Tether has filed applications with Rospatent for trademark registration

The USDT issuer intends to issue four products in the Russian Federation

17.01.2024 - 11:42

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2 min

What’s new? Tether has applied to the Federal Intellectual Property Service of the Russian Federation for trademark registration. The company intends to register four product names: ALLOY BY TETHER, AUSDT, TETHER ALLOY, and TETHER USDT, RBC reports with reference to the Rospatent bulletin.

RBC’s material

What else is known? According to Rospatent, all trademarks are related to several products and services, including software for exchanging financial information, developing financial blockchain platforms, and providing services for issuing and redeeming digital currencies.

Tether issues the largest USDT stablecoin by capitalization, ranking third in the overall cryptocurrency ranking with a value of $95,17 billion, which is larger than the GDP of Bulgaria or Guatemala. USDT’s share of the total volume of stablecoins grew by 20% over the year to reach 71%. Reserves to back USDT amount to about $98,33 billion, while liquidity reserves amount to $3,16 billion.

52% of the total USDT issued is traded on the TRON blockchain, with over 42 more on the Ethereum network. The rest of the volume is spread across BCS, Solana, Arbitrum, Omni, Avalanche, Polygon, Optimism, Kava, and other blockchains. That said, Tether stopped issuing USDT on Omni and some other networks last August due to low demand for the asset.

Late last year, experts interviewed by Reuters said TRON was growing in popularity among terrorists, and in January, the United Nations in its report named USDT one of the most popular money laundering tools in Southeast Asia.

In response, Tether recommended that the organization look deeper into blockchain technology and offered to collaborate on the issue. It also recalled that it actively cooperates with governments of different countries, participating in operations to stop financial crimes by freezing USDT wallets.

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