Tether

2026-10-04 03:18:57

Tether-backed Utexo to launch RGB-based USDT on Bitcoin at month-end

Tether-backed infrastructure project Utexo plans to roll out USDT on the Bitcoin blockchain by the end of this month, according to BlockTempo. The token will use the RGB protocol, a client-side validation system that keeps transfer details off Bitcoin’s public ledger. Utexo says the setup will support private USDT transfers, direct BTC-to-USDT swaps, and bitcoin-backed lending using native BTC as collateral. The report says this marks USDT’s return to the Bitcoin ecosystem for the first time since its 2014 debut in the Omni era. Utexo, founded in 2025, said it has received a commercial license from Tether to use the USDT trademark and issue the token on Bitcoin for exchanges, wallets, and payment firms. Co-founder Viktor Ihnatiuk confirmed the authorization to CoinDesk on Telegram, while Tether CTO Paolo Ardoino posted on X in support of the move. Utexo also outlined a compliance model based on a blacklist of sanctioned or illicit UTXOs rather than the address-freezing method used on Ethereum. After the Bitcoin launch, the company’s next step is to extend USDT to the Lightning Network for near-zero-fee, near-instant settlement inside the Bitcoin ecosystem.

Velocity

2026-10-02 20:14:00

Velocity opens claims for April hack compensation, with current recovery at about 1% of losses

Velocity, the Solana-based perpetual futures exchange formerly known as Drift, has opened compensation claims tied to its April exploit. Under the current arrangement, users receive 1 DFX token for every 1 USDT lost. At the present payout rate, each DFX is worth about 0.0104 USDT, putting recovery at roughly 1% of user losses. The compensation pool currently stands at about 3.11 million USDT, while DFX has a total supply of roughly 299.5 million tokens and will not be inflated further. The Drift Foundation said the pool will continue to be funded through protocol revenue. It also said Tether has committed up to 127.5 million USDT to support the platform restart and user compensation. Claims will remain open until Jan. 1, 2028. Drift was previously hit by an attack in April, with losses of about $295.4 million, according to Odaily.

Anchorage Dig

2026-10-02 18:41:17

Anchorage Digital reportedly cuts 17% of staff as it expands stablecoin and institutional business

Anchorage Digital, the federally chartered U.S. digital asset bank that was valued at $4.2 billion earlier this year, has reportedly cut 17% of its workforce, according to The Information. The report, which cited people familiar with the matter, said CEO Nathan McCauley told employees about the reductions this week. Based on McCauley’s congressional testimony in February that Anchorage had about 400 employees globally, the reported reduction would equal roughly 68 jobs if headcount had stayed near that level. Cointelegraph said it contacted a public relations representative for Anchorage but did not receive an immediate response. The report placed the layoffs against a weak crypto market over the past year, noting that Bitcoin briefly rose above $87,000 on Friday but remained far below its $126,000 peak from last October. The cuts come even as Anchorage keeps adding to its institutional presence in the regulated U.S. crypto sector. The company received a national trust charter from the Office of the Comptroller of the Currency in 2021, has grown into a major crypto custodian, has moved into stablecoin issuance including Tether’s new U.S. stablecoin USAT, and earlier this year received a $100 million strategic investment from Tether.

Anchorage Dig

2026-10-02 18:50:55

Anchorage Digital cuts 17% of staff as crypto downturn stretches on

Anchorage Digital, the federally chartered digital asset bank in the U.S., has laid off 17% of its workforce, according to a Friday report from The Information citing people familiar with the matter. CEO Nathan McCauley told employees about the decision this week. Based on Anchorage’s previously reported global headcount of about 400 employees as of February, the reduction would affect roughly 68 roles. The company was valued at $4.2 billion earlier this year. The Information linked the layoffs to a year-long slump in the crypto market. Bitcoin briefly climbed back above $87,000 on Friday, though it remained well below its $126,000 peak from October last year. Even as it trims staff, Anchorage is still expanding its footprint in the regulated U.S. crypto sector. The company became the first crypto firm to receive a national trust charter from the Office of the Comptroller of the Currency in 2021 and has since grown into a major crypto custody provider. More recently, it moved into stablecoin issuance, including participation in Tether’s new U.S. stablecoin USAT, and earlier this year received a $100 million strategic investment from Tether.

