Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom

Tether, the leading blockchain-enabled platform behind the widely used stablecoin, USD₮, has achieved a significant milestone by surpassing its previous all-time high market cap of $83.2 billion, which was set in May 2022. The company’s Chief Technical Officer, Paolo Ardoino, attributes this achievement to the growing demand for financial freedom and the trust that customers have placed in Tether.

Ardoino stated, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” He emphasized Tether’s role in providing a safe haven for the unbanked and enabling individuals in emerging markets to preserve their buying power, even in the face of currency devaluation. Tether’s resilience in volatile markets and its commitment to transparency have earned the trust of customers, resulting in its current success. The company aims to expand access to financial freedom globally, with a particular focus on emerging markets.

Since its establishment in October 2014, Tether has solidified its position as the leading stablecoin and a trailblazer in financial freedom and innovation. The USD₮ stablecoin has become the most traded cryptocurrency, surpassing all competing offerings combined. Tether combines the advantages of digital currency, such as instant global transactions, with the stability of traditional currency. By prioritizing transparency and compliance, Tether provides a fast and cost-effective method for conducting financial transactions.

Tether’s recent attestation further underscores its commitment to transparency and highlights its efforts in emerging markets as a refuge from volatile markets. The company’s impressive performance in the first quarter, reporting a net profit of $1.48 billion, has significantly strengthened its reserves. With approximately 85% of its investments in cash, cash equivalents, and short-term deposits, along with a 20% increase in token supply quarter over quarter and excess reserves of around 2.5 billion, Tether has firmly established itself as a trustworthy entity with a positive outlook for the future.

Tether remains dedicated to providing financial freedom and innovation to users worldwide, especially in emerging markets. As a trusted stablecoin, Tether continues to lead in transparency, resilience, and accessibility, offering a secure and stable digital currency option for individuals globally.

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Missing ‘Bitcoin Millionaire’ and ONFO coin co-creator found dead: Report

The co-founder of referral-based crypto project ONFO coin who went missing in Missouri on May 21, has been found dead around a week later on May 30 with an apparent gunshot wound, though police don’t currently suspect foul play. 

Dr. John Forsyth, a crypto advocate and emergency room doctor was feared missing by relatives after not showing up to his shift at the Mercy Hospital in Cassville. His family launched an appeal on his whereabouts on social media soon after.

Speaking to the Daily Beast at the time, his younger brother, Richard Forsyth, said that he wouldn’t miss a shift which was “an immediate red flag.”

Authorities later found Forsyth’s sedan parked less than a mile away from the hospital, on May 28.

Beaver Lake in northwest Arkansas, Dr. John Forsyth – Google Maps/Cassville Police Department

Forsyth’s wallet, passport, laptop, and work briefcase were found inside the unlocked vehicle. His brother added, “his cellphones were inside, which is also very uncharacteristic because he always has his cellphone.”

“It doesn’t seem like a person who left with a plan,” he told the AP on May 30.

However, the body was found about an hour south of where he was last seen, with an apparent gunshot wound though local police said foul play does not appear to be a factor.

Related: Crypto billionaires’ back-to-back deaths spark wild theories among the community

49-year-old Forsyth founded ONFO coin with his brother Richard Forsyth in 2020. The crypto project purportedly allows users to earn coins by referring others to the platform, a term it calls “network mining”.

ONFO has promoted itself by depicting the demise of the U.S. dollar through videos such as THE U S DOLLAR IS DOOMED posted to YouTube in 2021, though there haven’t been any new videos posted in a year.

In 2020, Forbes labeled John Forsyth a “Bitcoin millionaire” who was studying mathematics as an undergraduate and was exposed to BTC and blockchain technology.

Forsyth joins a list of crypto advocates and founders that have died under mysterious circumstances.

In April, the creator of Cash App and the former technology chief at Square, Bob Lee, was killed following a stab wound. Authorities made an arrest on April 13 but did not comment on the motive of the attack.

Magazine: ‘Moral responsibility’ — Can blockchain really improve trust in AI?