Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Macro Overview — U.S. September Payrolls Top Estimates

In September, U.S. job growth exceeded expectations, with nonfarm payrolls rising by 254,000 — the highest increase in six months — while the unemployment rate unexpectedly fell to 4.1%. Hourly earnings grew by 4% year-over-year, signaling robust wage growth. This positive payroll report alleviates concerns about a deteriorating labor market, as demand for workers remains strong and layoffs are low. The Federal Reserve is less likely to implement a significant interest-rate cut in November, as Fed Chair Jerome Powell noted that protecting the labor market has influenced recent monetary policy decisions.

The report highlighted gains in leisure, hospitality, healthcare and government sectors, although manufacturing saw job cuts for the second consecutive month. The underemployment rate fell to 7.7%, marking its first decline in nearly a year. Despite some uncertainties, including potential impacts from strikes and Hurricane Helene, analysts suggest that the outlook for a soft landing of the economy has improved. While the participation rate held steady, the prime-age worker rate dropped slightly. Overall, these developments indicate a resilient labor market, potentially influencing future Federal Reserve interest rate decisions.

Weekly Crypto Highlight — AAVE ETF Coming?

Grayscale has initiated the Grayscale Aave Trust, providing investors with exposure to AAVE, the token linked to decentralized lending protocol Aave. As the 44th largest cryptocurrency by market capitalization, AAVE plays a crucial role in the 

 (DeFi) sector. This trust will operate as a closed-end fund, distinguishing it from Grayscale's existing exchange-traded funds (ETFs) for Bitcoin and Ethereum.

Grayscale has articulated that the Aave protocol seeks to disrupt traditional finance by applying 

, thereby enhancing the efficiency of lending and borrowing processes. Although DeFi protocols inherently carry risks, Aave's established reputation and thorough audits alleviate some investor concerns. Grayscale's expansion into trusts for various cryptocurrencies, including 

, follows recent approvals for Bitcoin and Ethereum Spot ETFs, signaling a broader trend.

Despite minimal prospects for the approval of Solana and XRP Spot ETFs, the introduction of the Aave Trust suggests rising interest from traditional financial institutions in established DeFi protocols. This trend indicates growing recognition of the potential of DeFi within the conventional financial landscape.

Total Bitcoin Spot ETF Flows.Source: CoinGlass, as of Oct 4, 2024

Bitcoin’s price dropped from $66,000, finding support around $60,000, while Bitcoin Spot ETFs experienced outflows early this week. However, BTC has since recovered some losses, rising back to $62,000 as the broader equity market reacted positively to a stronger-than-expected September payroll report.

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Weekly Institutional Insights — Hot September Payroll Reports Reignite Market Sentiment

Inspired by a baby pygmy hippo from Thailand, MOODENG demonstrates how internet culture and its viral phenomena can drive the success of meme coins.

In an unbelievable turn of events, an anonymous trader managed to 

 into a jaw-dropping $7.5 million, all by trading Moo Deng (MOODENG) — the 

 inspired by a viral pygmy hippo from Thailand. Launched on Sep 10, 2024 (exactly two months after the eponymous hippo’s birth), the Moo Deng meme coin has rapidly gained a cult following in the crypto community, proving just how powerful the fusion of internet culture and cryptocurrency can be.

This article dives into the fascinating rise of the Moo Deng meme coin and explores its quirky charm, unique features and prospects in the wild world of cryptocurrencies.

Moo Deng is a meme coin project inspired by a viral pygmy hippo from Thailand. Launched on 

 in September 2024, it quickly captured the attention of the crypto community, reflecting the influence of internet culture on cryptocurrency trends.

Moo Deng, the pudgy three-month-old pygmy hippo, is the unlikely star behind the Moo Deng meme coin project. Born in July 2024 at Khao Kheow Open Zoo in Thailand, she shot to internet fame thanks to her zookeeper, Atthapon Nundee, who couldn’t resist sharing the calf’s daily antics on social media. It didn’t take long for netizens to fall in love with Moo Deng’s adorable tantrums and playful personality. Fans started creating and sharing their art and memes — and just like that, the chubby hippo became a global sensation.

