USDT on Tron gives Visa a run for its money
Tether USDTUSD on Tron briefly surpassed the average daily trading volume of payments giant Visa over 24 hours last week.
According to data from Tron TRXUSD block explorer TronScan — cited in a June 21 X post from blockchain analysis platform Lookonchain — USDT volumes on the Tron network notched a total trading volume of $53 billion, surpassing Visa’s average daily volume by $9 billion.
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According to Lookonchain, Visa’s average daily trading volume in Q1 2024 was $42 billion.
Christoper Maurice, the founder of the African crypto fintech platform Yellow Card, said USDT on Tron was among the most popular uses of cryptocurrency for users across Africa.
In a March 26 interview with Techopedia, Maurice explained that many Africans prefer to use U.S. Dollar-pegged stablecoins such as Tether on low-cost networks like Tron in a bid to their money from rampant domestic inflation.
He added that it was “little known” that USDT has far more liquidity on Tron than on larger blockchain networks like Ethereum.
The Justin Sun-linked Tron network is currently the 12th largest blockchain network by market capitalization, with a total value of just over $10.3 billion at the time of publication, according to CoinGecko data.
Despite witnessing multibillion-dollar volumes of USDT on its network, Tron has experienced difficulties with other stablecoin providers in recent months, including U.S.-based stablecoin issuer Circle.
On Feb. 21, Circle — the second-largest stablecoin issuer — dropped support for its USD Coin USDCUSD on the Tron network, citing concerns with trust, transparency, and safety. On March 25 the international crypto exchange Binance followed suit and ceased deposit and withdrawal support for TRC-20-based USDC on its platform as well.
$6B German bank appoints new CEO and he’s a Bitcoiner
Bitcoin-friendly banking executive Andreas Streb has been promoted to the CEO of a German regional bank, Volksbank Raiffeisenbank Bayern Mitte.
The bank’s current CEO, Richard L. Riedmaier, announced his retirement several weeks ago. He is slated to leave his role by the end of the year, with Streb set to replace him at the beginning of next year, according to a June 21 report from the local media.
Streb also earned merit with the Bitcoin program of VR Bayern-Mitte, which he initiated and promoted.
Streb was celebrated for his efforts in pioneering a Bitcoin-specific program at VR Bayern Mitte, which he spearheaded and personally promoted.
“By offering various services related to this cryptocurrency, the bank has now established itself as a role model in this specialist field throughout Germany.”
Founded in 1895, Volksbank Raiffeisenbank employs some 750 people and holds $6 billion on its balance sheet.
Colorado Man used crypto fraud money to send girlfriend to the Bahamas
A Colorado man has pled guilty to a $2.2 million crypto fraud scheme that touted the use of an MEV bot to make profitable trades for them.
46-year-old Robert Wesley Robb duped more than ten victims through “high pressure” sales tactics into investing individual sums of over $100,000 into a Maximum Extractable Value (MEV) bot, which he promised was capable of generating high returns, according to a June 21 statement from the U.S. Attorney’s Office in the Eastern District of Virginia.
Robb promised investors that their funds would be used as trading capital for his MEV bot. Instead, Robb funneled investor funds into several crypto exchanges and personal bank accounts, which he used to fund personal expenses, including vacations, gambling, cars, and other luxury items.
“Robb used $204,423 to lease an executive suite at the Denver Broncos’ Mile High Stadium, $117,570 to purchase a 2023 Jeep Wagoneer, and $46,914 to send his girlfriend and her extended family to a resort in the Bahamas,” said the United States Attorney’s Office.
Investors lost a combined total of more than $2.2 million to Robb’s fraudulent claims.
He is scheduled to be sentenced on Oct. 2 and faces a maximum sentence of 20 years in federal prison.
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