Ether to Bitcoin and Japanese firm Metaplanet planning to raise $62 million to buy more Bitcoin for its treasury.
Ukraine Set To Legalize Crypto by 2025 Under Strict Regulations.
Ukraine plans to legalize cryptocurrencies by early 2025, with a draft bill currently under review. The legislation, developed in coordination with the National Bank of Ukraine (NBU) and the IMF, aims to regulate digital assets while ensuring fiscal oversight.
Contrary to initial expectations, the bill will not include tax breaks, and cryptocurrency profits will be subject to securities taxes.
The framework will focus on financial stability, Anti-Money Laundering (AML) measures, and transparency for businesses and investors.
Legalizing crypto could help Ukrainians access financial support, protect assets from inflation, and facilitate cross-border transactions during the ongoing war. The bill is expected to be ready for its first parliamentary reading in early 2025.
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