USDT milik Tether memproses pembayaran senilai US$156 miliar untuk transaksi US$1.000 atau kurang di tahun 2025, menurut data yang dibagikan hari ini oleh CEO Paolo Ardoino, berdasarkan data Chainalysis dan Artemis.

Angka ini menyoroti sisi adopsi aset kripto yang sering tidak terlihat di grafik harga maupun aliran ETF, yaitu penggunaan transaksi sehari-hari.

USDT digunakan sebagai pengganti bank dan uang tunai

Transfer dengan nilai kecil sekarang menjadi bagian signifikan dari aktivitas USDT. Data menunjukkan pertumbuhan stabil sejak 2020, bahkan makin cepat di sepanjang 2024 hingga 2025, karena rata-rata volume harian untuk transfer di bawah US$1.000 naik melampaui US$500 juta.

Hal ini menunjukkan USDT berfungsi bukan hanya sebagai instrumen trading, tapi lebih sebagai jalur pembayaran digital.

Pentingnya terlihat dari siapa yang menggunakan stablecoin dan bagaimana caranya. Transfer di bawah US$1.000 biasanya mencerminkan pengiriman uang, gaji, pembayaran ritel, perpindahan dana tabungan, dan transaksi antar pengguna, terutama di negara-negara berkembang.

Berbeda dengan arus besar di exchange, transaksi ini umumnya tidak bersifat spekulatif dan terjadi secara rutin.

Secara praktis, USDT semakin sering digunakan sebagai pengganti uang tunai dan transfer bank di wilayah di mana akses terhadap dollar terbatas atau mahal.

Tren ini sejalan dengan perkembangan USDT di tahun 2025. Pasokan yang beredar mencapai rekor tertinggi selama tahun ini, menggambarkan permintaan likuiditas dollar yang melampaui sekadar trading aset kripto.

Pada saat yang sama, perubahan regulasi juga memengaruhi di mana dan bagaimana USDT beredar.

Di AS, GENIUS Act memperjelas aturan hukum untuk stablecoin pembayaran, sehingga memperkuat kepercayaan institusional terhadap token dollar yang sesuai regulasi.

Di Eropa, MiCA memperkenalkan aturan lisensi yang lebih ketat sehingga beberapa aktivitas di platform berlisensi bergeser dari USDT, tapi tidak mengurangi penggunaan USDT di jaringan global.

Tether juga memperluas infrastruktur miliknya. Investasi terbaru dalam jalur pembayaran berbasis Lightning menandakan upaya untuk membawa USDT ke jaringan settlement yang lebih cepat dan biaya rendah.

Kemitraan regional di Afrika serta Timur Tengah juga menegaskan fokus pada pembayaran dan akses keuangan, bukan hanya likuiditas exchange.

Secara menyeluruh, angka US$156 miliar ini mengubah sudut pandang soal adopsi kripto. Walau siklus pasar mendominasi berita utama, stablecoin terus berkembang diam-diam sebagai infrastruktur keuangan sehari-hari.

Pertumbuhan pembayaran kecil dengan USDT menunjukkan bahwa di tahun 2025, adopsi kripto kini bukan hanya soal spekulasi, tapi soal manfaat nyata, ketahanan, dan kemudahan akses ke dollar global. Pergeseran ini bisa jadi jauh lebih tahan lama dibanding reli pasar bullish manapun.

Tether’s USDT processed $156 billion in payments of $1,000 or less in 2025, according to figures shared today by CEO Paolo Ardoino, based on Chainalysis and Artemis data. 

The number highlights a side of crypto adoption often missed by price charts and ETF flows – everyday transactional use.

USDT is Being Used as a Substitute for Banks and Cash

Small-value transfers now represent a meaningful share of USDT activity. The data shows steady growth since 2020, with acceleration through 2024 and into 2025, as average daily volumes for sub-$1,000 transfers climbed above $500 million. 

