Kalam Crypto #112: USDT to Telegram to CoinMENA
This week, CoinMENA became the first in the region to enable USDT withdrawals via Telegram’s The Open Network (TON) just 10 days after Tether announced USDT is coming to TON.
“First they ignore you, then they laugh at you, then they fight you, then you win.” Mahatma Gandhi
Ahlan wa sahlan, and welcome to the 112th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, CoinMENA became the first in the region to enable USDT withdrawals via Telegram’s The Open Network (TON) just 10 days after Tether announced USDT is coming to TON, Bitcoin and Ethereum ETFs launch in Hong Kong, the IMF released a research paper on Bitcoin’s growing use for cross-border payments, and U.S. regulators continue their punitive attack on cryptocurrency companies. All that and more on this week’s Kalam Crypto.
Prefer to listen to Kalam Crypto instead? Check out our podcast:
CoinMENA News 🗞️
CoinMENA becomes the first to allow USDT withdrawals via Telegram’s TON blockchain: CoinMENA is proud to announce the addition of Telegram’s The Open Network (TON) to its platform, allowing users to send USDT via the TON blockchain. TON joins Ethereum’s ERC-20 and TRON’s TRC-20 as the third blockchain available to CoinMENA users for sending USDT. This aligns with CoinMENA’s mission to become the simplest and safest way to onboard people onto crypto by providing a reliable onramp to stablecoins, the most popular use case thus far. CoinMENA’s announcement came just 10 days after Tether, the issuer of USDT announced that the largest stablecoin in the world is coming to Telegram’s TON blockchain. Read more about the latest release on our blog.
Global News 🌍
Hong Kong’s Bitcoin & Ethereum ETFs launch: During their first trading day on Tuesday, Hong Kong's six new bitcoin and ether exchange-traded funds saw a trading volume of approximately HK$49.4 million ($6.3 million), as reported by data from the Hong Kong Stock Exchange. In contrast, when the 11 spot bitcoin ETFs debuted in the U.S. back in January, their daily turnover reached around $4.6 billion.
The IMF recently published a paper analyzing Bitcoin's cross-border flows, uncovering significant trends in the cryptocurrency market. The study underscores three key findings: first, increased Bitcoin activity correlates with a shift away from traditional risk assets, supporting its role as a hedge against global uncertainty. Second, individuals are increasingly turning to Bitcoin to navigate economic instability in their local economies and bypass capital controls. Lastly, Bitcoin flows are notably more pronounced in emerging and developing markets like Argentina and Venezuela, compared to advanced economies with mature financial markets. These insights shed light on the evolving landscape of Bitcoin adoption and its impact on global finance. Full report here.
MicroStrategy Buys More Bitcoin: Michael Saylor continues his speculative attack on the dollar. Borrowing low-interest, long-duration U.S. dollars, and using the proceeds to buy bitcoin. In April, MicroStrategy acquired an additional 122 BTC for $7.8 million. The company now holds 214,400 BTC at an average price of 35,180 per bitcoin.
Keep an eye on 👀
U.S. Regulators Going After Crypto Companies: The U.S. Department of Justice recently arrested the developers of the Bitcoin Samourai Wallet, accusing them of operating an unlicensed money transmitter. Despite 95% of transactions on the platform being legal, the charges stem from allegations regarding the Samourai mixer, a privacy tool allowing anonymous bitcoin transfers. The Samourai founders plead not guilty, arguing their wallet is non-custodial, meaning they don't control user assets. This, along with the impending case against Tornado Cash developer Roman Storm, has stirred controversy, with many seeing it as an attempt to criminalize financial privacy. As a result, several wallet providers plan to cease U.S. operations, reflecting a trend of regulators driving innovation to crypto-friendly jurisdictions like Dubai and Hong Kong.
Tweet Of The Week 🐥
Quiz Corner ✅
Last week’s question: How many Bitcoin halvings have occurred so far? The Correct answer is c) 3
This week’s question: How many blockchains can CoinMENA use to send USDT
a) 1 network which is ERC-20
b) 2 networks which are ERC-20 and TRC-20
c) 3 networks TON, ERC-20 and TRC-20
See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/
