Tether Financial News

Bankrupt crypto lender BlockFi has made headlines with its latest bankruptcy filing, revealing that it has $227 million invested in a money market mutual fund offered by Silicon Valley Bank (SVB).

Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the US dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty.

Bybit, the Singapore-based cryptocurrency exchange, has announced the launch of its new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Bybit card will operate on the Mastercard network and will initially allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The new service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023. The card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. Payments made with the Bybit card will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on the user's country of residence.

Despite a series of high-profile moves by the Securities and Exchange Commission as it seeks to reign in the US Crypto Industry, a new digital asset fund venture could reignite market growth.

Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing.

Bitcoin (BTC) faced a 1-hour $1,420 pullback on March 3 following Silvergate Bank's 57.7% stock crash which was due to significant losses and "suboptimal capitalization." The U.S. fintech-friendly bank was a key financial infrastructure provider for exchanges, institutional investors and mining companies and some investors are worried that its potential demise could have wide-ranging negative impacts on the crypto sector.

Tuesday March 7th 2023 – The C+Charge (CCHG) electric vehicle (EV) charging platform has revealed its plans to make a direct listing on the BitMart exchange on March 31st.

The company behind stablecoin Tether (USDT) has rebuffed a report by The Wall Street Journal claiming it had ties to entities that faked documents and used shell companies to maintain access to the banking system.

Tether recently announced plans for a major cross-chain swap that would transfer 1.6 billion USDT from the Tron network to Ethereum.

The price of Bitcoin has been highly volatile in recent days due to the uncertainty surrounding Tether, the world's largest stablecoin. Tether has been facing legal issues, which have led to fear, uncertainty, and doubt in the cryptocurrency market, causing BTC to drop to the $22,000 level. 

Bitcoin (BTC) and Ethereum (ETH) have been experiencing a lack of volatility, with both cryptocurrencies fluctuating between gains and losses. As of now, it remains uncertain whether there will be a significant price movement during the weekend. Previously, the BTC/USD prices traded choppily between a narrow range of $22,000 to $22,500.  

Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal.

Tether, the issuer of the largest stablecoin, has called the Wall Street Journal report “wholly inaccurate and misleading. The WSJ report accused the firm of using falsified documents and shell companies to open bank accounts in 2018. The report stated that the company had opened accounts under the names of executives from various companies. This was done in order to continue to be part of the global financial system.

Stablecoins are a type of cryptocurrency offering investors price stability. The most popular stablecoins are those backed by the United States dollar — the world’s leading reserve currency. Others are less popular and not widely used, so many may not have heard of alternatives if they haven’t searched for them.

Binance USD [BUSD] is the world’s third largest stablecoin by market capitalization. However, that market cap has shrunk considerably over the past few weeks. BUSD began the year with a market capitalization of $16.5 billion. Until press time, the figure had dropped more than 40% to $9.6 billion, the lowest it’s been in two years.

Business intelligence firm MicroStrategy and stablecoin issuer Tether have become the latest two firms to publicly deny any meaningful exposure to Silvergate Bank.

In the past few weeks, True USD [TUSD] surged in market value to become the sixth-largest stablecoin overall. Although Tether [USDT] is the largest stablecoin by market cap, the situation is rapidly changing.

According to a Twitter statement from France’s police department, two people have been arrested in connection with an attack on the decentralized finance (DeFi) protocol Platypus.

Ukraine has received over $70 million in the form of cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with military equipment and humanitarian assistance.

Popular crypto exchanges KuCoin and Huobi have come under fire for failing to comply with the sanctions imposed on Russia in light of its conflict with Ukraine. The Seychelles-based firms have a considerable presence in the crypto space and are counted among the world’s largest crypto exchanges. 

Decentralized-finance (DeFi) protocol Platypus Finance has announced that it will repay a minimum of 63% of funds to its users after recovering a portion of the $9 million exploited from the platform last week.