This points to USDT functioning less as a trading instrument and more as a digital payments rail.

The significance lies in who uses stablecoins and how. Transfers under $1,000 typically reflect remittances, payroll, retail payments, savings movement, and peer-to-peer transfers, especially in emerging markets. 

Unlike large exchange flows, these transactions tend to be non-speculative and recurring. 

In practical terms, USDT is increasingly acting as a substitute for cash and bank wires in regions where access to dollars is limited or expensive.

This trend aligns with USDT’s broader trajectory in 2025. Circulating supply reached new highs during the year, reflecting demand for dollar liquidity beyond crypto trading. 

At the same time, regulatory developments reshaped where and how USDT circulates. 

In the US, the GENIUS Act clarified the legal framework for payment stablecoins, reinforcing institutional confidence in compliant dollar-backed tokens. 

In Europe, MiCA introduced stricter licensing rules, shifting some regulated platform activity away from USDT but not slowing global on-chain usage.

Tether has also expanded its infrastructure footprint. Recent investments in Lightning-based payment rails signal an effort to push USDT into faster, lower-cost settlement networks. 

Regional partnerships in Africa and the Middle East further indicate a focus on payments and financial access, not just exchange liquidity.

Taken together, the $156 billion figure reframes the crypto adoption debate. While market cycles drive headlines, stablecoins continue to scale quietly as financial plumbing. 

The growth in small USDT payments suggests that, in 2025, crypto adoption is less about speculation and more about utility, resilience, and global dollar access. This shift may prove more durable than any bull market.

The post Tether’s USDT Payment Stats Show the Real State of Crypto Adoption in 2025 appeared first on BeInCrypto.

Bitcoin experienced an extreme bout of volatility on December 17, surging more than $3,000 in under an hour before reversing sharply and falling back toward $86,000.

The violent swing did not follow any major news. Instead, market data shows the move was driven by leverage, positioning, and fragile liquidity conditions.

A Short Squeeze Pushed Bitcoin Higher

The initial rally began as Bitcoin pushed toward the $90,000 level, a major psychological and technical resistance zone.

Liquidation data shows a dense cluster of leveraged short positions positioned above that level. When price moved higher, those shorts were forced to close. That process requires buying Bitcoin, which pushed prices up even faster.

Roughly $120 million in short positions were liquidated during the spike. This created a classic short squeeze, where forced buying accelerates the move beyond what normal spot demand would justify.

At this stage, the move looked strong. But the structure underneath it was weak.

The Rally Flipped Into A Long Liquidation Cascade

As Bitcoin briefly reclaimed $90,000, new traders entered the market chasing momentum.

Many of those traders opened leveraged long positions, betting the breakout would hold. However, the rally lacked sustained spot buying and quickly stalled.

When the price began to fall, those long positions became vulnerable. Once key support levels broke, exchanges automatically liquidated those positions. More than $200 million in long liquidations followed, overwhelming the market.

Whoever is left

We need to know what happened on October 10

It's VERY apparent that the market broke that day and nothing has been the same since

We haven't seen Bitcoin or Alts trade like this since 2018

We need answers pic.twitter.com/jXe7jwd7RA

— EllioTrades (@elliotrades) December 17, 2025

This second wave explains why the drop was faster and deeper than the initial rise. 

Within hours, Bitcoin had fallen back toward $86,000, erasing most of the gains.

Positioning Data Shows A Fragile Market Setup

Trader positioning data from Binance and OKX helps explain why the move was so violent.

On Binance, the number of top trader accounts leaning long rose sharply ahead of the spike. However, position-size data showed less conviction, suggesting many traders were long but not heavily sized.

On OKX, position-based ratios shifted aggressively after the volatility. That suggests larger traders repositioned quickly, either buying the dip or adjusting hedges as liquidations played out.

This combination — crowded positioning, mixed conviction, and heavy leverage — creates a market that can move violently in both directions with little warning.