Her viral fame led to the creation of the Moo Deng coin on the 

. This unexpected blend of cuteness and internet virality shows just how wildly influential online culture can be, shaping trends across industries in the most delightful ways.

The Moo Deng project seeks to create a fun, engaging space that draws new users to the Solana blockchain. It’s riding the wave of the viral Moo Dong meme, hoping to spark more interest in 

 (DeFi) and get more people involved in crypto. Beyond that, Moo Deng also strives to provide a platform for community-driven projects and charitable causes, promoting social responsibility among its users. 

The Moo Deng meme coin operates on the Solana blockchain, tapping into the adorable appeal of its namesake pygmy hippo to boost community engagement and investment. Users can easily buy, sell and trade Moo Deng tokens on 

This meme coin thrives on social media trends, with a dedicated fan community sharing memes, images and updates that keep the buzz alive. Unlike traditional cryptocurrencies, MOODENG’s value often fluctuates based on online chatter and community excitement, rather than conventional market fundamentals. 

To show their support for the Khao Kheow Open Zoo, where Moo Deng lives, the team behind MOODENG has pledged to donate 100% of the trading fees generated through the Moonshot app to the zoo. In addition, the project has embraced community-driven initiatives, allowing token holders to vote on its proposals and participate in charitable activities. 

As with many meme coins, Moo Deng experiences rapid price swings, often driven by speculative trading and the thrill of community involvement. Just as with 

 before it, the success of Moo Deng hinges upon maintaining momentum in a volatile market where its value is shaped by the whims of investors and the joy of the online community.

MOODENG, the Solana-based native token of the Moo Deng meme coin project, is designed to fuel the Moo Deng community. It acts as a medium of exchange for trading, staking and incentivizing user engagement.

With a fixed total supply of 989,971,791 tokens, MOODENG's scarcity could help drive up demand and boost its value. The token's distribution strategy focuses on community rewards, marketing efforts and liquidity provision, ensuring healthy trading activity and long-term growth. This balanced approach aims to attract new investors intrigued by the project’s unique blend of viral culture and community-driven initiatives.

In just weeks since its launch, Moo Deng (MOODENG) has skyrocketed past a $300 million market capitalization and hit an all-time high of $0.3387 as of Sep 28, 2024 — an incredible 1,146% increase from the week before. This meteoric rise makes it one of the few meme coins to reach such heights in recent times. As of Oct 4, 2024, MOODENG has climbed into the ranks of the top 300 cryptocurrencies by market cap, 

The token's charm comes from the viral fame of its namesake, and this cultural phenomenon has led to substantial trading activity. In the past 24 hours alone (as of Oct 4, 2024), MOODENG's trading volume has reached $104 million.

While meme coins are known for their volatility, Moo Deng’s current value and trading activity show no signs of slowing down — thanks to its unique branding, engaged community and the renewed interest in meme-based cryptocurrencies. An unofficial 

 on X has already attracted over 59,000 followers, highlighting Moo Deng's rising popularity.

Thanks to this adorable little hippo, the Khao Kheow Open Zoo has welcomed a 50% increase in visitors, prompting plans for a 24-hour livestream of Moo Deng to satisfy public demand. Moo Deng’s fame has also spread to her immediate family: her mother, Jona, along with siblings Moo Toon and Moo Waan, now have their own tokens, too.

Looking to trade Moo Deng tokens? Bybit now offers the MOODENGUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

While MOODENG's rapid rise and enthusiastic community support make it an exhilarating prospect, remember that meme coins are speculative by nature and often volatile. Without any intrinsic value, the price of this token is largely swayed by online trends and social media hype, making it a bit of a wild ride. As with all cryptocurrency investments, potential investors should 

Moo Deng’s rise as both a cultural phenomenon and meme coin demonstrates the power of internet culture in shaping new trends. While the token’s growth has been rapid and exciting, its future depends upon continued community support and interest. As with any cryptocurrency, potential investors need to stay informed and consider the risks before getting involved.

Intermediate

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Moo Deng (MOODENG): A Solana-Based Baby Hippo Meme Coin

Grayscale has launched the Grayscale Aave Trust, providing investors with exposure to Aave, a decentralized lending protocol on Ethereum and the 44th largest cryptocurrency by market cap. 

