opinion

Crypto SWOT: Tether named Bo Hines to support its U.S. expansion

Kitco Media
By Frank E Holmes
Published:
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Crypto SWOT: Tether named Bo Hines to support its U.S. expansion teaser image

Strengths

  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was OKB, which rose 115.95%.
  • Thailand will relax restrictions on foreign visitors converting digital-asset holdings into baht to fund travel expenses and spending. The "Tourist Digipay" program will begin an 18-month trial period through a regulatory sandbox in the fourth quarter, Bloomberg reports.
  • Exploring public blockchains like Ethereum and Solana signals Europe’s commitment to innovation and interoperability, enabling the digital euro to connect seamlessly with existing crypto infrastructure and global payment systems. This move strengthens Europe’s competitive position against U.S. stablecoins while promoting financial independence and broader adoption.

Weaknesses

  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Solana, which still rose a modest 3.26%.
  • Major cryptocurrencies retreated, dragging the market’s total value below $4 trillion after reaching record highs last week. Bitcoin fell as much as 2.5% to about $115,000, while Ether shed more than 5%, dipping below $4,300 on Monday, according to Bloomberg.

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  • Bitcoin fell from about $124,000 in July to around $113,200 by August 21, with over $1 billion in leveraged positions liquidated. U.S.-listed Bitcoin ETFs saw $500 million in net outflows mid-August, and Ethereum funds lost $400 million during the same week.

Opportunities

  • Tether Holdings has appointed Bo Hines, former head of President Trump’s digital assets advisory council, to help lead its U.S. expansion. Tether CEO Paolo Ardoino told Bloomberg that Bo’s appointment reflects the company’s commitment to building a strong U.S.-based presence.
  • TeraWulf shares are down 0.74% in premarket trading, trimming earlier losses after Cantor Fitzgerald raised its price target on the Bitcoin miner and data center operator to $14 from $11, Bloomberg reports.
  • Wyoming has launched its own stablecoin, the Frontier Stable Token, aimed at enabling instant transactions and lower fees for both consumers and businesses. Backed by U.S. dollars and short-term Treasuries, the token will be available on several blockchains, including Arbitrum, Avalanche, and Ethereum, according to Bloomberg.

Threats

  • Robinhood Derivatives sued gaming officials in Nevada and New Jersey, accusing them of blocking its sports-related event contracts. The lawsuits aim to stop enforcement of state gambling laws, Bloomberg reports.
  • AUSTRAC ordered Binance Australia to appoint an external auditor within 28 days, citing weak AML controls and poor oversight. The move signals tightening regulation of crypto firms in Australia.
  • Institutional crypto adoption faces setbacks from social engineering attacks and pressure on privacy wallets. Breaches like Nobitex and Sensata highlight risks, with experts pointing to MPC custody and AI-based threat detection as key solutions.
Kitco Media

Frank E Holmes

Frank Holmes is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund (ticker PSPFX), the World Precious Minerals Fund (UNWPX) and the Gold Shares Fund (USERX).

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BitcoinCoinMarketCapcryptocurrenciesTetherBitcoin ETFs
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