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Category: Tether

Peter Brandt Says Tether Is One Big Mind Fart, Here’s Why

With over half a million followers on Twitter, Peter Brandt is a well known career trader who often tweets valuable insights about the markets. In a recent tweet, Peter took a stance on Tether calling it a useless mind fart. Choice Words From Iconic Trader Peter Brandt According to Peter, the concept of converting a traditional fiat currency such as the dollar or the euro into a digital fiat unit such as Tether, just in order to protect its store of wealth against inflation, is a meaningless process as it serves no purpose. Circular reasoning – TETHER The idea that we convert one fiat currency unit (USD, EUR, et al) into another fiat currency unit (tether) so as to protect the store of wealth of the first fiat currency unit is nothing but a gigantic mind fart. — Peter Brandt (@PeterLBrandt) August 16, 2021 Though there are many who agree with Peter’s tweet, a few have valid arguments against it. One user argues that stable crypto assets exist to allow people to take their local currency digital in a somewhat trustless way. The trust is at the issuer level instead of having to worry about that risk at every digital platform one might use. Related Reading | Peter Brandt: 99% of Altcoins Will Be Forgotten in Five Years Another Twitter user argues that no one really converts traditional fiat into stablecoin to protect their store of wealth, that Tether and other stables are just a nonvolatile bridge asset between trades of more volatile ones, without having to leave the crypto realm. Meanwhile, Tether continues to dominate the crypto market as its leading stablecoin. Just yesterday the market cap of Tether has grown to $64B marking a new milestone and another indication of the market’s continued trust and confidence in Tether. Tether Announces Further Details Into Its Reserves On August 9, Tether Holdings Limited, the issuer of the largest stablecoin USDT has released a new attestation report that covers useful insight on the composition of its reserves in a bid of be more transparent. Ever since March when the company released its first attestation report vaguely revealing assets and liabilities, investors have been patiently waiting for a second report. In the latest attestation report, Tether has not only included the composition of its reserves, but also given a breakdown of the ratings and maturity of its commercial paper holdings along with the certificates of deposit. Related Reading | Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin As on June 30, 2021, the company holds $30.8B in CP and CDs which is about 49% of its reserves. Around 93% of this is rated A-2 and above and 1.5% iis rated below A-3. Among other reserves, the company holds around $6.28B in cash and bank deposits, $1B in reverse repo notes and $15.28B in U.S Treasury bills. Featured image from iStockPhoto, Charts from TradingView.com
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Why Did the Poly Network Attacker Return Half the Money They Stole?

Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack — the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack,[…]

The post Why Did the Poly Network Attacker Return Half the Money They Stole? appeared first on Unchained Podcast.

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Crypto Company Circle Seeks To Become Global Digital Currency Bank

The company behind the increasingly popular USDC stablecoin dreams big. Circle wants to leverage its know-how and good reputation to become “a global digital currency bank.” That means it’s also looking into becoming a digital currency bank in the US. Their plan’s announcement focused on that region of the planet, but the wording makes it clear that they’re ultimately looking for worldwide domination.  According to Coindesk, “this would be an industry first, with a scope far beyond the OCC banking charter already conditionally issued to Anchorage, Paxos and other crypto-native financial services firms.” The company’s aim is to provide “frictionless, instant and nearly free payments that combined fiat reserve currencies with open, permissionless blockchains, and eventually building on these open networks to support new forms of capital formation and intermediation.”  It’s the project ready for prime time or in its infancy? Did they file the documents already? Will they be able to pull this off? Keep reading for extra clues and info. USDC price chart for 08/10/2021 on Bitbay | Source: USDC/USD on TradingView.com Circle Played Nice With Governments From The Get-Go  The USDC stablecoin is issued by CENTRE, a joint venture between Circle and Coinbase. Their aim is “to conform with stringent U.S. money transmission supervisory and regulatory standards.” In contrast Tether, their main competition, is famous for the probe that the US Department Of Justice launched against them. The main point of contention against Tether is the reserves they hold to back up their USDT. Attacking their competition’s weak spot, Circle claims, “Establishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy, including standards for reserve management and composition.”  Since regulatory compliance is their forte, Circle spends half of their announcement praising their own transparency and USDC’s liquidity even “in times of intense demand to redeem USDC”. To prove that, they provide an independent accountant report that highlights the “composition of USDC reserves, including the credit quality of the underlying assets.” Why does all of that have to do with their plans to become a national digital currency bank? It proves that they’re in tune with the US Government.  Now, with USDC at more than $27.5 billion in circulation, and building on our long-standing commitment to trust, transparency and accountability in the dollar-denominated reserves backing USDC, we are setting out to become a U.S. Federally-chartered national commercial bank. Circle intends to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, U.S. Treasury, OCC, and the FDIC. Other Big Plans For The Crypto Company Recently, Circle announced its intention to go public before the end of the year. According to Coindesk, the company “partnered with a special purpose acquisition company (SPAC) to go public later this year. The deal valued Circle at $4.5 billion.” Also, their USDC project will soon go live in multiple blockchains. As NewsBTC informed: It will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana. In related news, NewsBTC recently highlighted a Messari report that shows USDC is the most used stablecoin in DeFi. From what Ryan Watkins, a credible researcher, predicted, the stablecoin share for Tether on Ethereum could dip below 50%. In addition, Watkins revealed that more than half of USDC’s total supply is now in smart contracts. The equivalent value for this USD Coin supply is about $12.5 billion. According to Messari, CoinMetrics data estimates show that USDC’s stablecoin supply is over 40% on Ethereum. However, none of that guarantees that their plans to become a global digital currency bank will come true. Keep the NewsBTC tab open for further information on this developing story. Featured Image by Chaitanya Tvs on Unsplash – Charts by TradingView
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Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