The SPX index was down by 0.17% as the market was impacted by rising oil prices, which surged over 5% following President Biden's support for Israel potentially striking Iran’s oil facilities. Additionally, U.S. labor market data showed signs of cooling, with a rise in jobless claims and fewer planned layoffs. Investors are now awaiting the September jobs report for further insights. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.35%, with Bitcoin rising by 1.40% and Ether dropping by 1.90%, in the past 24 hours.

Today's top performer is STX, which surged 3.6% following Stacks' success of their Bitcoin Builders event after a successful Asia tour and announcing the next Developer Event.

Stacks (STX), launched on January 2021, enhances Bitcoin with smart contracts and decentralized apps as a layer-1 solution, aiming to decentralize the internet and reduce big tech's dominance. It uses the security of Bitcoin to back its ecosystem, allowing for the creation of modular dApps. 

, which introduced thousands to the Stacks Bitcoin Layer 2 ecosystem. They are now seeking input on where to hold their next Bitcoin Builders event globally.

Check Out the Latest Prices, Charts, and Data of 

, providing investors with exposure to Aave, a decentralized lending protocol on Ethereum and the 44th largest cryptocurrency by market cap. The trust operates like a closed-end fund, allowing accredited investors to buy shares that track Aave's price. This follows Grayscale's earlier approvals for Bitcoin and Ethereum ETFs. Aave, a major DeFi protocol, aims to optimize lending and borrowing through blockchain and smart contracts, reducing intermediaries. Grayscale also offers trusts for other cryptocurrencies, including XRP, Bitcoin Cash, and Chainlink.

Yesterday, the total flow for BTC Spot ETFs was -$90.2 million, with no flow for GBTC and a -$90.2 million outflow from non-GBTC funds.

, allowing sENA and rsENA holders to start earning rewards from Ethereal DEX. Ethereal's waitlist is now live, and the first 1,000 users will gain access to an exclusive early user Telegram group.

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Grayscale Launches Aave Trust, Expanding Investor Access to DeFi Lending Protocol

Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume and futures, options and perpetual contracts.

The U.S. presidential election is creating a volatility premium for options expiring after Nov 5, 2024. While longer-term volatility smiles have consistently favored out-of-the-money (OTM) calls, short-term options have recently mirrored this trend. This suggests that the decline in spot prices at the end of September hasn’t significantly dampened sentiment in the derivatives markets.

Please check out some of the report’s highlights.

Futures Activities Subdued After Month-End Expiration

Spot price volatility leading up to the Sep 27, 2024 futures expiration resulted in the highest trading volumes in futures contracts in over a month. This surge was primarily focused on BTC contracts, reflecting a trend we've seen throughout much of the market's recent history. The expiration of a substantial quarterly contract at the end of September caused a decline in open interest, as not all traders opted to roll their positions into later expirations. Consequently, futures activity is currently much lower compared to that in perpetual swap markets.

While the expiration of the September contract led to a significant drop in futures open interest, the effect on perpetual swap contract markets was comparatively mild. Although we observed a decline in perpetual open interest at the end of the month, this was likely due to the closure of long positions as spot prices retreated toward the lower end of their recent range. 

This shift halts an upward trend in open interest that had been approaching all-time highs, but it doesn’t indicate a major decline — especially considering the high trading volumes recorded over the last two days of the month.

BTC ATM Implied Volatility Falls Sharply Since Fed Rate Cut

Positioning in BTC options markets continues to be heavily influenced by the U.S. election narrative. This is most evident in the term structure, which indicates significantly higher volatility expectations following the election, while short-term options are trading at much lower levels. The rise in implied volatility for these shorter tenors contrasts with the recent decline in actual volatility, which has reached lows for the month as spot prices remain relatively stable. 

Over the past week, trade volumes have mirrored this shifting sentiment, showing similar activity in both puts and calls. However, neither trade volumes nor open interest levels have surpassed recent figures, reflecting the range-bound nature of BTC spot prices, which remain influenced by broader macroeconomic factors.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 2, 2024): Positive Sentiment Persists Following Recent Decline in Spot Prices

Crypto

Crypto mining refers to the process of contributing your computer’s processing resources to securing the network consensus on a blockchain.

