Monat: September 2024

• Tether (USDT) market share has risen to 75%, up from 55% in two years.
• Tether generated $400 million in revenue in the last 30 days.
• USDT on crypto exchanges hit a record $20.3 billion in August 2024.

Tether (USDT), the world’s largest stablecoin, now commands over 75% of the stablecoin market, a rise of 20% in just two years. This growth reflects increasing adoption of USDT as a primary bridge between fiat currency and cryptocurrency.

With a USDT supply of $118 billion, Tether has seen rapid expansion, supported by strong financial performance and strategic advancements.

Tether’s surging market share

According to data from Token Terminal, Tether’s market share in the stablecoin sector has surged from 55% to 75% over the past two years.

ICYMI: @Tether_to has grown its market share from 55% to 75% over the past 2 years.

1) Tether’s USDT supply is $118 billion
2) Tether’s market share is 75%
3) Tether has made (an estimated) $400 million in revenue in the past 30 days pic.twitter.com/IFxXGY0UYg

— Token Terminal | @ TOKEN2049 🇸🇬📊 (@tokenterminal) September 16, 2024

With a USDT supply of $118 billion, this growth solidifies Tether’s dominance in the market, as its stablecoin has become a crucial tool for investors transitioning between fiat currencies and cryptocurrencies.

The firm’s significant revenue generation supports this rise. In the 30 days leading up to September 16, 2024, Tether generated an impressive $400 million in revenue. This follows a record-breaking first quarter of 2024, where the company netted over $5.2 billion in profits.

Notably, $3.52 billion of this profit came from Tether’s investments in Bitcoin and gold, while $1 billion was derived from operating profits.

These figures emphasize Tether’s ability to generate value beyond its core stablecoin business, particularly through strategic asset allocations.

As Tether continues to expand, the company is focusing on building a stronger compliance team. It has set a target to double its workforce by mid-2025, with a particular emphasis on hiring compliance specialists.

This move coincides with the recent appointment of Jesse Spiro, PayPal’s former head of regulatory relations, to strengthen its government affairs team, signalling Tether’s commitment to long-term stability and regulatory compliance.

USDT on exchanges hits record high

Another significant indicator of Tether’s growth is the USDT balance on crypto exchanges, which reached a record $20.3 billion in August 2024. This marks a notable milestone, as traders stockpile USDT for potential market opportunities.

In bearish conditions, investors often convert their volatile crypto assets into stablecoins like USDT to shield their portfolios from uncertainty.

Conversely, in bullish phases, the accumulation of stablecoins suggests a readiness to invest in cryptocurrencies when prices dip.

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There is some activity in the crypto market as some heavyweights emerge with surging momentum. You may have noticed the recent headlines surrounding Ripple (XRP), Ethereum (ETH), and the new boy on the block, Rexas Finance (RXS), all due to their upside prospects. Let’s explore why some analysts believe these tokens might be worth our attention.

Ripple (XRP): Eyeing the $1 Barrier?

Ripple (XRP) has recently experienced impressive growth and is currently trading around $0.58. This movement is buoyed by the fact that the coin is maintaining well above the important support zones at $0.40. The benchmark of $0.40 continues to hold firm as a good bottom from where, up to now, it has been easier for XRP to move upwards.

All eyes are now set on a potential breakout above $0.60, with some analysts expecting that trend to serve as a trigger for XRP to move past the $1 territory.

Ethereum (ETH): On Track for a New ATH in Q1?

The second largest cryptocurrency by market capitalization, ETH, could break its All-Time High (ATH) in Q1 2025, according to several analysts.

A number of factors have shaped positive sentiments towards Ethereum’s market potential, including the evolution of its ecosystem and some major technical improvements. A predicted bull run towards the end of 2024 could also reinforce this positive sentiment around Ethereum, possibly driving its value to new heights.

Rexas Finance (RXS): Revolutionizing the RWA Market

The finance holding company Rexas Finance (RXS) is a young disruptor within the sphere of asset tokenization. In the very first week of its presale, Rexas Finance raised nearly $600,000, highlighting the growing interest in this RWA token and underscoring why a number of analysts are indicating their growing confidence in RXS’s growth potential. 

In its ongoing presale, RXS tokens have moved from Stage 1 to Stage 2, with the cost of the token now standing at $0.040. This means early-stage investors who bought back at $0.030 during stage 1 have seen a lucrative 33.3% appreciation already. This amazing head start underpins the promise of the project and the fact that investors are positioning themselves ready to catch the next biggest opportunity in the cryptocurrency space.

