Crypto Weekend Highlights: Tron USDT Outpaces Visa, $6B German Bank Names Bitcoin Advocate as CEO, and Other Updates

Crypto Weekend Highlights: Tron USDT Surpasses Visa, $6B German Bank Appoints Bitcoin Enthusiast as CEO, and More

Crypto Weekend Highlights: Last week, Tether (USDT) on the Tron network briefly exceeded the average daily trading volume of Visa, a payments industry giant, over a 24-hour period.

According to data sourced from TronScan, as reported in a June 21 post by blockchain analysis platform Lookonchain, Tether (USDT) transactions on the Tron network reached a total trading volume of $53 billion. This figure surpassed Visa’s average daily trading volume by $9 billion.

According to Lookonchain, Visa’s average daily trading volume in Q1 2024 amounted to $42 billion.

Christopher Maurice, founder of the African crypto fintech platform Yellow Card, highlighted that USDT on the Tron network is widely used across Africa. In a March 26 interview with Techopedia, Maurice explained that many Africans opt to use U.S. Dollar-pegged stablecoins such as Tether on low-cost networks like Tron to safeguard their funds from high levels of domestic inflation.

Maurice also noted that it is lesser-known that USDT exhibits significantly greater liquidity on Tron compared to larger blockchain networks like Ethereum.

The Tron network, associated with Justin Sun, currently ranks as the 12th largest blockchain network by market capitalization, valued at just over $10.3 billion according to CoinGecko data at the time of this publication.

Despite handling multibillion-dollar volumes of USDT on its network, Tron has encountered challenges with other stablecoin providers in recent months, notably U.S.-based stablecoin issuer Circle.

On February 21, Circle, the second-largest stablecoin issuer, discontinued its support for USD Coin (USDC) on the Tron network. Circle cited concerns regarding trust, transparency, and safety as reasons for this decision. Subsequently, on March 25, the international cryptocurrency exchange Binance also halted support for TRC-20-based USDC, affecting deposit and withdrawal services on its platform.

A $6 Billion German Bank Appoints a Bitcoin Advocate as Its New CEO

Andreas Streb, a banking executive known for his Bitcoin-friendly stance, has been appointed as the CEO of Volksbank Raiffeisenbank Bayern Mitte, a German regional bank with assets totaling $6 billion.

The current CEO, Richard L. Riedmaier, announced his retirement several weeks ago, scheduled to step down by the end of the year. Streb is set to assume the CEO position at the beginning of next year, as reported by local media on June 21.

Streb gained recognition for his leadership in launching and promoting a Bitcoin program at VR Bayern-Mitte. His initiative in pioneering this Bitcoin-specific program was widely acclaimed within the bank and the broader financial community.

A Colorado Man Used Funds from Cryptocurrency Fraud to Send His Girlfriend on a Trip to the Bahamas

A Colorado man, aged 46, pleaded guilty to orchestrating a $2.2 million cryptocurrency fraud scheme. Robert Wesley Robb employed high-pressure sales tactics to deceive more than ten victims into investing sums exceeding $100,000 each. He marketed a Maximum Extractable Value (MEV) bot, falsely claiming it could generate substantial profits through automated trading. The U.S. Attorney’s Office in the Eastern District of Virginia issued a statement on June 21 detailing the case.

Robb assured investors that their funds would be allocated as trading capital for his MEV bot. However, instead of fulfilling this promise, he diverted investor funds into multiple cryptocurrency exchanges and personal bank accounts. These funds were subsequently used to finance his personal expenses, which included luxury items such as vacations, gambling activities, cars, and more.

According to the United States Attorney’s Office, Robb allocated $204,423 to lease an executive suite at the Denver Broncos’ Mile High Stadium, spent $117,570 on purchasing a 2023 Jeep Wagoneer, and directed $46,914 towards sending his girlfriend and her extended family to a resort in the Bahamas.

For the latest in crypto updates, keep tabs on Crypto Data Space.