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As crypto ownership increases internationally, more people are exploring ways to buy, earn and trade cryptocurrency. Buying crypto on 

 like Bybit is currently the predominant way of obtaining cryptocurrency. 

However, in addition to buying cryptocurrency, you might also earn it in several ways. One popular way to earn crypto is mining.

Cryptocurrency mining refers to the process of contributing your computer’s processing resources to securing the network consensus on a

By participating in crypto mining, you can help a blockchain platform keep its operations free from hostile takeovers, spam, and attempts to centralize the operational control in the hands of a small number of network agents.

Best of all, you can earn significant crypto rewards from participation in the mining activity while contributing your resources to these noble goals.

Although crypto mining is a very competitive process, its potential rewards are nothing to sneeze at. For instance, the current reward for mining a block on the 

 (BTC) blockchain is 6.25 BTC (over $140,000 at the coin’s current market price). The reward is designed to be halved approximately every four years, although BTC’s increase in monetary value over time helps compensate for the reduced award.

Bitcoin’s block rewards and halving dates

To become a crypto miner on a blockchain platform, you’ll need to have the requisite mining hardware. By now, given the competitive nature of crypto mining, the standard hardware required is usually an application-specific integrated circuit (ASIC) machine, a powerful computer specifically designed for mining purposes. On some chains, powerful GPUs on a PC might also be used.

There are two main blockchain types based on the method of transaction verification used, either 

 (PoS) verification. Mining is an activity associated with transaction verification on PoW blockchains.

The PoW chains employing the mining procedure include, among others, the world’s two leading networks – Bitcoin and 

PoW is a computational procedure used to validate and add blocks of transactions to a blockchain’s permanent ledger of records. On blockchains using the PoW method, special network nodes called miners package transactions into batches/blocks, and then use their computers’ 

to try to “solve” a computational puzzle that will “validate” the block. The validated block is then added permanently to the blockchain.

PoW’s short description does sound like a concept from a rocket science textbook, doesn’t it? While PoW is indeed a rather technical process, it can be easily understood when you look at its execution step by step. For our step-by-step description, we'll show how Bitcoin mining works, though the overall principle applies to all PoW chains.

Step 1 — A new (unconfirmed) transaction is initiated on the network.

Initially, all Bitcoin transactions receive an unconfirmed transaction status. When two users transact on the blockchain, e.g., one sends some crypto funds to the other, a new unconfirmed transaction is generated on the network. The transaction contains the key records, such as the sender address, the receiver address and the amount sent. The transaction is broadcast across the entire network.

Step 2 — The unconfirmed transaction enters the waiting area(s) called a mempool(s).

Bitcoin miners continually monitor the network for new activity. Each miner has a temporary area on their machine where unconfirmed transactions pop up after appearing on the network per Step 1. This temporary area is called a 

Contrary to popular belief, there is no single mempool on the network. Each miner has their own mempool. Two miners’ mempools may differ slightly, as each node is built differently and receives the unconfirmed transactions at a different time, though by default the mempool size cannot exceed 300 MB.

Step 3 — Miners package transactions into candidate blocks.

Miners regularly pick transactions from their mempools and package them into so-called “candidate blocks.” On Bitcoin, the average candidate block is 

, which fits approximately 2,000 transactions.

Since miners may have somewhat different mempool contents, the composition of the candidate blocks between different miners also differs.

Step 4 — Miners race to solve a computational puzzle to make their candidate block the winner.

The actual PoW process starts at step 4. After packaging up their candidate blocks, each miner uses their machine to repeatedly add a small number, called a 

, to a different number generated by the network’s software. The resulting number is then run through the hashing algorithm used by Bitcoin, called 

The hashing algorithm is designed to modify the input cryptographically and provide a modified output value. This output value must equal or be less than a certain system-generated 

, which is continually updated by the blockchain’s code. If that happens, the candidate block is said to have been “solved,” i.e., its status moves from candidate to fully verified block.

The verified block is then added to the blockchain as the next record in the ledger. The miner who has solved the block receives their reward, which for Bitcoin is currently 6.25 BTC.