Did Market Makers Or Whales Manipulate The Move?

On-chain data showed market makers such as Wintermute moving Bitcoin between exchanges during the volatility. Those transfers coincided with the price swings but do not prove manipulation.

Market makers routinely rebalance inventory during periods of stress. Deposits to exchanges can indicate hedging, margin management, or liquidity provision, not necessarily selling to crash prices.

Importantly, the entire move can be explained by known market mechanics: liquidation clusters, leverage, and thin order books. There is no clear evidence of coordinated manipulation.

What This Means For Bitcoin Going Forward

This episode highlights a key risk in today’s Bitcoin market.

Leverage remains elevated. Liquidity thins quickly during fast moves. When price approaches key levels, forced liquidations can dominate price action.

Bitcoin’s fundamentals did not change during those hours. The swing reflected market structure fragility, not a shift in long-term value.

🚨 BITCOIN IS BEING MANIPULATED, AND I HAVE SOLID PROOF!!!

Everyone’s talking about how Bitcoin went up $3,000 and then down $4,000 in minutes.

Everyone’s posting about it…

but nobody seems to understand what actually happened.

You need to look at the flows, not the chart.… pic.twitter.com/IHCXtx3sUF

— NoLimit (@NoLimitGains) December 17, 2025

Until leverage resets and positioning becomes healthier, similar sharp moves remain possible. In this case, Bitcoin did not rally and crash because of news.

It moved because leverage turned price against itself.

The post Bitcoin Added And Lost Nearly $100 Billion In Hours, What Just Happened? appeared first on BeInCrypto.

Caroline Ellison, the former CEO of Alameda Research and a central figure in the FTX scandal, is no longer behind bars. 

US Bureau of Prisons records show Ellison has been transferred from federal prison to Residential Reentry Management (RRM) in New York. This marks a shift from incarceration to community confinement.

What RRM Status Actually Means

According to the Bureau of Prisons inmate locator, Ellison remains in federal custody with a projected release date of February 20, 2026. However, her current status confirms she is no longer housed in a correctional facility.

RRM — short for Residential Reentry Management — oversees the final phase of a federal sentence. Individuals under RRM may be placed in a halfway house or home confinement, rather than a prison. 

While still under Bureau of Prisons supervision, inmates face fewer physical restrictions and may be permitted to work, maintain limited social contact, and prepare for reintegration.

Unlike prison, RRM placements involve no cells, no guards, and significantly more autonomy, though strict monitoring and movement limits remain in place. 

Ellison’s transfer signals she has entered the reentry phase of her sentence, not that she has been released.

Ellison’s Role in the FTX Collapse

Ellison pleaded guilty in 2022 to multiple federal fraud charges tied to the misuse of FTX customer funds. 

As CEO of Alameda Research, the trading arm closely tied to FTX, she admitted to executing trades and financial maneuvers that relied on billions in customer deposits.

However, prosecutors and the court drew a clear distinction between Ellison’s role and that of FTX founder Sam Bankman-Fried, who designed the systems that enabled the fraud. Ellison did not control FTX’s exchange infrastructure, customer custody mechanisms, or governance.

Today, SBF's lawyer asked him about his relationship with Caroline Ellison and why it ended. SBF responded by mentioning she wanted more than the time and energy he could give:

"Historically, I haven't been great at … romantic relationships" pic.twitter.com/w19csqFgPr

— Zack Guzmán ♻️ (@zGuz) October 27, 2023

Her cooperation proved decisive. Ellison became the government’s key witness, offering extensive testimony that helped secure Bankman-Fried’s conviction. In 2024, a federal judge sentenced her to two years in prison, citing her cooperation, early guilty plea, and subordinate role.

A Stark Contrast With Do Kwon

Ellison’s move out of prison comes as Terraform Labs co-founder Do Kwon begins serving a 15-year US federal sentence for fraud linked to the collapse of the TerraUSD stablecoin. 

