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The company’s first bitcoin-linked stablecoin will have to fare better than its other stablecoin products if it wants to succeed in the long term. Stably’s stablecoin in the ethereum ecosystem, called StableUSD (USDS) has only 752 holders and a market cap of $264,000, per etherscan – basically irrelevant when compared
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Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the
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Stablecoin issuer Tether has announced plans to purchase Bitcoin with 15% of realized operating profits routinely. Tether International Limited (Tether) seeks to further consolidate its reserves by purchasing Bitcoin (BTC) with its operating profits. An official post states that beginning this month, the stablecoin company will regularly allocate up to 15% of its realized
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The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in
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Tether continues to dominate the stablecoin market with a market cap of over $82 billion and is currently the third-largest cryptocurrency by market cap. On Wednesday, May 10, stablecoin issuer Tether released the results for the first quarter of the year (Q1 2023) announcing a net profit of a staggering $1.48
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According to the Q1 attestation signed by financial services firm BDO Italia, Tether held about $2.44 billion in excess reserves of the $79.4 billion Tether-issued tokens in circulation as of March 31. That surplus was at an all-time high, Paolo Ardoino, chief technology officer of Tether, said in the announcement. Source
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Funds structured as stablecoin issuer Circle’s Blackrock-managed USDC reserve fund “generally will be deemed ineligible” for the New York Federal Reserve’s reverse repurchase program under the new rules. Source
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BitMEX co-founder Arthur Hayes examines de-dollarization and its fiscal and political implications in an article titled ‘Exit Liquidity.’ Former BitMEX CEO Arthur Hayes recently aired his views on exit liquidity vis-à-vis the US dollar’s reserve currency status. In a Medium blog post, the American entrepreneur wrote exhaustively on whether the US dollar can be
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Tether, the firm behind the largest stablecoin by market capitalization, reportedly allowed its clients to send funds through Signature Bank’s payments platform — granting the firm access to United States banks.According to an April 4 Bloomberg report, Tether had a pathway to the U.S. banking system by instructing its users
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Tether CTO Paolo Ardoino, in response to the article, said the company has no exposure to Signature Bank. Source
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