Rexas Finance aims to democratize the purchase of real estate investments anywhere in the world. Picture being able to buy such real estate in New York, Paris, or Tokyo while sitting in your living room. Because of Rexas Finance’s platform, people can purchase fractional parts of the whole property or equity depending on how much they are willing to invest. The strategy shifts the paradigm from exclusive to inclusive, by enabling middle-income earners to invest alongside high new worth investors. 

What This Means for Investors

The Ripple story, the narrative of Ethereum, and that of Rexas Finance – they all hold out the possibility of outsized gains according to a growing number of crypto insiders. So, be it the next step by Ripple, be it the next peak by Ethereum, or be it the out-of-the-box thinking Rexas Finance, there are likely to be some solid opportunities for would-be investors during the looming crypto bull run. 

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

The post Analyst predicts new highs for Ripple and Ethereum, sees RXS gaining ground in RWA market appeared first on CoinJournal.

• Hedera announced it had joined the Linux Foundation Decentralized Trust project as a founding member.
• The initiative includes contributing its entire source code to the LF Decentralized Trust.
• HBAR price traded largely lower amid the news, although it was signalling a potential uptick.

Hedera has joined the Linux Foundation’s newly launched Decentralized Trust project as a founding premier member, according to a news release published on Sept. 16.

But Hedera hasn’t just become a member of the LF Decentralized Trust.

Per the details shared in the company blog, the blockchain platform has taken a bigger step in promoting decentralization in the blockchain and crypto space. That’s by contributing its entire source code, including the Hashgraph consensus algorithm and its network’s core services, to the Linux Foundation.

The Hiero initiaive

Charles Adkins, the president of Hedera, said that this new direction for the blockchain ecosystem will evolve via a new project named Hiero.

The new project begins the next innovation chapter for Hedera and the broader ecosystem, driving key applications such as wallets, cryptographic solutions, decentralized exchanges and software development kit, or SDK.

As well as contributing code, Hedera joins LF Decentralized Trust’s governing board, which also comprises Accenture, DTCC, and Hitachi.

What next for Hedera?

According to Adkins, the Hedera Council will continue to handle the network’s governance.

“Our commitment to the Hedera ecosystem remains unwavering. While Hedera’s code now benefits from the stewardship and vast resources of the Linux Foundation, the operational governance of the Hedera network remains with the Hedera Council,” Adkins wrote.

Benefits of the transition include security, integrity and decentralization. It also provides for a robust ecosystem for developers.

Hedera’s contribution to the Linux Foundation, adds to the platform’s participation in the Decentralized Recovery Alliance. Hedera joined DeRec Alliance alongside Cardano’s IOHK in early September.

HBAR, the native token of the Hedera ecosystem, traded around $0.05 at the time of writing. The altcoin’s value was down 2.8% in the past 24 hours.

The post Hedera joins Linux Foundation’s Decentralized Trust project appeared first on CoinJournal.

• NEIRO, BABYDOGE and TURBO tokens soared as Binance announced new trading pairs for the meme coins
• First Neiro on Ethereum gained as Neiro on Ethereum slumped.
• Deposits for the three meme coin trading pairs open on September 16 at 10:00 UTC.

Neiro (NEIRO), Baby Doge (BABYDOGE) and Turbo (TURBO) tokens have exploded after leading crypto exchange Binance announced spot trading support.

Binance Will List @neiroethcto $NEIRO, @TurboToadToken $TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.

Read more 👉 https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0

— Binance (@binance) September 16, 2024

NEIRO, BABYDOGE soar amid Binance listing

Binance announced it would list new spot trading pairs for the three meme coin tokens, and price reaction was massive – particularly for Neiro.

According to data from CoinGecko, the First Neiro on Ethereum (NEIRO) token spiked more than 600% after the news, while the NEIRO on Ethereum token slumped. Binance said it would list First Neiro on Ethereum, the community token representing the Neiro project on Ethereum.

.@neiroethcto This dog’s got some serious swag! pic.twitter.com/S2CoaZlFGb

— H.E. Justin Sun🌞(hiring) (@justinsuntron) September 16, 2024

Baby Doge Coin (1MBABYDOGE), another community dog-themed meme coin on Binance Smart Chain (BSC), also rose after Binance’s announcement. BabyDoge is a Doge community meme coin that looks to promote awareness around animal adoption.

The token traded more than 55% up in 24 hours at the time of writing. Meanwhile, Turbo (TURBO) price spiked more than 14% as Binance announced the TURBO/USDT trading pair would go live at 10:00 am UTC on September 16, 2024.

The exchange will also add NEIRO/USDT and 1MBABYDOGE/USDT, with withdrawals open at 10:00 UTC on September 17, 2024.

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