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Tether swaps more than 2 billion USDT to the Ethereum network

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Tether has successfully swapped more than $2 billion worth of its stablecoin, USDT, on the Ethereum blockchain. This significant transfer highlights the growing importance of Ethereum as a key infrastructure for stablecoin operations. The move comes as part of Tether’s ongoing strategy to ensure liquidity across multiple blockchain networks and maintain USDT’s position as the leading stablecoin in the crypto market.

The swap was executed through Tether’s official treasury process, which involves moving USDT from one blockchain to another to meet demand across various platforms. Ethereum, with its robust smart contract capabilities and extensive user base, remains a dominant platform for USDT transactions, despite the rise of competing blockchains like Tron and Solana. Tether has been consistently expanding its presence on other networks, but Ethereum continues to be a critical part of its ecosystem.

The move is also seen as a response to increased demand for stablecoins on Ethereum, especially as decentralized finance (DeFi) applications and liquidity pools continue to thrive on the network. Stablecoins like USDT are widely used in DeFi for trading, lending, and borrowing, and Tether’s liquidity management helps ensure that users can seamlessly interact with Ethereum-based platforms.

Tether’s decision to conduct the $2 billion swap highlights its commitment to supporting the continued growth of Ethereum’s DeFi ecosystem. As stablecoin adoption continues to rise, Tether is positioning itself as a crucial player in the blockchain space, driving liquidity across multiple chains and reinforcing its role in the broader crypto market.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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