Avalanche inscriptions hype, Tether responds to UN report, TUSD depegs

Are Avalanche inscriptions the next Viral hit in crypto and there are Several stories on stable coins that you Need to be aware Of good morning you're listening to the Ryen crypto podcast by coin Telegraph With me Robert bags steering you through The crypto Cosmos with daily dispatches From the digital Frontier if you want to stay ahead of The curving crypto make sure you click That follow button okay grab yourself a Coffee and let's get into [Music] It so today rather accidentally is a Kind of stable coin heavy episode the UN Released a report on crime that heavily Implicates crypto but particularly one Stable coin that stable coin immediately Challenged the report while another Stable coin D pegged but first let's Look at the asc2 token standard on Avalanche that's drawing record Interest I have had cause to tell you About Bitcoin ordinals rather a lot over The past few months the spike in Interest impacted transaction fees saw Miners raking in profits not seen since The height of the bull market and Bitcoin core developers condemning the Inscription of data on Satoshi as Damaging to the network regardless Ordinals drew a lot of eyes and a lot of Money which means inscriptions are now

Starting to emerge in other ecosystems One of which is having more success than Most Bitcoin inscriptions use the brc2 Token standard but the New Rising Star Appears to be asc2 tokens which allow Inscriptions on the Avalanche blockchain Zisson yesterday tuned into a Chinese Language Twitter space hosted by the Crypto exchange bitg the subject of this Twitter space was the Avalanche Inscription token AV ascriptions AV a or Avav this space had 585,000 listeners which might be the Most I have ever seen outside of perhaps Elon Z wrote in the article Linked In The description AI Chief Operating Officer of avav project said that the Project's road map would closely follow A similar footstep as the development of Brc2 assets pointing out that the total Number of inscriptions on the Avalanche Blockchain has surpassed 100 million Since its Inception in June 2023 gate.io Put together an article on asc2 and Their analysts state that on this new Protocol users can mint deploy trade and Hold customized tokens as well as create Assets that serve many purposes from Stable coins to split ownership of real World assets I've linked the article in The description below but everything I Say from it is from Z Sun I can't access It I'm blocked in the UK asc2 and brc2 Do have their different is however asc2

Tokens are created in the Json Inscription format for lower transaction Fees and in the situation where no Miners can process the transaction the Funds are automatically return to the User for a sense of avalanche Inscriptions growth this quote by the Analysts is a good indicator in the First month since the launch of the Inscription token on Avalanche trading Activity and volume have grown rapidly Surging 2,000% in less than a week which Fully demonstrates the Market's Enthusiastic response to the asc2 Token Whether inscriptions on a launch have The legs to become a Force in the space Really depends on how much value they Add to the system by which I don't Merely mean the trading volume the Question is what does asc2 bring to the Table that otherwise wasn't possible for Avalanche this isn't a criticism we're Still learning the utility of asc2 Nevertheless if you want to be on The Cutting Edge of projects being created And being involved in something as it Unfolds you might want to have a look at AA scriptions and Asc2 stable coins are one of the most Interesting narrative in crypto in many Ways last year several times I covered Stable coins in countries such as Argentina where inflation has ravaged The citizens and where the ripio CEO

Sebastian Serrano told coin Telegraph That stable coins have become Indispensable for many companies and Individuals you may also recall that in My story about Javier mle Argentina's President who is highly crypto-friendly That many of the Nationals apparently Received their paychecks and immediately Trade it for stable coins to combat this Inflation although Argentina is an Extreme case the adoption of stable Coins is widespread and a report by the Usdc issuer circle titled state of the Usdc economy suggest it's trending Quickly in the right direction in the First 11 months of 2023 the circulating Supply of usdc fell from 45 billion to $25 billion approximately 44% Circle Choked this up to and I quote Rising Interest rates regulatory crackdowns Bankruptcy and outright fraud which it Is suggested rattled many holders who Exited the crypto space comp completely That is one hell of a contraction and Yet another stat tells a different Almost opposite Story the number of Wallets with over $10 worth of usdc in Them grew to over 2.7 million which is a 59% increase over 2022 for me stable Coins have fabulous utility for Crossborder payments without the heavy Fees slow processing times or volatility Of other crypto tokens so the 59% growth Indicates to me that more people are

