Tether No Longer Has Commercial Paper Reserves – Report

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 Agrees to Provide Documents Proving USDT Asset Backing

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 Will Not Freeze Tornado Cash Addresses Unless Mandated: Report

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…

KuCoin Crypto Exchange Debuts USDT-Dominated NFT ETF

KuCoin, one of the most popular crypto exchanges, has launched an exchange-traded fund (ETF) to increase liquidity for NFT collections like Bored Ape Yacht Club (BAYC). This new service should help investors access non-fungible tokens and boost the assets’ widespread availability. The Seychelles-based exchange partnered with NFT infrastructure provider Fracton Protocol to ensure the project’s feasibility. A USDT-Dominated ETF The KuCoin NFT ETF is using Tether (USDT) as the crypto reference for its trading operations, including five different funds. The…

A Beginner’s Guide to the Impermanent Loss Phenomenon

Decentralized finance, or DeFi, presents several hazards to investors. Impermanent loss is a significant concern when dealing with this growing market. This guide will explore the meaning of impermanent loss concerning the liquidity pool. Moreover, the guide will also discuss how to calculate the difference and reduce the risk of this phenomenon. Grasping the Notion of Impermanent Loss There is a high probability of impermanent loss in every given situation. A net difference in the value of two tokens in…

Bitcoin, Ether, And USDT Are Most Active in Ukraine As Cash Transactions Are Almost Dead

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…

Myanmar Pro-Democracy Opposition Adopts Tether As Official Currency

As crypto markets are tanking, traders get some welcomed good news - from an unlikely source. Myanmar's shadow government made Tether its official currency. The National Unity Government, which holds no real political power, stated that it accepts stablecoin Tether. Formed after former leader Aung San Suu Kyi's ousting in February, the group stands in opposition to the military junta. Former government officials that the Junta deposed and pro-democracy groups make up NUG. The shadow government holds no territory. However, they…

Bitcoin Tanks As Tether Faces Another Lawsuit

Major cryptos are in the red as major stablecoin Tether faces another lawsuit. The Crypto Fear and Greed Index, a measure of crypto sentiment, says it all. After the same opinion dominated last week, market sentiment is at "Extreme Fear" again. Over the last 24 hours, Bitcoin fell below $46,000. It since settled at $47,000. Ethereum, the second-largest crypto, fell to $3,806. Furthermore, smaller coins such as BNB, Solana, Cardano and XRP are all red. Except Doge, which rose after…

TA: How Binance’s Regulatory Woes Have Plagued BNB’s Rise

Binance is the largest and most popular cryptocurrency exchange in the world. The platform remains a top option for anyone looking to get into the crypto space and make money. But, the past few months have been a bit of a challenge for Binance. The company has faced opposition from different governments. Now, all of these appear to be stifling the rise of its coin, BNB. It All Started So Well Binance launched BNB in 2019 as its exchange token.…

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