Prosecutors argued Kwon knowingly misled investors about the stability of Terra’s algorithmic peg, triggering losses estimated at over $40 billion.

4:04 pm- they've back.
Judge Engelmayer: 5 years is entire off the table. Even 12 years might be unreasonable & here is why. The fraud you pled guilty to cost victims more than $40 billion. Even in SDNY, it's eye popping. There is a 25 year cap, so not life

— Inner City Press (@innercitypress) December 11, 2025

Unlike Ellison, Kwon was a founder, public promoter, and architect of the system at the center of the collapse. The sentencing disparity reflects how courts differentiate between system designers and operators.

Too Lenient Or Legally Consistent?

Ellison’s transition to community confinement is legally routine, but politically charged. To critics, it reinforces perceptions of uneven accountability in crypto scandals. 

To prosecutors, it reflects established sentencing principles: cooperation, reduced authority, and acceptance of responsibility.

For now, Ellison remains under federal supervision. But her exit from prison, even if temporary, has reopened a familiar question — who truly pays the price when crypto empires collapse?

The post FTX Scandal Figure Caroline Ellison Leaves Prison: Was Justice Too Lenient? appeared first on BeInCrypto.

Bitcoin mengalami volatilitas ekstrem pada 17 Desember, melonjak lebih dari US$3.000 dalam waktu kurang dari satu jam sebelum berbalik tajam dan turun kembali mendekati US$86.000.

Pergerakan yang begitu liar ini tidak terjadi karena berita besar. Sebaliknya, data pasar menunjukkan bahwa pergerakan ini didorong oleh leverage, posisi trader, dan kondisi likuiditas yang rapuh.

Short squeeze dorong harga Bitcoin naik

Reli awal dimulai saat Bitcoin bergerak mendekati level US$90.000, yaitu zona resistance psikologis dan teknikal utama.

Data likuidasi menunjukkan ada klaster short position dengan leverage yang padat di atas level tersebut. Saat harga naik, para pelaku short ini terpaksa menutup posisi. Proses itu membutuhkan membeli Bitcoin sehingga mendorong harga naik semakin cepat.

Sekitar US$120 juta posisi short terlikuidasi selama lonjakan harga itu. Hal ini menciptakan short squeeze klasik, di mana pembelian terpaksa membuat harga melonjak melampaui permintaan spot yang sewajarnya.

Pada tahap ini, pergerakan tampak kuat. Tapi struktur di baliknya ternyata lemah.

Reli Berubah Menjadi Rangkaian Likuidasi Long

Saat Bitcoin sempat kembali menyentuh US$90.000, trader-trader baru masuk ke pasar untuk mengejar momentum reli.

Banyak dari para trader itu membuka long position dengan leverage, berharap breakout akan bertahan. namun, reli ini tidak didukung oleh pembelian spot berkelanjutan sehingga harga pun cepat berhenti naik.

Saat harga mulai turun, posisi long itu jadi rentan. Begitu level support kunci terpecahkan, exchange secara otomatis melikuidasi posisi-posisi tersebut. Lebih dari US$200 juta long position terlikuidasi setelahnya, sehingga pasar pun kewalahan.

Whoever is left

We need to know what happened on October 10

It's VERY apparent that the market broke that day and nothing has been the same since

We haven't seen Bitcoin or Alts trade like this since 2018

We need answers pic.twitter.com/jXe7jwd7RA

— EllioTrades (@elliotrades) December 17, 2025

Gelombang kedua inilah yang membuat penurunan harga terjadi lebih cepat dan dalam dibanding kenaikan sebelumnya.

Dalam hitungan jam, Bitcoin turun kembali mendekati US$86.000 sehingga hampir semua keuntungan tadi terhapus.

Data Positioning Menunjukkan Setup Pasar yang Rentan

Data posisi trader dari Binance dan OKX membantu menjelaskan kenapa pergerakan harga berlangsung sangat liar.

