The stablecoin USDT is back in the spotlight after the Consumers' Research organization pointed out the potential risks it poses to users. This and more news is in this handy daily summary so that you are always informed with the latest events that occur within the crypto world.
Consumers' Research Warns Against Tether's Stablecoin USDT
📍In a recently published report, the non-profit organization Consumers' Research, focused on educating and defending the interests of consumers, highlighted the hidden risks in the most popular stablecoin on the market, USDT. Consumers' Research's warning about Tether (USDT) focused on the lack of independent audits verifying the reserves backing the value of the stablecoin, which is pegged to the US dollar. According to the organization, to date no recognized auditing firm has conducted a thorough audit of USDT's cash reserves to verify that the stablecoin's issuance is truly backed.
At the time of writing, USDT issuance exceeds 118.800 billion units, equivalent to $118.800 billion USD. This huge value, and the lack of transparency in reserves as noted by Consumers' Research, could raise serious concerns about its stability and financial integrity.
Consumers' Research said The lack of independent audits of USDT is a “red flag” for Tether, as the company has promised to conduct an audit for years, but to date, it has not been carried out. The organization also highlighted the issuing company’s track record, which includes investigations for market manipulation and a lack of transparency in its operations.
With this report, the organization seeks to underline the growing need for greater transparency and regulation in the cryptocurrency space. Finally, it recommended that consumers be alert to the potential risks associated with the use of this stablecoin, in order to prevent another potential collapse in the crypto sector, which could result in significant losses for users and investors.
Blockchain gaming hits new record for daily active users
📍In August, blockchain-based games hit a new record with 4,2 million daily active users. The Web3 gaming sector experienced unprecedented growth in August, with daily unique active users (dUAW) up 5% last month.
According to DappRadar’s report, the Ronin Network blockchain is dominating the blockchain gaming landscape, remaining the leader in this sector with over 1,3 million daily active users registered in August.
On the other hand, the report notes that multi-chain games are attracting users en masse to this sector. For example, KGeN, a gaming ecosystem that has expanded across nine different blockchains, emerged as the most popular decentralized gaming app in the month of August, with over 2,3 million daily active users. Also, in addition to the growth in users, investments in blockchain-based games also increased exponentially, reaching $50 million. This represents a 117% increase compared to the previous month, DappRadar indicated.
VeChain community approved VeBetterDAO proposal
📍VeBetterDAO brings new features to VeChain, including Sustainable Proof of Work. Through X, VeChain developers announced that the project community approved, with 13,3 million VOT3 tokens, the VeBetterDAO proposal, paving the way for the development team to implement the necessary changes and activate the new functions on the blockchain.
The newly approved proposal will allow VOT3 holders to participate in decision-making on governance proposals on the network. It also introduces the so-called Proof of Sustainable Work, designed to boost the use of applications and transactions, as well as improve rewards for users in the VeChain ecosystem.
Other improvements introduced by the governance proposal include X-Node, to support applications and transactions on the blockchain. Lastly, VeBetterDAO introduced an NFT functionality that will allow users to unlock higher levels of GM NFTs.
Danny Ryan steps down from the Ethereum Foundation
📍Prominent Ethereum Foundation researcher and developer Danny Ryan has announced his resignation after seven years of contributions to Ethereum. Ryan, who has been a key figure in the development of Ethereum 2.0, has announced that for personal reasons, he will be taking a break from developing the Ethereum network.
“I spent over 7 years on this project, achieved more than I expected and had an amazing time doing it,” wrote Ryan said in a post shared on GitHub, in which he also highlighted his pivotal role in the design and implementation of Ethereum’s Proof of Stake (PoS) consensus protocol.
In the post, Ryan addressed the crypto community not to reflect and give advice, but rather to highlight the importance of the Ethereum blockchain and the many things that can be built on top of it to provide true value to society.
Ryan said he would be focusing on his family and developing some small personal projects he had been putting off and was open to new part-time opportunities as 2025 progressed. “I love the confluence of technology, people, open source and strategy, and I have a unique depth of experience to draw on.”
Aptos recorded 578 million monthly transactions
📍The promising layer-1 blockchain has seen record on-chain activity in recent weeks. According to on-chain data, Aptos processed an impressive 578 million user transactions last month, a figure that exposes the growing user interest and adoption of this blockchain. Furthermore, the data shows that 5,4 million addresses were active last month, attracted by various DeFi and NFT projects.
Aptos attributes this surge in activity to its recent upgrade, which improved performance and reduced transaction fees on the network. However, some observers have expressed concern that some of this impressive on-chain activity may be being driven by bots.
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