The world of cryptocurrency developments has been buzzing yesterday with some really interesting updates that hopefully reshape the financial landscape for the better. From Tether’s monumental milestone to the Federal Reserve’s game-changing payment model and Coinbase’s acquisition, here’s some of the major stories from cryptocurrency development!
In major cryptocurrency development, Tether’s USDT Skyrockets
In what we may call a historic leap for cryptocurrency, Tether’s USDT stablecoin officially reached 500 million users worldwide. In other words, USDT now touches 6.25% of the global population.
Tether CEO Paolo Ardoino called it “likely the biggest financial inclusion achievement in history.”
Unlike mere wallet counts, these 500 million represent real people using USDT to transact and save, especially in regions where traditional banking is out of reach. With the World Bank estimating 1.4 billion adults lack bank accounts, cryptocurrency development offers a lifeline.
Fed’s “Skinny” Payment Accounts Open Doors for Crypto
The U.S. Federal Reserve is stepping up its cryptocurrency game with “skinny” payment accounts designed to give fintechs and crypto firms direct access to the Fed’s payment rails.
Fed Governor Christopher J. Waller announced at the Payments Innovation Conference, that this move could end the crypto industry’s long-standing struggle for banking access.
These accounts would allow smaller players who are sidelined, a“master account” system reserved for big banks, to tap into payment services.
“I believe we can and should do more to support those actively transforming the payment system,” Waller said.
This innovative model is aimed at controlling risks while expanding access, making the financial system more inclusive and dynamic.
Coinbase’s $375M Bet on Echo: Crowdfunding Meets Crypto
In another rather significant cryptocurrency development, Coinbase has acquired Echo, a crowdfunding platform founded by crypto trader Jordan Fish (aka Cobie), for a cool $375 million.
The acquisition signals Coinbase’s belief that onchain crowdfunding is the next big wave in crypto.
Echo, launched in beta in April 2024, has already raised $51 million across 131 deals, including Ethena’s synthetic dollar protocol USDe, one of the fastest-growing yield-bearing stablecoins.
“I certainly didn’t think Echo would be sold to Coinbase, but here we are,” Cobie posted on X, reflecting on the platform’s meteoric rise.
This acquisition, paired with Coinbase’s $25 million USDC transfer to revive Cobie’s UpOnly podcast, shows how cryptocurrency development is fueling community-driven innovation.
And that’s a wrap for today! Today’s news highlights the unstoppable momentum of cryptocurrency development. Stay tuned for more updates and give us a follow-on social media.
