Are stablecoins like Tether ready for regulatory scrutiny?
The Terra UST disaster is spurring regulators to converge on global stablecoin standards, writes Michael Shing of XREX. But major issuers still fall short.
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SEC fines Tether’s former auditor US$1 mln over accounting malpractice
The U.S. Securities and Exchange Commission announced Monday it filed and settled a US$1 million fine against Friedman LLP, Tether’s former auditing firm, over “serious violations of the federal securities laws.” See related article: What is the right approach to regulating stablecoins? Fast facts See related article: Should Tether’s shrinking cash reserves be cause for…
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Tether pushes back at WSJ doubts on its reserves
In response to the Wall Street Journal alleging that Tether’s USDT stablecoin is not adequately backed by reserves, Tether called the report a series of “unsubstantiated conclusions” that tried to “discredit Tether’s work on transparent and honest communications to the public.” See related article: Should Tether’s shrinking cash reserves be cause for investor worry? Fast…
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Tether says didn’t freeze sanctioned Tornado Cash addresses so as to not interfere in investigations
Tether Holdings Ltd.,the issuer of USDT, the world’s largest stablecoin by market capitalisation, Wednesday said freezing the sanctioned addresses might interfere with ongoing investigations despite no clear instruction to do so by law enforcement. See related article: Bad actors in North Korea, Russia send record-high funds to crypto mixers Fast facts The U.S. Treasury Department’s…
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Tether to release monthly USDT reserves report with new auditor BDO Italia
Tether Holdings Limited, the issuer of USDT, the world’s largest stablecoin by market capitalization, has roped in accounting firm BDO Italia for its regular reports of USDT reserves. See related article: Tether says USDT reserves have no Chinese commercial paper Fast facts Tether said in a statement shared with Forkast that it began working with…
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USDC, Tether announce support for Ethereum proof-of-stake
Two of the largest stablecoin issuers — Tether and USDC — announced Tuesday that they will support Ethereum’s proof-of-stake (PoS) chain, as Ethereum’s “Merge” looms and crypto miners are banding together against the abandonment of mining. See related article: Prominent Chinese ETH miner plans proof-of-work fork amid The Merge Fast facts See related article: Ethereum…
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Tether will support ETH 2.0 amid speculations of Merge delay
Bitfinex and Tether’s chief technology officer Paolo Ardoino said on Sunday that Tether plans to support ETH 2.0, amid widespread speculations that the Merge may get delayed yet again. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts While the Merge has been delayed multiple times, developers said it…
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Tether says USDT reserves have no Chinese commercial paper
Tether, the issuer of USDT, the world’s most traded stablecoin, said it doesn’t hold Chinese commercial paper in its reserves and it plans to reduce its commercial paper holdings overall. See related article: Tether slashes commercial paper, shows more reserves than liabilities Fast facts In a statement published on Wednesday, Tether said it “holds no…
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Tether to offer new sterling-pegged stablecoin, GBPT
Tether said it will launch a new stablecoin pegged to the British pound sterling in early July, the issuer of the world’s largest stablecoin, USDT, announced Wednesday. See related article: Tether market cap shrinks below US$70B, lowest since October 2021 Fast facts Tether’s announcement comes a week after Circle, the operator of the world’s second-largest…
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Tether market cap shrinks below US$70B, lowest since October 2021
The market capitalization of Tether, the world’s largest stablecoin, has dipped to an eight-month low of US$69.4 billion, according to CoinGecko data. See related article: Tether, USDT market cap has dropped by US$10B since UST collapse Fast facts Tether’s market cap has fallen almost US$3 billion since June 14 as investors pull out in a…