Anchorage Dig

2026-10-02 18:56:04

Anchorage Digital reportedly cuts about 17% of staff at a $4.2 billion valuation

Anchorage Digital, the U.S. digital asset bank, has reportedly laid off about 17% of its workforce, according to Cointelegraph, as cited by Odaily. Based on the company’s headcount of about 400 employees in February this year, the reduction would affect roughly 68 roles if staffing remained at a similar level. CEO Nathan McCauley informed employees of the layoffs this week. The reported cuts come after Anchorage Digital was valued at $4.2 billion earlier this year. In recent years, the company has expanded its regulated crypto business and moved into stablecoin issuance. That includes participation in Tether’s newly launched U.S. dollar stablecoin, USAT. Earlier this year, Anchorage Digital also received a $100 million strategic investment from Tether. The report did not disclose further details on the layoffs beyond the percentage cut and the internal notification by management.

USDT

2026-10-02 08:28:19

USDT returns to Bitcoin this month as Tether-backed Utexo prepares new features

Tether’s USDT is set to return to the Bitcoin network this month, more than a decade after the stablecoin first debuted there, according to CoinDesk. The move is tied to Utexo, a project backed by Tether, which plans to roll out several Bitcoin-based functions around the token. Those include private USDT transfers, direct swaps between BTC and USDT, and loans backed by BTC. CoinDesk also said Utexo intends to keep most transaction data off Bitcoin’s public ledger. The article was written by Jamie Crawley and edited by Stephen Alpher. CoinDesk published the report on Oct. 2, 2026. The development points to a renewed push to use Bitcoin infrastructure for stablecoin activity rather than limiting USDT to other blockchain networks.

Drift

2026-10-02 05:56:20

Drift compensation rollout sparks backlash as DFX redemption value sits near 1% of face value

Drift Foundation has opened claims and redemptions tied to its April 1 security incident, allowing affected users to receive newly issued DFX tokens on a 1:1 basis against verified losses. DFX is a fixed-supply SPL token on Solana, with roughly 299.5 million tokens representing about $295.4 million in verified losses. Holders can burn DFX through the official portal for USDT at a floating redemption price or trade the token on secondary markets such as Raydium. Based on a recovery pool balance of about 3.11 million USDT, the current redemption value is around $0.0104 per DFX, meaning users can presently recover only about $1 for every $100 lost. The figure has triggered sharp criticism from community members, who argue that a nominal full-value claim token currently covers only about 1% of losses. At the same time, DFX has traded above redemption value in the secondary market, rising from roughly $0.01 to about $0.03, up around 210% over 24 hours, as traders bet on future inflows including pledged support, protocol revenue sharing, and recovered funds.

Drift Foundat

2026-10-01 16:15:58

Drift Foundation launches DFX claims and redemptions for users hit in April 1 incident

Drift Foundation said on Oct. 2 that DFX claims and redemptions are now live for users whose losses in the April 1 incident have been verified. Eligible users can claim 1 DFX for every 1 USDT lost, according to BlockBeats. Each DFX token represents a claim on the Recovery Pool, which currently holds about 3.11 million USDT. The pool is funded by a portion of Velocity’s daily protocol net revenue, matching funds from Tether of up to 127.5 million USDT, up to 20 million USDT from strategic partners, and assets recovered later. DFX can be redeemed for USDT based on the formula of Recovery Pool balance divided by DFX outstanding supply. Redeemed DFX will be burned, and the transaction cannot be reversed. The claim window will close at 00:00 UTC on Jan. 1, 2028, and any unclaimed DFX will be burned at that time. Drift Foundation also disclosed an update a day earlier on asset recovery tied to the April 1 security incident, saying about $295.4 million in user assets were stolen. The foundation has engaged Mandiant, zeroShadow, and SEAL 911 for investigation and fund tracing. Mandiant identified the attacker as North Korean threat group UNC6862.