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Search resuls for: "USDT"


9 mentions found


☆ Cryptoverse: Tether tightens grip on wobbling world of stablecoins
  + stars: | 2023-02-21 | by ( Medha Singh Lisa Pauline Mattackal | Medha Singh | Lisa Pauline Mattackal | ) www.reuters.com   time to read: +4 min
REUTERS/Benoit Tessier/File PhotoFeb 21 (Reuters) - The world of stablecoins is suddenly looking shaky. "There's way too much demand for dollar-based stablecoins for them to go away," said Alex Miller, CEO at bitcoin developer network Hiro. Market leader tether (USDT) has been a big beneficiary, adding $1.9 billion to its market capitalization to hit $70.3 billion since the news. It now commands 52.6% of the stablecoin market, up from just over 51%. Traders also use these tokens to hedge their positions, and hence dwindling market value is associated with falling liquidity and leverage in the broader crypto market.
☆ Crypto markets on edge as U.S. regulatory crackdown on industry intensifies
  + stars: | 2023-02-14 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +3 min
Paxos has been ordered by New York regulators to stop issuing the Binance USD (BUSD) stablecoin. On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins . Investors are digesting a number of major regulatory actions in the U.S., as authorities look to rein in the once free-wheeling cryptocurrency industry. Digital currency markets are on edge after a flurry of aggressive regulatory actions from U.S. authorities over the past few days. There is no official SEC action against Paxos currently.
☆ Tether records surprise profit as stablecoin giant aims to put reserve controversy behind it
  + stars: | 2023-02-09 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
Tether on Thursday published its latest quarterly financials, with the world's top stablecoin issuer stating publicly for the first time that it generated a profit. "Tether is not disclosing any financial information other than those reported in the CRR [Consolidated Reserves Report]," Tether told CNBC in emailed comments. Tether is the issuer of USDT , the world's largest stablecoin by market capitalization. Stablecoins are tokens that are meant to always be fully backed by an equivalent value of reserve assets. But Tether has long been dogged by concerns that its token isn't completely backed one-to-one by an equivalent value of reserves.
☆ A stablecoin collapse could spill into the U.S. bond market and economy, professor warns
  + stars: | 2023-01-13 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +2 min
The near $1.4 trillion collapse of the crypto market in 2022 didn't make a dent to traditional assets like stocks or to the real economy. Stablecoins are a type of digital currency that is supposed to be pegged one-to-one with a fiat currency such as the U.S. dollar or the euro. Tether says that more than 58% of its reserves are held in U.S. Treasury Bills, accounting for around $39.7 billion. "And a large volume of redemptions even in a fairly liquid market can create turmoil in the underlying securities market. And given how important the Treasury securities market is to the broader financial system in the U.S. ...
☆ Read the full memo the CEO of Binance sent to staffers after the exchange was hit by more than $1 billion of withdrawals in a day amid the FTX fiasco
  + stars: | 2022-12-15 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +4 min
Shortly after jittery investors withdrew over $1 billion from Binance on Tuesday, its CEO sent a memo to staffers. Changpeng "CZ" Zhao seemed to try to assuage market fears amid the implosion of crypto peer FTX. In the memo, CZ wrote Binance expects "the next several months to be bumpy." Some days we have net withdrawals; some days we have net deposits. Read the full memo Changpeng "CZ" Zhao sent to staff on Tuesday.
☆ Binance adds to stablecoin mystery by resuming Tether deposits while keeping out USD Coin
  + stars: | 2022-11-18 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
Binance resumed deposits of stablecoin Tether on Friday, a day after an unexplained pause. But a pause in deposits of stablecoin USD Coin is still in place until further notice. "After internal assessment and review, Binance has now resumed deposits for USDT (SOL)," the world's largest cryptocurrency exchange said in an update. Adding to the mystery is that prices for Tether and USD Coin have remained relatively steady over the past seven days despite the turmoil in the broader crypto market that was unleashed by FTX's collapse. Tether, which is the third largest cryptocurrency and the world's largest stablecoin, briefly lost its dollar peg last Thursday, falling to a low of $0.98 before recovering most of those losses.
☆ How to keep your crypto safe by moving it offline into your own wallet
  + stars: | 2022-11-15 | by ( Sofia Pitt | ) www.cnbc.com   time to read: +4 min
Cold storage can protect your digital assets by taking them offline and harboring your crypto in a digital wallet. If you're interested in moving your crypto into cold storage, here's how to get started. Types of cold storage walletsThere are a number of cold storage wallets you can buy to get started. How to move your cryptocurrency to cold storageIt's important to buy your cold storage wallet directly from the manufacturer. Once you have a pin, you'll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet's address.
☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
  + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +32 min
Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.
☆ Bitcoin's break above $20,000 has investors wondering if the crypto bottom is in. Here's what analysts say
  + stars: | 2022-10-30 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
October is a historically strong month for crypto, but this month, prices and volatility have been relatively flat. Don't call it a bottom yet The odd inactivity has investors wondering if the crypto market could be turning for the better and breaking out of this year's rut. That, combined with the recent low volatility, would provide more evidence of a bottom, but bitcoin today is still leaving derivative exchanges. "For low price volatility to be associated with bottoms, the portion of bitcoin inflows into exchanges dominated by whales ought to be relatively low," he said. CryptoQuant also analyzed bitcoin's MVRV, or market value to realized value, ratio, which shows crypto hasn't gone into undervalued territory.
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