Tether’s circulating supply has slipped from about $83 billion a week ago to less than $76 billion on Tuesday.
These"attestations" produced by Tether each quarter are signed off by MHA Cayman, a Cayman Islands-based firm which has only three employees, according to its LinkedIn profile.it would produce one in a matter of"months." It has still not done so.The destabilization of tokens which have the sole purpose of maintaining a stable price has rattled regulators on either side of the Atlantic. Last week, U.S.
Meanwhile, European Central Bank Executive Board Member Fabio Panetta said stablecoins like tether are"vulnerable to runs," referring to"bank runs" where clients flee a financial institution en masse. The European Union is planning to bring stablecoins underwith new rules known as the Markets in Crypto-assets Regulation, or MiCA for short.
"Its customers really are the exchanges," Coppola said."Then the exchanges sell tokens to traders, dabblers and small investors." Monsur Hussain, head of financial institutions research at Fitch Ratings, said Tether would have"few difficulties" in selling down its Treasury holdings.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stablecoin supplies and cash reserves in question amid crypto exodusTether, the largest stablecoin by market capitalization, saw outflows over the past week which amounted to almost double its last reported cash reserves as investors cashed out of the cryptocurrency market.
Read more »
Binance widens access to its regulated, licensed, and fiat-backed BUSD stablecoin | Binance Blog$BUSD is one of the only fully regulated, licensed, and fiat-backed stablecoins available. Unlock the full Binance ecosystem and secure some peace of mind with one of the market’s most secure stablecoins 👇
Read more »
UK Treasury en route to legalizing stablecoins amid Terra's UST crashThe Treasury’s plan does not involve legalizing algorithmic stablecoins and instead prefers 1:1 fully-backed stablecoins like USDT or USDC.
Read more »
The Collapse of UST and LUNA Was Devastating, but There Is Still Hope for CryptoWhen something is supposed to be $1 and it’s not, that’s usually not good. $LUNA and $UST might have failed, but bitcoin (and crypto) is stronger for it. gckaloudis reflects in this week’s Crypto Long & Short newsletter.
Read more »
US congress research agency weighs in on UST crash, notes gaps in regulationThe CRS analysis highlighted that in traditional finance, scenarios like such are guarded by measures like bank deposit insurance and liquidity facilities.
Read more »