Tether

In a tweet on Thursday, Tether CTO Paolo Ardoino revealed that the stablecoin issuer has no intentions of an FTX bailout.  SBF Seeks Funds From Various Sources Sam Bankman Fried-led crypto exchange FTX is grappling to stay above water as fears of insolvency push an ongoing bank run. The platform’s Tuesday controversy regarding a Binance acquisition further worsened the situation. Now SBF is on the hunt for rescue funds scaling $9 billion and he is looking to both investors and…

In an official release on Thursday, stablecoin firm Tether revealed that it has completely eliminated commercial paper holdings from its reserves. This a major move for Tether as the platform has drawn several questions regarding the stability of the USDT token given the state of its reserves.  US Treasury Bills Displace Commercial Paper According to the publication, in place of commercial paper, Tether now holds US Treasury bills. The company described this accomplishment as another step toward greater transparency. Tether…

Tether – the issuer of the world’s largest stablecoin, USDT – is once again being pressured to demonstrate the quality of its reserves.  On Tuesday, the company was ordered by a U.S. court in New York to provide detailed financial documents for evaluating claims around the asset’s backing.  An ‘Extraordinary’ Request The order is part of an ongoing 2019 lawsuit claiming that Bitfinex and Tether conspired to inflate Bitcoin’s price by pumping the market with unbacked Tether tokens. At the…

Tether – the issuer of the world’s largest stablecoin, USDT – has released a statement responding to the Wall Street Journal (WSJ)’s latest claims about the status of its reserves. It labeled the outlet’s assertions as “a series of unsubstantiated conclusions” seeking to discredit Tether’s attempts to remain transparent with the public. Claims from WSJ In an article published on Saturday, WSJ reviewed parts of Tether’s history and accounting process that make its reserve dependability seems less than ideal. One…

Major stablecoin network Tether may not be on board with the US Treasury Department’s ban on crypto mixer Tornado Cash.  In an official release on Wednesday, the team revealed that they would not blacklist any of the OFAC’s sanctioned smart contract addresses. Tether in Close Touch with Law Enforcement Agencies Earlier this month, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the privacy protocol Tornado Cash. The treasury highlighted its role in laundering the proceeds of cybercrime as the…

Circle and Tether – issuers of the two largest stablecoin, USDC and USDT – have confirmed that they will only support redemptions on Ethereum’s proof of stake chain, post-merge. By contrast, any possible Ethereum forks that emerge in the aftermath will be left behind by both firms.  Rejecting the Miner Revolt Per Circle’s announcement on Tuesday, the company can only viably support a single version of the Ethereum state. “Our sole plan is to fully support the upgraded Ethereum PoS…

Tether – the entity backing the world’s largest stablecoin – is once again firing back against those spreading doubt about its reserves. The company claimed that it holds no Chinese commercial paper, and will soon eliminate its commercial paper exposure altogether. Misinformation: Crypto’s Biggest Threat In an announcement on Wednesday, Tether stated that the crypto industry’s biggest current threat is the spreading of false information. The firm put it in the same league as hacks, scams, and cyberattacks, threatening the…

Ukraine is switching from fiat to crypto transactions as the Russian invasion gradually strangles the country's financial stability. While cash use declines and fiat availability drops, Ukrainians turn to BTC, Ether, and USDT to transfer assets. Furthermore, crypto donations are landing in their wallets from worldwide users as a sign of solidarity. The question is, how much will crypto influence Ukraine's resistance? Restrictions on Cash Use in Ukraine Soon after Russia invaded Ukraine, the latter’s president, Volodymyr Zelenskyy, instated the…

After inspiring El Salvador’s government to adopt a Bitcoin standard, Strike is expanding its operations to another central American country. Yesterday, CEO Jack Mallers announced Strike’s launch in Argentina and were set to act as a cost-effective remittance service using Bitcoin. However, it would seem that in-wallet assets are stored in neither dollars nor BTC, using Tether instead. Strike’s Significance In Argentina Mallers revealed his company’s expansion in a tweet on Tuesday, alongside a thread explaining its significance. “Today, we…