Di Binance, jumlah akun trader top yang cenderung long naik tajam sebelum lonjakan ini. namun, data ukuran posisi menunjukkan keyakinan yang kurang kuat, menandakan banyak trader memang sedang long namun nominalnya tidak terlalu besar.

Di OKX, rasio berbasis posisi langsung berubah secara agresif setelah terjadinya volatilitas. Hal ini menandakan trader-trader besar segera mengubah posisi mereka, entah dengan beli saat harga turun maupun mengatur ulang hedging ketika terjadi likuidasi.

Kombinasi ini — posisi yang menumpuk, keyakinan yang tidak kuat, dan leverage yang tinggi — menciptakan pasar yang bisa bergerak sangat liar ke dua arah tanpa banyak peringatan.

Apakah market maker atau whale yang mengatur pergerakan ini?

Data on-chain menunjukkan market maker seperti Wintermute memindahkan Bitcoin antar exchange saat terjadi volatilitas. Perpindahan tersebut bertepatan dengan pergerakan harga, tapi tidak membuktikan adanya manipulasi.

Market maker memang sering menyeimbangkan inventori mereka di masa-masa pasar bergejolak. Setoran ke exchange bisa jadi menandakan hedging, pengelolaan margin, atau penyediaan likuiditas — tidak selalu berarti menjual untuk menjatuhkan harga.

Yang penting, seluruh pergerakan ini bisa dijelaskan dengan mekanisme pasar yang sudah diketahui: klaster likuidasi, leverage, dan order book yang tipis. Tidak ada bukti jelas soal manipulasi terkoordinasi.

Apa Artinya Ini untuk Bitcoin ke Depan

Episode ini menyoroti risiko utama di pasar Bitcoin saat ini.

Leverage masih tinggi dan likuiditas cepat menipis saat terjadi pergerakan harga yang pesat. Ketika harga mendekati level penting, likuidasi paksa bisa mendominasi pergerakan harga.

Fundamental Bitcoin tidak berubah dalam beberapa jam tersebut. Pergerakan harga hanya mencerminkan struktur pasar yang rapuh, bukan perubahan nilai jangka panjang.

🚨 BITCOIN IS BEING MANIPULATED, AND I HAVE SOLID PROOF!!!

Everyone’s talking about how Bitcoin went up $3,000 and then down $4,000 in minutes.

Everyone’s posting about it…

but nobody seems to understand what actually happened.

You need to look at the flows, not the chart.… pic.twitter.com/IHCXtx3sUF

— NoLimit (@NoLimitGains) December 17, 2025

Selama leverage belum kembali normal dan posisi pasar belum sehat, pergerakan tajam yang mirip masih bisa saja terjadi. Dalam kasus ini, Bitcoin tidak reli atau anjlok gara-gara berita.

Pergerakan terjadi karena leverage membuat harga berbalik arah sendiri.

Caroline Ellison, mantan CEO Alameda Research sekaligus tokoh sentral dalam skandal FTX, kini sudah tidak lagi berada di balik jeruji penjara.

Catatan dari US Bureau of Prisons menunjukkan bahwa Ellison telah dipindahkan dari penjara federal ke Residential Reentry Management (RRM) di New York. Ini menandai perubahan dari tahanan menjadi penahanan dalam komunitas.

Apa Arti Sebenarnya Status RRM

Berdasarkan situs pencarian napi milik Bureau of Prisons, Ellison masih berada dalam pengawasan federal dengan tanggal pembebasan yang diproyeksikan pada 20 Februari 2026. tapi, statusnya sekarang memastikan ia sudah tidak lagi tinggal di fasilitas tahanan.

RRM — singkatan dari Residential Reentry Management — mengawasi tahapan akhir masa hukuman federal. Orang yang berada di bawah RRM bisa ditempatkan di rumah singgah (halfway house) atau tahanan rumah, bukan lagi di penjara.

