USDT is a stable currency. Its legality varies by jurisdiction: 1. United States: USDT issuing company was fined, legality is disputed. 2. Hong Kong: USDT is classified as a security and is regulated by the Securities and Futures Ordinance. 3. European Union: USDT is still under regulatory review, and ESMA warns of its potential risks. It is recommended to consult legal counsel to understand local legalities.
What currency does USDT belong to?
USDT (Tether) is a stablecoin.
Are stablecoins legal?
The legality of stablecoins varies by jurisdiction. In some regions, stablecoins have received clear regulatory approval, while in others their legality remains controversial or uncertain.
The specific situation of USDT:
In the United States, USDT is issued by a company called Tether Limited. In 2021, the company’s parent company, iFinex, was fined $41 million by the U.S. Commodity Futures Trading Commission (CFTC) for violating the Bank Secrecy Act.
In Hong Kong, USDT was classified as a security by regulators in 2018. This makes it subject to supervision under the Securities and Futures Ordinance in Hong Kong.
In the EU, USDT is still undergoing regulatory evaluation. In 2022, the European Securities and Markets Authority (ESMA) warned investors about the potential risks of stablecoins.
Overall, the legality of USDT depends on the laws and regulations of the specific jurisdiction. It is recommended that you conduct your own research and consult with legal counsel to understand the specific circumstances in your area.
As of noon on July 9, 2024, Tether (USDT) is worth $0.99999072931737, with a 24-hour trading volume of $68511763460.383. The USDT price edged down by 0.05588812% compared to the previous day.
USDT’s circulating supply is 112207150564.86, the maximum supply is disputed, but the total supply is the same as the circulating supply. This means that all USDT currently in circulation has been minted.
USDT has a market capitalization of approximately $112206110327.98. USDT is generally considered a stable cryptocurrency due to its peg to the U.S. dollar, making it a popular choice for trading and other cryptocurrency activities.
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