Engaging with the value of stable coins Like usdc what do you make of this Growth tweet us on @ cointelegraph or Arc Bags a recent report by the United Nations on crime has flagged crypto Derek Anderson went through the document And wrote a piece yesterday so I wanted Him to introduce the story the reports Title is casinos money laundering Underground Banking and transnational Organized crime in East and Southeast Asia a hidden and accelerating threat it Isn't about crypto but crypto is Mentioned over a 100 times in 90 Pages There are gangsters armed insurgents Exploited workers Smugglers and junket Operators junkets are gambling tours for The very rich but these operators serve Illicit Financial functions as well the Report names names and places and if it Weren't true sadly you could call it Cyber Punk we've talked about scams Using crypto in parts of Asia before you Might remember Pig butchering romance Scams where people are baited into a Connection with a stranger offered Investment opportunities that yield Profits and then when they can secure a Big enough amount from the victim they Vanish well as Derek says the report Also highlights illegal gambling and Other scams which are all becoming more Sophisticated due to advances in

Technology the report States recent Advances in large language model-based Chatbots deep fake technology and Automation have given rise to more Sophisticated and damaging cyber fraud Schemes posing a major threat to Individuals and the formal banking Industry now the report does pick one Crypto out of the crowd as being the Most popular by Bad actors because of Its stability ease of use anonymity and Low fees and that coin is tether if it Weren't for the bad actor's part that Would be a great advert for tether Stable coins weren't alone in receiving Heat from the UN exchanges were said to Create massive gaps in crime attribution On the blockchain fabricated reporting By crypto exchanges and the prevalence Of wash trading which inflates crypto Transaction volumes thereby shrinking The portion of illicit transactions Identified it didn't take long however For tether to officially challenge this Report and I'll link the blog post in The description too tether called the UN Out for ignoring the traceability of Usdt the firm's proven track record with Law enforcement worldwide and tether's Active freezing of usdt involved in Illicit activities in fact last November The aformentioned pig butchering romance Scams were investigated by the doj and As a result tether froze

$225 million in illicit funds connected To the Syndicate so I don't think it's Unreasonable for Te to be irked by this Report tether wrote the un's assessment Singles out usdt highlighting its Involvement in illicit activity while Ignoring its role in helping developing Economies in Emerging Markets completely Neglected by the Global Financial World Simply because servicing such Communities would be unprofitable for Them for me what's so often frustrating About these reports and comments isn't The veracity of the statements but the Lack of context yes crypto has been and Will be involved in crime but nowhere Near to the degree of Fe currencies for Example whether by volume or percentage And note that while people call for the Death of crypto they rarely call for the Death of AI which is as prevalent if not More so than crypto in modern scamming And it's growing rapidly to be clear People shouldn't call for the death of Either blockchain and AI are high Utility Technologies and like every World changing technology ever created They can be and will be misused the Industry must just work on countering it I suspect more scams have happened as a Result of the internet in its 30 odd Years of mass use than hundreds of years Before it combined I'm sure in the Mid90s many vilified the internet but

Like a car is a better getaway vehicle Than a bicycle the Technologies aren't The reason for the crime even if Temporarily they make new versions of Old crimes Easier finally we have a story that Evokes a PTSD style response in cryptops A stable coin has D pegged fortunately It's not usdt or usdc who are dominant In the stable coin space though it is The fifth biggest stable coin by market Cap according to coin market cap true USD with a ticker TUSD is the stable Coin link to Justin sun and at 11:00 A.m. UTC yesterday the 15th of January It fell significantly below its Peg and At the time of recording this 7:00 a.m. Eastern it's still only 0.986 that doesn't sound like a big Difference just over 1% but for a stable Coin that is dangerous instability so What caused it it seems to have been a Massive sell off of TUSD to tether on Binance as Tom Mitchell Hill wrote in His article just 13 hours ago as of Publication Traders have sold more than $339.00 Million worth of TUSD in the Last 24 hours on binance compared to $296.3 Million worth of buy orders Marking a total net outflow of $ 42.3 Million so we need to go one layer Deeper what caused the sudden outflows Tom found a report from the 10th of January that stated that as of the 9th

Of January realtime tests of TUSD Stopped working suggesting that the Stable coin may have been under Collateralized that is TD's reserves Might not be sufficient an ex user row Ryder flagged that on the exchange Pon Ex TUSD had been as low as $0.92 for several weeks despite more or Less maintaining its Peg on binance so This user wondered why people aren't Capitalizing on the Arbitrage trades of Nearly 10% and concluding it must be That people cannot withdraw TD from Poniax the poniax telegram group appears To confirm that as users sent messages That they remain unable to withdraw TUSD From The Exchange worrying stuff for True USD well I didn't expect to be doing a Stable coin episode but I go where the Stories are that you need to know about If there are any important developments I will keep you updated but that's it For today so consider yourself informed Thank you for listening to the ryen Crypto podcast by coin Telegraph if You're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review and to all of you that have Already done that we love you for it Have a great day let's do this again [Music] Tomorrow