USDT Financial News

The stablecoin issuer Tether has finally eliminated its exposure to commercial papers, replacing them with much more liquid and secure US Treasury Bills.

Tether Limited Inc., the company behind USDT stablecoin, announced on Thursday that it has reduced its commercial paper holdings to zero, replacing them with U.S. Treasury bills.

USDT’s throne has been challenged over the years by USDC. Eight years after Tether issued its first USDT token, the company can claim to have seen it all from regulators’ censures to reaching supply highs.

NFT games have become a hit in the market and the niche appears to be hitting a critical mass after years of being limited to users with a strong interest in crypto. That has changed with games becoming accessible and interesting to non-tech-savvy users.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Stablecoins play a key role in the decentralized finance and broader cryptocurrency ecosystem, without a doubt. But the rivalry between USDT and USDC seems to have taken a different route.

DeFi lending company TrueFi has issued a notice of default to South Korea-based Blockwater Technologies over the latter’s failure to repay an unsecured loan of $3.4 million.

In what is a major development, the latest figures associated with crypto-declarations have been released by Receita Federal do Brasil (RFB), Brazil’s leading tax authority. The numbers reveal that crypto-popularity is on the rise in the South American country. Under Brazilian law, entities are required to declare information about activities related to crypto. The declarations for the month of August 2022 have set a new record with 12053 entities revealing crypto-holdings on their balance sheets. 

USDC and USDT — two renowned stablecoins backed by the fiat currency, USD witnessed quite a few tussles over the years to stand at the #1 mark. While the latter still holds the trophy, USDC participated in many ‘highs’ to at least try to give a tough fight for the trophy.

 

Multinational fast food chain giant McDonald's now accepts Bitcoin and USDT as payment methods in the southern Swiss city of Lugano (Lugano).

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief Technology Officer (CTO) Paolo Ardoino informed the Tether community about the changes to its portfolio.

When MakerDAO’s [MKR] co-founder introduced the Endgame Plan for the protocol, community members were hopeful of a change in decision making and governance mechanisms. It has been more than a month now, and a new report by Crypto Risk Assessments pointed out the repercussions that this plan may present. This further included the threat this may have to Curve Finance [CRV]. 

The stablecoin issuer Tether has revealed new details about its holdings of reserve assets, and now says a majority of its holdings are in the form of US treasuries.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After the Fed's 75bps print, volatility increased and caused liquidation on both sides of the book before selling off to a weekly low of $1220. Subsequently, the price found some relief along with a rise in long open interest. Within a week, the closing price had reversed again, indicating underlying weakness in the market. ETH closed the week at $1,295 and returned -3.01% WoW. Ahead of Wednesday's FOMC, ETH/BTC showed strength, jumping over 4% by Tuesday afternoon. After the Ethereum merger, there was a significant increase in user contract calls. Historically, such behavior has indicated a growth in activity on the Ethereum network that goes beyond simple token transfers. Concerns about network instability may have motivated participants to sideline holdings before the event was successful. After the successful merge was confirmed, along with the cancellation of any technical issues, activity skyrocketed in the following days. Interestingly, increased volumes persisted throughout the week, particularly in the DeFi and NFT sectors.

The Indian Directorate of Enforcement (ED) revealed that it froze the assets of a mobile gaming application called E-nuggets. The ED froze WRX [WazirX] and USDT [Tether] cryptocurrencies that were worth INR 47.64 lakhs. 

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Circle, the parent company of USDC, which is the second largest stablecoin in terms of market capitalization, reduced its stablecoins supply by 10%. Will the reduction in the supply have a negative impact on USDT’s future. Or, would this act as a bump in the road for USDC’s race to the top?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.