Tether USDT Nears Record-High $83B Market Cap – April 6

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,055

Bitcoin price continues to hang around the $28,000 level, as volatility tapers down the range near recent highs.

Top-20 altcoins are also looking stable, as Ether falls just 1%, BNB rises less than 1% and XRP gains 1% over the last 24 hours.

Top Stories for April 6, 2022 🔥

👉 Tether USDT Nears Record-High $83B Market Cap

The world’s largest stablecoin, Tether (USDT), has seen its market cap rise by over 20% to $80 billion this year – now approaching its record high of $83 billion reached in May 2021.

This surge has been attributed to “aggressive minting and issuance” on the Tron Network, which accounts for more than half of the stablecoin’s current market value.

Meanwhile, Circle’s USDC stablecoin has seen a drop in market capitalization of 27% to $32.5 billion, due to investors fleeing after Circle revealed holding $3.3 billion with failed Silicon Valley Bank.

👉 US Treasury Releases “Illicit Finance Risk Assessment” On DeFi

A report from the US Treasury Department claims that actors from North Korea and other scammers are exploiting vulnerabilities in some decentralized finance (DeFi) platforms to facilitate money laundering.

The report stated that insufficient anti-money laundering and countering the financing of terrorism controls in DeFi services “enable the theft of funds” and that some DeFi projects “affirmatively touted a lack of AML/CFT controls as one of the primary goals of decentralization.”

The Treasury recommended an increase in regulatory supervision of AML/CFT for DeFi platforms and addressing regulatory gaps.

👉 Regulator Cancels Binance Australia’s Derivatives License

Binance has had its financial services license in Australia canceled by the Australian Securities and Investments Commission (ASIC).

From April 14, Australian users will no longer be able to increase derivatives positions or open new ones on Binance, and the exchange will require clients to close any existing derivatives positions by April 21.

ASIC has been conducting a targeted review of Binance’s financial services business in the country, and issued a notice of hearing on March 29 to consider whether the AFS license should be canceled or suspended.