Tether (USDT) has announced the introduction of a new policy to strengthen the security of the ecosystem, in order to collaborate with regulatory authorities worldwide.
Not only that, the crypto company behind the stablecoin has also launched the “Adopting El Salvador Freedom Visa Program”, a visa program that helps shape a new socio-economic landscape in the country with legal Bitcoin.
Tether (USDT): the new security policy announced by the strongest stablecoin in the market
At Tether, there is a breath of fresh air, thanks to the new introduction of a policy dedicated to the security of the ecosystem behind USDT, the strongest stablecoin in the market.
“Tether introduces a new policy to strengthen the security of the ecosystem”
In practice, the crypto company has decided that starting from December 1st, 2023, a new voluntary wallet freezing policy has been implemented, aimed at countering activities related to individuals subject to sanctions listed in the Office of Foreign Assets Control (OFAC)’s Specially Designated Nationals (SDN) list.
This means that Tether will now offer on the secondary market the sanction controls that it already applies to the wallets on its platform.
The initiative aims to represent a proactive effort by Tether to collaborate with regulatory authorities and law enforcement worldwide to safeguard the use of stablecoins.
Not only that, the new policy aims to proactively prevent any potential abuse of Tether tokens and strengthen security measures.
Paolo Ardoino, CEO of Tether, commented as follows:
“This strategic decision is in line with our constant commitment to maintain the highest standards of security for our global ecosystem and to expand our close working relationship with law enforcement and global regulatory authorities. By voluntarily freezing the wallet addresses of newly added entities to the SDN List and freezing previously added addresses, we will be able to further strengthen the positive use of stablecoin technology and promote a safer stablecoin ecosystem for all users.”
Tether (USDT): the stablecoin launches “Adopting El Salvador Freedom Visa Program”
A few days ago, then, Tether together with El Salvador, announced the launch of the new program “Adopting El Salvador Freedom Visa Program”.
“We are truly proud to support El Salvador by providing the technology and infrastructure of #tether. Congratulations to @nayibbukele and the entire government for this important step forward in building the Country of Freedom.”
“Tether powers El Salvador’s visionary Freedom Visa program through technological support. Experience the freedom, security, and #Bitcoin lifestyle by making El Salvador your home through the Freedom Visa Program. For more information, visit the website.”
In practice, the new visa program has been designed to promote an environment where people contribute to shaping a new socio-economic landscape for El Salvador.
The country where Bitcoin is legal tender wants to become a growing hub for international tourism, attracting individuals deeply committed to catalyzing economic expansion and driving transformative social change.
Tether is a technological partner of the program dedicated to visionary individuals, who instead wish to become partners in leading a nation towards exceptional growth and evolution, and offer a pathway to obtain a Salvadoran passport.
The process requires a non-refundable deposit of 999 USD in Bitcoin or USDt, and all accepted candidates must pass the KYC. Once accepted, the deposit will be credited towards the 1 million dollar investment in Bitcoin or USDt required to obtain the Freedom Visa and therefore citizenship.
Families also have the opportunity to apply collectively, allowing eligible family members such as spouses, children, and dependents to participate in shaping the future of El Salvador.
USDT market cap exceeds 90 billion dollars
A significant data that distinguishes Tether (USDT) from all other stablecoins is the continuous growth of its market cap (or market capitalization).
And indeed, during the weekend, Tether has set a new record: the market cap of USDT has exceeded 90 billion dollars.
It is the first time in history that the queen of stablecoins reaches this milestone, strengthening its position as the top stablecoin and the third cryptocurrency by market capitalization, behind only Bitcoin and Ethereum.
Bitcoin (BTC), at the time of writing, has a total market cap of $827 billion, while Ethereum’s (ETH) market cap is $270 billion.
On the contrary, USDT continues to dominate over the second stablecoin USD Coin (USDC). Looking at the market capitalization chart of USDC, in fact, we are currently at $24.5 billion, less than half of its all-time high of over $55 billion in July 2022.