#stablecoin
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Howard Lutnick, the CEO of financial company Cantor Fitzgerald, has come out in support of Tether (the issuer of the USDT stablecoin) amidst various allegations of money laundering and insufficient backing. He highlighted his firsthand experience with the company, overseeing some of their assets. 
The cryptocurrency company Tether has been highlighted in a recent UN report on crime, due to the prevalent use of its stablecoin, USDT, in money laundering and fraudulent activities, particularly in Southeast Asia. The token is notably being used in sham investment schemes promising high returns. 
In an effort to mitigate risks associated with other stablecoins, such as centralized and algorithmic ones, Gyroscope has launched the Gyro Dollar (GYD), a decentralized stablecoin, on the Ethereum blockchain. The project has attracted investments from key industry players like Galaxy and Placeholder. “Stablecoins Way Better than Digital Fiat”: MakerDAO Interview
GNcrypto had a pleasure talking to Tadeo, Developer Relations for Spark Protocol, MakerDAO’s SubDAO. And the conversation wasn’t just about the Dai stablecoin or its advantages compared to its competitors, USDT included. We delved into which countries are better at regulating crypto, why people trust opaque businesses, recent research into Solana as a potential future codebase for MakerDAO. 
Deutsche Bank and SC Ventures have successfully executed the first stablecoin swaps within the Universal Digital Payments Network (UDPN). This platform was established to facilitate transactions using stablecoins and Central Bank Digital Currencies (CBDC). 
Tether, the cryptocurrency company, has announced a strategic partnership with the decentralized bridge, rhino.fi, aimed at boosting and improving user engagement with the USDT stablecoin. This move signifies the company's intention to broaden the reach and utility of tokens across various blockchain platforms. 
Nigerian banks are teaming up with the nation's Central Bank and various blockchain companies to launch a new stablecoin, Naira (cNGN), slated for 2024. This comes after previous unsuccessful attempts by the government to initiate a similar project and a digital national currency. 
Wintermute, an algorithmic trading firm in digital assets, accuses NEAR Foundation and Aurora of failing to uphold their agreement involving the conversion of $11 million worth of the now-defunct USN stablecoin to USDT. These tokens originated from the now-defunct FTX exchange and were acquired by Wintermute in exchange for fiat currency with the assurance of a complete conversion. 
Stablecoin issuer TrueUSD experienced a security breach via a third-party provider, resulting in the exposure of customers’ first and last names, email addresses, phone numbers, addresses, dates of birth, bank details, transaction histories, and blockchain account public addresses. 