Walaupun masih di bawah pengawasan Bureau of Prisons, napi menghadapi pembatasan fisik yang lebih sedikit dan biasanya boleh bekerja, menjaga kontak sosial terbatas, serta mempersiapkan diri untuk kembali ke masyarakat.

Berbeda dengan penjara, penempatan di RRM tidak ada sel, tanpa penjaga, dan jauh lebih mandiri, walau tetap ada pengawasan ketat dan pembatasan pergerakan.

Pemindahan Ellison menandakan ia sudah memasuki tahap reintegrasi dalam hukumannya, bukan berarti sudah bebas sepenuhnya.

Peran Ellison dalam Kejatuhan FTX

Pada 2022, Ellison mengaku bersalah atas beberapa dakwaan penipuan federal yang berkaitan dengan penyalahgunaan dana nasabah FTX.

Sebagai CEO Alameda Research, divisi perdagangan yang terhubung erat dengan FTX, ia mengakui telah melakukan perdagangan dan manuver keuangan yang mengandalkan dana nasabah hingga miliaran dolar.

tapi, jaksa dan pengadilan dengan jelas membedakan peran Ellison dibanding Sam Bankman-Fried, pendiri FTX yang merancang sistem penipuan tersebut. Ellison tidak mengendalikan infrastruktur exchange FTX, sistem penitipan dana nasabah, maupun tata kelolanya.

Today, SBF's lawyer asked him about his relationship with Caroline Ellison and why it ended. SBF responded by mentioning she wanted more than the time and energy he could give:

"Historically, I haven't been great at … romantic relationships" pic.twitter.com/w19csqFgPr

— Zack Guzmán ♻️ (@zGuz) October 27, 2023

Kerja sama dari pihaknya menjadi sangat penting. Ellison menjadi saksi kunci pemerintah, memberikan kesaksian komprehensif yang membantu menghukum Bankman-Fried. Pada 2024, hakim federal memvonis Ellison dengan hukuman dua tahun penjara, mempertimbangkan kerjasama, pengakuan bersalah sejak awal, serta peran bawahan.

Perbedaan Besar dengan Do Kwon

Keluar-masuknya Ellison dari penjara terjadi ketika co-founder Terraform Labs, Do Kwon, mulai menjalani hukuman 15 tahun penjara federal AS karena penipuan terkait runtuhnya stablecoin TerraUSD.

Pihak jaksa berargumen Kwon secara sadar menyesatkan investor soal stabilitas algoritmik Terra, sehingga menimbulkan kerugian lebih dari US$40 miliar.

4:04 pm- they've back.
Judge Engelmayer: 5 years is entire off the table. Even 12 years might be unreasonable & here is why. The fraud you pled guilty to cost victims more than $40 billion. Even in SDNY, it's eye popping. There is a 25 year cap, so not life

— Inner City Press (@innercitypress) December 11, 2025

Berbeda dengan Ellison, Kwon merupakan pendiri, promotor publik, sekaligus arsitek utama sistem yang menjadi pusat keruntuhan tersebut. Perbedaan hukuman ini menunjukkan bagaimana pengadilan membedakan antara perancang sistem dan operator biasa.

Terlalu Lunak atau Konsisten dengan Hukum?

Transisi Ellison ke penahanan komunitas adalah prosedur rutin secara hukum, tapi bermuatan politis. Bagi para pengkritik, hal ini memperkuat anggapan bahwa akuntabilitas dalam skandal aset kripto masih belum merata.

Sedangkan bagi jaksa, hal ini mencerminkan prinsip pemidanaan yang berlaku: adanya kerja sama, kewenangan yang lebih rendah, dan penerimaan tanggung jawab.

Sampai saat ini, Ellison tetap dibawah pengawasan federal. tapi, keluarnya dia dari penjara — meski hanya sementara — kembali mengangkat pertanyaan lama: siapa sebenarnya yang menanggung akibat saat kerajaan aset kripto runtuh?