Tether has been facing a lot of pressure from regulatory authorities. Now, the attention of the watchdogs has shifted to its commercial paper reserve. As a result, this week has been very hot for the company. The regulators focus their attention on what makes up the Tether reserves. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts A report disclosed that Tether’s Michael Hsu said that the US regulators focus their attention on the paper to know if every Tether Token is actually backed by $1 as the company claims. US Regulators Scrutinize Tether From what we learned, the regulators investigating Tether are led by Janet Yellen, the US Treasury Secretary. Before now, Yellen has held some meetings about the possible risks of stablecoins. Now, the ” President’s Working Group on Financial Market” aims to know if Tether really holds large amounts of commercial papers as it claims. Commercial papers usually represent debt instruments that companies issue to investors for short-term funds. However, the Working Group does not believe the claims as it compares it to a mutual fund that can lose its investors in one day. Presently, the total USDT in circulation is 62 billion. So, there seems to be a legitimate cause for alarm. The crypto market is back in the bullish mode as BTC climbs above the $40k mark | Source: Crypto Total Market Cap on TradingView.com Last two months, Tether had revealed the composition of its total reserves. According to the stablecoin, it had more instruments that were not just cash or cash equivalents, such as bonds, secured loans, bitcoin, and a larger portion comprising of commercial papers. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency While talking with sources, Stuart Hoegner, the Tether general counsel, revealed that the company is planning a thorough audit in some months to come. Let’s recall that Tether hasn’t carried out such audits before now, and the announcement helped a lot of investors to breathe easier. However, on July 19, Yellen was heard asking lawmakers to establish rules that will guide stablecoins in the financial market. More Calls on Crypto regulations After calling for regulations on stablecoins, Yellen received a letter nine days later from Senator Elizabeth Warren asking her to push for greater regulation for the cryptocurrency industry as a whole. During a hearing of the “Senate Banking Committee,” Warren also stated her negative position about the crypto industry. According to her, it was better to hand over the financial systems to giants banks than some nameless and faceless, shadowy miners and super-coders. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, during the hearing, an Anderson Kill Law partner, Preston Byrne, stated that the most frightening of all is that Elizabeth Warren is in control of the financial system. Elizabeth is a democrat who has been serving as a United States Senator since 2013. Featured image from Pixabay, chart from TradingView.com
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Breaking: US DOJ set to investigate Tether executives over Bank Fraud

Tether, the stable coin issuer might be in trouble again as the US Department of Justice (DOJ) has initiated a probe to investigate whether the executives of the company were involved in bank fraud. *TETHER EXECUTIVES SAID TO FACE CRIMINAL PROBE INTO BANK FRAUD — *Walter Bloomberg (@DeItaone) July 26, 2021 The investigation by the

The post Breaking: US DOJ set to investigate Tether executives over Bank Fraud appeared first on Coingape.

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Tether To Conduct An Audit To Negate Claims Concerning Transparency

The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it’s on blockchain that cybersecurity experts deem unhackable, the majority today trusts its security. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re declaring that an audit will take place soon. Tether Executives Grants Media Interview Another rare incident is an interview in which the Tether CTO Paolo Arduino and Stu Hoegner, the general counsel, participated on CNBC. During the interview, the hosts asked the duo some questions about USDT’s transparency and backing. In response, the general counsel stated that the team is working to be the first in their sector to get financial audits. The crypto market has just turned bullish as the USDT trades in the green zone | Source: USDTUSD on TradingView.com He also mentioned that the audits would come in months and not years. As for backing, he stated that the stablecoin is backed with reserves. But Hoegner mentioned that some of the reserves are not US dollars. But the reserves are more US dollars plus other cash equivalents, secured loans, crypto assets, bonds, and others. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, in the Transparency report which Tether published, the market cap for USDT stands at $62 billion. Even though the number has increased by 195% since 2021 started, it is still behind competitors such as BUSD and USDC. When Circle released a reserve report yesterday, July 21, it showed that 61% of the USDC reserves are cash & cash equivalent. The remaining 39% are in treasuries, bonds, and commercial paper accounts. Taxes Decides To Attack Paxos is a rival to Tether and recently attacked the stablecoin and Circle through its blog post on July 21, 2021. In the post, Paxos claims that the duo is not operating under financial regulators. In his words, both USDC and Tether are simply Stablecoins in name only. Paxos disclosed that its stablecoin reserves are a combination of cash or cash equivalents to support its claims. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator But in May, Tether disclosed the total backing that USDT has, which were cash 3.87%, fiduciary deposits 24.20%, treasury bills 2.94%, cash equivalents, commercial papers, which make up 65.39% plus others. This action was because the US lawmakers are closely scrutinizing its operations. Also, Tether started submitting reports about its reserves after it reached a settlement agreement with the NY Attorney General’s Office 5 months ago. The firm has continued to send these reports since then. Featured image from Pexels, chart from TradingView.com
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As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply

Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply. Total Stablecoin Supply Is Now More Than $100 Billion According to a report by Arcane Research, the total stablecoin supply has now surpassed the $100 billion mark, while Tether’s dominance is declining. Here is a chart that shows the trend in the total supply and dominance of some popular coins: The stablecoins total supply as reached a new height There are a few interesting features in the graph. The total supply of these coins used to be only $11 billion in July of 2020, and now it seems to have risen $96 billion in the past 1 year, reaching about $107 billion today. Tether (USDT) dominated the stablecoins market back then, accounting for 83% of the total market. But today it has declined to just 58% of the supply. Related Reading | TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline On the other hand, the second-placed coin, USDC, has seen sharp growth, and it now accounts for 25% of the market. Nonetheless, Tether is still the most dominant crypto in this sector. The company behind USDC, Circle, is currently in the process of going public with the help of a SPAC. In an investor presentation, the company revealed that they project USDC to rise to $83 billion by the end of 2022, and $194 billion by the end of 2023. Binance USD (BUSD) places third after having overtaken DAI a few months back. BUSD has also seen some great growth over the past year. While BTC continues its downtrend and dips below the $30k mark, 2 stablecoins have made their way into the top performers for the past week. Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target These two coins are Fei Protocol (up 0.82% in the last 7 days) and TerraUSD (up 0.08% in the past week). Here is a chart that shows how the the popular cryptocurrencies by market cap have performed in the same period: All the big coins seem to be down As you can see in the above chart, Bitcoin and Ethereum seem to be deep in the red. Bitcoin Price At the time of writing, BTC’s price floats around $29.7k, down 9% in the past 7 days. Over the last month, the coin has dropped 14% in value. Below is a chart showing the trend in Bitcoin’s price over the past 6 months: BTC continues its downtrend | Source: BTCUSD on TradingView Bitcoin has finally dropped out of the $30k to $35k range that the coin has been stuck in for the past few weeks. It could mean more price action could be coming following a very stale market with minimal volatility. Featured image from Pexels.com, charts from Arcane Research, TradingView.com
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Why Tether (USDT) hasn’t issued any USDT in 7 weeks?

Tether issued USDT is the biggest stablecoin player in the market with $61.9 billion in market cap. The top stablecoin has been often associated with Bitcoin (BTC) price boost FUDs in the past. The ongoing bearish market sentiments that have continued since May market mayhem also coincides with USDT’s non-issuance. The last market issuance of

The post Why Tether (USDT) hasn’t issued any USDT in 7 weeks? appeared first on Coingape.

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, […]
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USDT Exchange Inflows Reach 5-Month Low, Is Market Gearing Up for Another Dip?

The crypto market is currently in a consolidation phase as bearish sentiments are dominant ever since last month’s market correction. Over the past 24-hours, the crypto market has lost 4% of its market cap which dipped below $1.5 trillion for a brief period. Key on-chain metrics and market indicators suggest the crypto market is going

The post USDT Exchange Inflows Reach 5-Month Low, Is Market Gearing Up for Another Dip? appeared first on Coingape.

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Is Tether FUD Next, after China Bitcoin Ban and Bitcoin Mining Energy FUD?

The Bitcoin bull market this season is currently undergoing through ‘FUD-Phase’ where a series of FUDs have hit the market one after the other, many of which has already been debunked. After Bitcoin mining energy consumption FUD and China Bitcoin ban, it seems the long-running Tether FUD can make an entry. Jim Cramer, the founder

The post Is Tether FUD Next, after China Bitcoin Ban and Bitcoin Mining Energy FUD? appeared first on Coingape.

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Crypto Exchange Coinbase Adds Support for the Tether (USDT) Stablecoin Citing Customer Demand

After a long wait, crypto exchange Coinbase has finally added support for the most popular stablecoin Tether (USDT). The Coinbase announcement came just a few minutes back noting that the exchange supports USDT stablecoin for its Android and iOS applications. As per the announcement, Coinbase customers can “buy, sell, convert, send, receive, or store USDT”.

The post Crypto Exchange Coinbase Adds Support for the Tether (USDT) Stablecoin Citing Customer Demand appeared first on Coingape.

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