Each miner races to be the first one to find a match for the target value and make their candidate block the winner. To do so, miners, or rather their computers, repeat the process of adding the nonce value a massive number of times, and try to do it as fast as possible.

The more nonce substitutions (hashes) you can make per second, the higher your statistical chance of winning the race. Modern powerful ASIC computers (see above) are capable of adding hundreds of trillions of hashes per second.

This race to solve the next block on the chain is repeated on Bitcoin every 10 minutes. When a winning block emerges, miners promptly drop their attempts to solve their current candidate block, update their mempools to remove the now confirmed transactions, package another candidate block from the available unconfirmed transactions, and restart their race to be the first miner to add the next block to the chain.

The computational battle among miners to solve new blocks on the chain is an extremely energy-intensive process. It also slows down the processing capacity of the network significantly. You might be wondering why the network is subjected to this seemingly pointless and laborious procedure.

The key rationale behind using PoW is to protect the network from spam transactions and, importantly, from attempts to take over the network, i.e., to violate its decentralized nature.

On the scale of the entire blockchain, PoW requires so much energy and hash power expenditure that no single entity, person or group can realistically solve all or most blocks on the network.

Thus, PoW is the key element to ensuring that blockchains remain decentralized and free from the control of a small number of actors.

Among the popular blockchains based on PoW are Bitcoin, Ethereum, Dogecoin (DOGE), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH) and Monero (XMR).

The top 5 proof-of-work cryptocurrencies by market cap (in billions of USD) as of August 4, 2022:

PoS is the main alternative to PoW for validating transactions on a blockchain. With the PoS model, there is no computationally intensive race to solve transaction blocks. Each new unprocessed block on the network is allocated to a validator node, who verifies it and adds the block to the chain.

Under the most basic PoS model, this allocation to a validator node is random, and the validator’s probability of getting the next block to process is directly dependent on the share of the chain’s native cryptocurrency held or staked by that node.

For example, if you hold 3% of all the crypto funds on the network, you’ll get the chance to validate around 3% of all the blocks.

Unlike PoW, PoS neither requires significant energy expenditure nor appreciably slows down the network’s operations. Some of the popular blockchains using PoS include Binance Chain (BNB), Cardano (ADA), Solana (SOL), Tron (TRX) and Avalanche (AVAX).

The world’s second-largest chain, Ethereum, is planning to move from its current PoW version to the new PoS platform, 

The top 5 proof-of-stake cryptocurrencies by market cap (in billions of USD) as of August 4, 2022:

There are three principal methods of mining cryptocurrency to validate transactions and earn crypto rewards in the process:

Solo mining is just what its name implies: You purchase the necessary mining hardware, join a blockchain network as a node, download the requisite software and attempt to mine blocks on your own. If you manage to mine a block, you’ll receive the mining reward without having to share it with any other network participant.

While (theoretically) you can use your PC’s CPU or GPU to mine crypto, this is no longer practical or profitable, given the intense competition between miners on most popular PoW chains. For profitable mining, your realistic choice is limited to ASIC machines.

On popular chains like Bitcoin, solo mining — even with a powerful ASIC machine — could be challenging due to the competition from mining pools. These are groups of network participants who pool resources from many individual miners in order to dominate mining activity.

) can help you estimate the mining difficulty and profitability for various networks. These websites allow you to enter the specifications of your ASIC rig, your electricity rates, the chain on which you’d like to mine and other relevant parameters. They then produce profitability estimates.

A mining pool refers to a large group of individual miners who pool their computing resources together to increase the chance of solving the next block on the chain. Large mining pools can have many thousands of individuals contributing their hash power to the joint operation.

The distribution of Bitcoin mining activity by pools — 30 days to August 4, 2022

When a block is solved by any member of the pool, the mining reward is split between all the pool participants proportional to their hash power contribution. Due to the resource pooling from a large number of computers, mining pools have a significantly higher chance of solving blocks than solo miners.

If you’re considering mining Bitcoin or other popular cryptos like 

 and Litecoin, it’s highly recommended that you join a sufficiently large online crypto mining pool rather than try to go solo. A good pool can make your Bitcoin mining profitable even if you don’t own the most powerful mining rig on the network. While your rewards will trickle in in smaller amounts, at least they’ll arrive with some degree of consistency.

