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‘Stablecoin multiverse’ begins: Tether CEO Paolo Ardoino

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Paolo Ardoino, CEO of stablecoin issuer Tether, said the industry has just entered a new era, marked by an influx of stablecoin solutions from both private companies and governments.

In a March 27 X thread, Ardoino said the crypto industry just entered the “stablecoin multiverse” era, where multiple stablecoins are launching to meet growing global demand.

Source: Paolo Adroino

Related: Rumble wallet rolls out with Tether’s USDT for creator payments

Not everyone agrees with the assessment

However, Slava Demchuk, CEO of crypto compliance firm AMLBot, told Cointelegraph that he disagrees “with the premise that there are hundreds of stablecoins launched by companies and governments.”

He said the claims are an exaggeration and highlighted that “launching a stablecoin is a complex and resource-intensive process,” made even more involved by the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework:

“MiCA, for instance, imposes stringent requirements — particularly prudential ones such as capital reserves, liquidity buffers, and robust governance structures — that not all companies can easily meet. “

On the other hand, Demchuk noted that a growth in the number of stablecoins poses challenges and risks. He pointed out that regulatory differences across jurisdictions are an issue with MiCA providing clarity in the EU while the US market is still in debate, leading to a global “patchwork of rules.”

He warned that such inconsistency risks pushing companies to less regulated markets. The consequence of such an exodus would be that consumer protection efforts would be undermined.

Related: Tether seeks Big Four firm for its first full financial audit — Report

Ardoino expects fast growth

In a subsequent X post, Ardoino claimed Tether currently counts 400 million users worldwide, adding that he expects that number to reach one billion soon. He attributes the quick growth to an approach different from that of players in traditional finance:

“We always focused on the adoption from the ground up, working in the streets, among other people, while traditional finance was watching at us from their ivory towers.“

Vasily Vidmanov, the chief operating officer of decentralized finance compliance protocol PureFi, told Cointelegraph that Ardoino’s forecast “is interesting but not entirely realistic.” He cited “the recent delisting of USDT in the EU,” noting that it “has shown that resisting regulation is futile — adaptation and new approaches to decentralization are necessary.“

The comments reference Tether’s USDt (USDT) being delisted for European Economic Area-based users of Binance, Crypto.com, Kraken and Coinbase. A Tether spokesperson told Cointelegraph that the firm found the actions disappointing.

Vidmanov explained that data concerning swaps between USDT and Circle’s competing USDC (USDC) “indicates a noticeable increase […] following the delisting.” He also raised concerns over the firm’s reputation and “ongoing investigations in the US related to sanctions compliance and Anti-Money Laundering.”

USDT/USDC swaps number. Source: Dune

US authorities are reportedly investigating third-party use of Tether’s stablecoins for criminal activities.

Ardoino already commented on those claims when they surfaced in late October 2024, calling the story “old noise.” Still, according to Vidmanov, with all those challenges, “achieving the projected figures within the next one to two years seems unlikely unless there are significant shifts in global policy and a substantial influx of new users from underpenetrated crypto markets.”

Tether and Paolo Ardoino had not responded to Cointelegraph’s inquiry by publication time.

Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express

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HBAR Foundation joins OnlyFans founder startup to bid on TikTok

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Zoop, the social app created by OnlyFans founder Tim Stokely, and the HBAR Foundation have reportedly submitted a bid to purchase the video-sharing app TikTok in the United States.

According to an April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration the previous week. The bid will follow others from major technology companies, including Amazon, Oracle, Microsoft, and Rumble, in an attempt to keep the video-sharing app’s services alive for US users.

“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” Zoop co-founder RJ Phillips reportedly said.

In 2024, the US Congress passed, and former President Joe Biden signed a bill into law that could potentially ban TikTok if the firm’s operations weren’t separated from its Chinese parent company, ByteDance. The initial deadline for the sale of the company under the law was Jan. 19. After assuming office, President Donald Trump signed a 75-day extension for enforcement, pushing the potential TikTok sale until April 5.

Cointelegraph reached out to the HBAR Foundation and Zoop but did not receive a response at the time of publication.

This is a developing story, and further information will be added as it becomes available.

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Bitcoin price on verge of breaking 10-week downtrend — Is $90K BTC next?

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Bitcoin’s (BTC) price is off to a swift start in Q2, rallying by 5.53% to an intraday high of $87,333 on April 2. Currently, Bitcoin is emerging from a ten-week downtrend that began on Jan. 20 when the price peaked at $110,000.

A decisive close above the trendline might lead to continued bullish momentum for Bitcoin in the coming days.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

Bitcoin spot traders drive the rally

Throughout March, spot traders on Binance and Coinbase held opposite stances in the market. Binance traders were aggressive BTC sellers, while Coinbase showed significant spot bids around the $80,000 price level. This dynamic contributed to the sideways price action during the majority of March.

Fast forward to April, and spot traders on major exchanges have collectively turned bullish over the past three days.

Binance, Coinbase spot buyers data. Source: Aggr.trade

Data from aggr.trade highlights that Coinbase and Binance spot bids are driving positive action for BTC. The buying pressure is particularly high on Coinbase, with spot bids increasing as high as $7.98 million over the past few hours.

Likewise, Dom, a crypto markets analyst, pointed out that Bitcoin’s current rally is possibly due to Binance sellers tapering off. The analyst said,

“BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

Related: Bitcoin breaks $86K as US tariff ‘Liberation Day’ risks 11% BTC price dip

Bitcoin flips key resistance at $84K to $85K

From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support. Likewise, the cryptocurrency has attained a bullish position above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

Bitcoin 4-hour chart. Source: Cointelegraph/TradingView

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might struggle to break this range immediately. Consolidation between the green box (as illustrated in the chart) is likely a net positive, which might fuel BTC’s $90,000 retest for the first time since March 7.

On the flip side, an immediate correction to the current support at $84,000 and $85,000 could possibly discourage bulls, and short sellers might take control of price action.

Bullish invalidation could be on the cards if BTC price closes below $85,000 over the next few days.

With markets bracing for further market volatility ahead of President Trump’s “Liberation Day” tariffs, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.

Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Pump.fun launches lending platform to finance memecoin buys

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Pump.fun is launching a lending platform to enable users to buy memecoins and non-fungible tokens (NFTs) with borrowed cryptocurrency, the Solana-based memecoin launchpad said. 

Dubbed Pump.Fi, the onchain lending protocol provides “immediate… financing for [any] digital asset,” Pump.fun said in an April 1 X post.

According to Pump.fun, borrowers pay one-third up front and the rest over 60 days. In addition, Pump.Fi will create a marketplace for lenders to buy debt. The protocol did not specify how Pump.Fi — which doesn’t do credit checks — plans to ensure repayment of undercollateralized onchain loans. 

Pump.Fi will let users borrow to buy memecoins. Source: Pump.fun

Related: Pump.fun launches own DEX, drops Raydium

Competitive market

Pump.fun has been grappling with a sharp drawdown in memecoin trading activity on Solana after several high-profile scandals — such as the LIBRA token’s disastrous launch — soured sentiment on memecoins among retail traders. 

Adding onchain lending has the potential to draw more liquidity into the space, which has seen trading volumes stabilize in recent weeks, according to data from Dune Analytics.

Pump.fun has also been expanding its offerings to stay ahead of mounting competition from rival platforms.

Raydium, Solana’s largest decentralized exchange (DEX) by volume, plans to roll out its own memecoin launchpad, LaunchLab. 

Other rival protocols — including Daos.fun, GoFundMeme, and Pumpkin — are also vying for a share of Solana’s memecoin market. 

Number of tokens successfully “bonding” on Pump.fun each day. Source: Dune Analytics

On March 20, Pump.fun launched its own DEX — known as PumpSwap — to replace Raydium as the final home for tokens that successfully bootstrap liquidity on Pump.fun.

Switching to PumpSwap has streamlined PumpFun’s process for listing new tokens and cut costs for users, it said.

PumpSwap also plans to start distributing a portion of trading fees to coin creators, according to Pump.fun co-founder Alon.

The newly launched DEX has already captured a more than 10% share of Solana’s trading volumes and even overtaken Raydium — along with every other Solana app — in 24-hour fees, according to data from Dune Analytics and DefiLlama. On April 1, PumpSwap generated nearly $4 million in fees.

Magazine: Help! My parents are addicted to Pi Network crypto tapper

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