Tether Financial News

Disclaimer: The text below is an advertorial article that is not part of  Cryptonews.com  editorial content.

Banks want to reduce exposure to crypto businesses, just as crypto businesses are seeking to reduce exposure to the ongoing banking crisis. Tether’s latest audit report shows that the stablecoin issuer withdrew over $4.5 billion from banks in the first quarter to reduce counterparty risk following Circle’s troubles during the collapse of Silicon Valley Bank.

Strike, a Chicago-based Bitcoin (BTC) payment provider, expanded its services to 65 countries in parallel to relocating its global headquarters to El Salvador. Before its expansion, the mobile app was operational only in the United States, El Salvador and Argentina.

Argentinians can now purchase dairy produce with the USDT stablecoin at the Central Market of Buenos Aires — one of the largest movers of fruits and vegetables in Latin America. The move was enabled by a partnership between the stablecoin issuer Tether and on-/off-ramp platform KriptonMarket. 

After filing for bankruptcy and coming under new management, FTX Group and its affiliated companies, including Alameda Research, have been actively trying to recover funds from firms they previously sent crypto to.

It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded?

Stablecoin issuers including Tether, Circle, and others have spent well over a million dollars lobbying lawmakers on Capitol Hill since the start of 2022, according to recent data.

Bitcoin, the leading cryptocurrency, is facing difficulties in surpassing the significant resistance level at $27,500. 

Tether International Ltd., the company behind the third-largest cryptocurrency by market value, will use 15% of its net investment profit, equivalent to $222 million of its first-quarter profit, on Bitcoin to diversify reserves backing its USDT stablecoin.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Tether, the world’s largest stablecoin issuer by market capitalization, said it is planning to invest 15 percent of its net profits into bitcoin to strengthen its reserves. 

A scammer or group of scammers have used a fake phishing version of the crypto exchange HitBTC’s website to steal some $15 million worth of crypto.

Cryptocurrency giant Tether on Wednesday said that it's going to purchase hundreds of millions of dollars' worth of bitcoin to back the world's largest stablecoin.

Tether, the issuer behind the largest stablecoin USDT, is following in the footsteps of Microstrategy in order to manage its reserves. The stablecoin issuer plans to strengthen its reserves with the help of Bitcoin and move away from United States-based government debts. 

A Bloomberg report has revealed that many crypto firms still follow some wrong approaches to their operations. 

Stablecoin operator Tether Holdings pulled over $4.5 billion out of banks in the first quarter of 2023, causing a “substantial reduction” in counterparty risk, the company reported in a post touting its latest attestation by BDO Italia. 

The Terraform Labs Co-founder and CEO Do Kwon reportedly “cashed out” $2.8 million worth of crypto before being released on bail in Montenegro on Friday.

Stablecoin Tether's reserves were worth $81.8 billion at the end of the first quarter, according to a reserves attestation on Wednesday, up around $14.8 billion from the previous quarter.Crypto investors have flocked to the stablecoin in recent months, considering it to be a relatively safe haven during the turbulence of the U.S. regional banking crisis and a regulatory crackdown on crypto firms.Tether's reserves include $53 billion of U.S. treasuries, the report said, up from $39.2 billion at the end of 2022. They also include $1.5 billion worth of bitcoin and $5.3 billion worth of loans which the report said are «over-collateralized». In a post on its website, Tether said it has been seeking to «reduce its reliance on pure bank deposits» and leverage the repo market instead. A repo, short for repurchase agreement, refers to when financial institutions use U.S. Treasuries and other high-quality securities as collateral to raise cash, often overnight.

Stablecoin issuer Tether has announced a profit of $1.48 billion for the first quarter of this year, after rising interest rates helped the company earn higher returns on its massive reserves.

An Argentinian coffee shop has announced a x10 rise in crypto-paying customers in the past year – and says it plans to open a branch in Chile.

A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds.