DeFi and Crypto Markets in Turmoil: Tether’s Competitors Eye "Kill"
Paolo Ardoino: Competitors and Politicians Intend to "Kill Tether"
Tether, the issuer of the world’s largest stablecoin, USDt (USDT), faces mounting pressure from competing firms and politicians, according to CEO Paolo Ardoino. Tether’s market capitalization stands at over $142 billion, more than twice that of Circle’s USD Coin (USDC) at $56 billion. However, competitors aim to "kill Tether," Ardoino stated, citing lawfare tactics, instead of focusing on better products and distribution networks.
Altseason 2025: "Most Altcoins Won’t Make It," CryptoQuant CEO Says
Most cryptocurrencies beyond Bitcoin and Ether may not experience a widespread "altcoin season" rally in 2025, according to Ki Young Ju, founder and CEO of CryptoQuant. Only select tokens with strong fundamentals and revenue-generating models will outperform the rest of the market. Ju believes that the era of everything pumping is over, and only a few projects with sustainable investor interest will succeed.
Bybit Hacker Laundered $335M as Funds Continue to Move
The hacker behind the $1.4 billion Bybit exploit has laundered more than $335 million in digital assets, with investigators tracking the movement of stolen funds. The hack, which occurred on February 21, saw Bybit lose over $1.4 billion in liquid-staked Ether (STETH), Mantle Staked ETH (mETH), and other digital assets.
US Lawmakers Advance Resolution to Repeal "Unfair" Crypto Tax Rule
US lawmakers in the House of Representatives have advanced a resolution to repeal the "DeFi broker rule," which requires brokers to report digital asset transactions to the Internal Revenue Service. The rule, set to take effect in 2027, expands existing reporting requirements to include decentralized exchanges. The House Ways and Means Committee voted 26-16 to advance the resolution, with critics arguing it is an "unlawful and unconstitutional overreach" that restricts Americans’ freedom of choice in transactions.
MetaMask Adds Fiat Off-Ramp for 10 Blockchains to Improve Crypto Accessibility
Ethereum-based cryptocurrency wallet MetaMask is expanding its fiat off-ramp services to support 10 additional blockchain networks, simplifying the process of converting digital assets into traditional currency. The move, in partnership with payments provider Transak, removes the need for users to swap assets into Ether (ETH) tokens before converting them to fiat.
DeFi Market Overview
The DeFi market experienced a tumultuous week, with most of the 100 largest cryptocurrencies by market capitalization ending in the red. Solana-based decentralized exchange Raydium’s (RAY) token fell over 55% as the week’s biggest loser, followed by the Lido DAO (LDO) token, down over 34% on the weekly chart.
Conclusion
The DeFi and crypto markets faced significant challenges this week, with Tether’s competitors and politicians applying pressure, and the market experiencing a downturn. The outlook for altcoins remains gloomy, with only select projects with strong fundamentals and revenue-generating models expected to succeed. Meanwhile, the DeFi market experienced a tumultuous week, with most of the 100 largest cryptocurrencies by market capitalization ending in the red.
FAQs
Q: What is the current market capitalization of Tether?
A: Tether’s market capitalization stands at over $142 billion.
Q: What is the market capitalization of Circle’s USD Coin (USDC)?
A: Circle’s USD Coin (USDC) has a market capitalization of $56 billion.
Q: What is the current market capitalization of DeFi projects?
A: According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest DeFi projects by market capitalization ended the week in the red.
Q: What is the outlook for altcoins in 2025?
A: According to Ki Young Ju, founder and CEO of CryptoQuant, most altcoins beyond Bitcoin and Ether may not experience a widespread "altcoin season" rally in 2025. Only select tokens with strong fundamentals and revenue-generating models will outperform the rest of the market.
