Block 1: Essential news
Italy's largest bank buys bitcoin
Intesa Sanpaolo, Italy's largest bank, has purchased 11 bitcoins for around €1 million via institutional platform Boerse Stuttgart Digital. Presented as a "test" by its CEO Carlo Messina, this transaction reflects the bank's desire to prepare itself to meet the potential needs of its institutional clients, without becoming a direct supplier of BTC. This initiative is part of a clearer European regulatory framework, thanks to Europe's MiCA regulation, which facilitates the exploration of digital assets by financial institutions. Intesa Sanpaolo, which had already explored options and futures linked to cryptocurrencies, is now extending its activities to bitcoin cash.
USDC capitalization jumps 78% in 2024
In 2024, Circle's USDC saw its capitalization increase by 78%, surpassing the 51% growth of Tether's USDT. Circle attributes this growth to USDC's compliance with MiCA regulations in Europe. USDC has surpassed $20 trillion in volumes since its inception and is now available on 16 blockchains thanks to the Cross-Chain Transfer Protocol (CCTP). In November, stablecoin reached a record monthly volume of $1,000 billion. With widespread adoption in sight, USDC could continue to narrow the gap with USDT in 2025.
Bitcoin ETF: BlackRock comes to Canada
BlackRock has launched a spot Bitcoin ETF in Canada, expanding its offering following the success of its iShares Bitcoin Trust in the US. Available under the tickers IBIT (CAD) and IBIT.U (USD) via Cboe Canada, this ETF gives Canadian investors access to bitcoin without direct custody management. In the United States, IBIT recorded $37.7 billion in net inflows in 2024.
Tether sets up in El Salvador
USDT issuer Tether has chosen El Salvador as its headquarters after obtaining a local Digital Asset Service Provider (DASP) license. This strategic decision aims to develop its activities in an environment favorable to innovation in the field of digital assets. CEO Paolo Ardoino calls El Salvador a "beacon of innovation" for its forward-thinking Bitcoin framework. For more on this subject: Tether: the company moves to El Salvador, land of crypto
Block 2: Crypto Analysis of the week
Tether: The stablecoin giant turns to commodities
But how far will Tether go? While the undisputed leader of the stablecoin ecosystem with its USDT ($137 billion valuation), the company is now exploring opportunities in commodities. Tether, with its hundred or so employees and a USDT used by 350 million people, is one of the most profitable companies in the world. In 2024, it will generate $10 billion in profits, according to Bloomberg. That's around $100 million in profits per employee.
The model is frighteningly simple: Tether issues its famous USDT tokens, backed by the dollar, and uses the funds deposited as collateral to invest massively in US Treasury bonds. These secure and lucrative investments make the company a real heavyweight in the financial ecosystem, crypto or otherwise.

Tether.io
Called stablecoin, because it's therefore indexed to the dollar, Tether first appealed to cryptocurrency enthusiasts between 2018 and 2021, as they needed a stable currency to go back and forth on other, far more volatile crypto-assets, before also becoming a prized tool of a more obscure financial world. Where the US has restricted access to the dollar (Iran, Venezuela, Russia), Tether flourishes, serving as an "incognito" dollar to move funds across borders. Typically, in Venezuela, financially cut off from the world by US sanctions, Tether has become a reference currency for transactions, particularly in the oil sector. PdVSA, Venezuela's state-owned oil company, has even begun demanding payments in USDT.
Tether is also used by oligarchs, arms dealers and cartels to buy goods or finance illicit operations, according to the Wall Street Journal. Even so, Tether has said it is cooperating with the authorities to freeze tokens used for illicit purposes. But in countries like Argentina and Turkey, where hyperinflation is raging, it's also a lifeline for people seeking to protect their savings or use them as a means of payment.
Basically, Tether works like a digital US dollar, but it's privately managed from the British Virgin Islands, by a relatively secretive team of owners, and its activities largely escape the notice of governments. But these operations bring in big bucks for the company. By 2023, the company had even generated more profits than BlackRock.
Tether's strategic diversification
One of Tether's most striking recent investments concerns Adecoagro, an agro-industrial company active in Argentina, Brazil and Uruguay. Tether Investments Limited, a subsidiary of the stablecoin issuer, holds nearly 10% of Adecoagro's shares, representing an investment of $112 million. Adecoagro, which manages over 561,000 hectares of land, has generated sales of $1.442 billion and is already interested in blockchain technologies, notably via its partnership with Agrotoken in 2021.
According to Paolo Ardoino, CEO of Tether, the company is still in the exploration phase, but sees huge potential in the commodities sector. By bypassing traditional financial constraints, Tether could offer alternative solutions to trading companies, which are often dependent on banks to finance their activities.
"We're exploring different opportunities in commodity trading, and the prospects could be enormous despite geopolitical tensions," explains Ardoino, although the exact amount of investment is yet to be defined.
In May 2024, Tether also announced a $200 million investment in Blackrock Neurotech, a neuro-technology company (no relation to asset management giant BlackRock).
But agribusiness is only part of Tether's ambitions. The company has invested $775 million in Rumble, a video platform promoting freedom of expression, and also plans to launch an artificial intelligence platform in 2025, enabling interactions via mobile devices. And, crucially, these investments do not draw on USDT-backed reserves, but exclusively on the colossal profits generated by the company. Tether is also diversifying its reserves, with almost 75,000 BTC ($5 billion) added to its assets.
Regulation and the future of USDT
Tether also has to contend with an evolving regulatory environment. In Europe, strict legislation has prompted some platforms to delist USDT. To adapt, the company is developing an infrastructure compliant with European MiCA standards, hoping to maintain its dominant position in this market.
In the United States, a bill proposes to make stablecoin issuers non-depository trust companies, registered with the Federal Reserve. This growing centralization is causing concern in the crypto ecosystem, where stablecoins could evolve into digital central bank currencies (DCBs), perceived as tools of control, following the example of the Chinese model.
Block 3: Gainers & Losers
Cryptocurrency charts
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Block 4: Readings of the week