USDT on Tron Challenges Visa’s Trading Volume
Last week, Tether (USDT) on the Tron network briefly exceeded the average daily trading volume of payment giant Visa. According to data from TronScan, a Tron blockchain explorer, USDT trading on Tron reached a total volume of $53 billion, surpassing Visa’s average daily volume by $9 billion. This milestone suggests that USDT on Tron is gaining popularity among cryptocurrency users, particularly in Africa. Christopher Maurice, the founder of Yellow Card, a crypto fintech platform in Africa, revealed that many Africans prefer to use stablecoins like USDT on low-cost networks like Tron to protect their money from domestic inflation. Maurice also highlighted the fact that USDT has more liquidity on Tron than on larger blockchain networks like Ethereum. Tron, linked to Justin Sun, currently ranks as the 12th largest blockchain network by market capitalization, with a total value of over $10.3 billion. Despite its success with USDT, Tron has faced challenges with other stablecoin providers, such as Circle, who dropped support for its USD Coin (USDC) on the Tron network due to concerns regarding trust, transparency, and safety.
Bitcoin Advocate Becomes CEO of German Bank
Andreas Streb, a banking executive known for his support of Bitcoin, has been appointed as the CEO of Volksbank Raiffeisenbank Bayern Mitte, a German regional bank. Streb’s promotion comes after the retirement announcement of the bank’s current CEO, Richard L. Riedmaier. Streb, who will assume the role at the beginning of next year, gained recognition for his Bitcoin program at VR Bayern-Mitte, which he initiated and promoted. Volksbank Raiffeisenbank, founded in 1895, has a workforce of around 750 employees and holds $6 billion on its balance sheet.
Colorado Man Uses Crypto Fraud Money for Luxury Expenses
A Colorado man named Robert Wesley Robb has pleaded guilty to a $2.2 million crypto fraud scheme. Robb convinced over ten victims to invest more than $100,000 each into a Maximum Extractable Value (MEV) bot, promising high returns. However, instead of using the funds for trading as promised, Robb diverted the money to various crypto exchanges and personal bank accounts. He used the funds for personal expenses, including vacations, gambling, luxury cars, and even sending his girlfriend and her family to a resort in the Bahamas. Robb’s fraudulent activities resulted in a combined loss of over $2.2 million for the investors. He is set to be sentenced on October 2 and faces a maximum prison sentence of 20 years.
Polkadot’s Conor Daly Holds DOT Crypto
Conor Daly, the driver for Polkadot’s car in the Indy 500 race, revealed that his father holds DOT, the cryptocurrency associated with the Polkadot network. Daly expressed surprise and humor at his father’s involvement in the crypto space, highlighting the growing mainstream awareness and adoption of cryptocurrencies like Polkadot’s DOT.