Conversely, if you mine solo, your rewards might become very infrequent or not materialize at all, given the fierce competition on the leading PoW chains.

Solo mining and pooled mining both require you to own mining hardware. Instead of buying the hardware, you could also participate by joining a 

platform. Cloud mining platforms charge users a monthly or yearly fee for the opportunity to rent their internal mining hardware resources.

In exchange for the fee, the cloud platform runs the mining operations on your behalf on a blockchain network. Any rewards obtained from the mining activity are shared with you. The higher the fee you pay, the more hash power you can rent, and, therefore, the higher your rewards are likely to be.

The cloud mining model looks very attractive since it frees you from the requirement of owning a mining rig. However, before committing to it, carefully research the fees and reputation of the cloud mining providers on the market. Finding a reliable long-term provider with low fees might be a challenging task in this niche.

The biggest advantage of crypto mining is, undoubtedly, the potential to 

. Mining crypto might be an energy-intensive process, but it’s usually done in a hands-off way, i.e., you don’t need to be actively monitoring what’s going on on the network.

In a practical sense, you simply keep your rig functioning on autopilot. As such, mining could be a great way to earn a passive income.

Another benefit of mining is more of an altruistic nature — you get the chance to

 contribute to keeping the network decentralized 

Along with its advantages, crypto mining has certain drawbacks and risks associated with it. One of them is the 

. The competition between miners on the leading PoW platforms is fierce, making crypto mining an uncertain and volatile activity in terms of profitability. You might be turning a profit today, but if the competition on the network suddenly spikes, you could be in the red tomorrow.

 to participate in crypto mining. Powerful ASIC rigs that could give you a good chance to mine crypto profitably cost at least $3,000, quite a bit more than your typical PC. Regardless of the price you pay for your mining rig, do remember that profitability will fluctuate and there are no profit guarantees in this game, not even with powerful machines.

 might create environmental issues. The Bitcoin blockchain

 per year than a country as large as Argentina, the second largest South American economy. By participating in crypto mining, you are definitely not going to make friends with environmental activists.

Besides the environmental impact of the entire blockchain, the energy-hungry crypto mining process will add some serious figures to your own energy bills.

While cryptocurrencies and crypto trade are banned by a number of countries, very few countries around the world have explicitly banned crypto mining. The most well-known example of a country where crypto mining is banned is 

. The Chinese authorities have repeatedly cracked down on mining activity in the People’s Republic. Any form of crypto-related activity, including mining, is illegal in the country.

Another rare country that has made crypto mining illegal is

. The ban was largely driven by the energy shortages in the Balkan state.

 has made crypto mining illegal, but only if the mining activity originates from state-owned public housing. Crypto mining outside of these premises is not illegal. For example, dedicated crypto mining facilities used on industrial premises are free from this ban.

 has introduced temporary multi-month bans on crypto mining. The last of these bans was in effect until March 2022. However, in general, crypto mining is not illegal in the country.

Other than the nations above, no other country has explicitly made crypto mining illegal as of early August 2022. India and Russia are considering legislation that might restrict most crypto-related operations, including mining. However, this has not yet been passed into law.

Crypto mining could be a rewarding activity if you have powerful mining equipment and choose profitable coins/networks. However, it’s a volatile game with increasingly fierce competition between miners on popular chains. This competition continually raises the benchmark for the minimum hardware specifications to turn a profit. For most people looking to reap profits from crypto, it might be easier to find other sources of crypto passive income or simply engage in crypto trading.

Given the speed and energy inefficiencies of the PoW validation procedure, most new blockchains are choosing the alternative PoS format. This limits the number of platforms where crypto mining could be used. Ethereum’s imminent move to PoS is also a telling sign that the PoW validation, and the mining process associated with it, is growing increasingly archaic in the blockchain industry.

However, while the world’s largest blockchain, Bitcoin, continues to use the PoW validation method, crypto mining will stay with us, and there will be no shortage of people willing to join this trade.

What Is Crypto Mining and How Does It Work?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards