Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking Crisis

After the recent bank collapses in the U.S., a number of people believe that more failures are coming following the Federal Reserve’s increase of the benchmark interest rate by 25 basis points (bps). American journalist Charles Gasparino insists that Wall Street’s “low-rate” junkies are ignoring the U.S. banking crisis. Quill Intelligence CEO Danielle DiMartino Booth [...]

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Binance Sued by CFTC for Alleged Violations of Trading and Derivatives Rules

The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange broke several trading and derivatives rules. The lawsuit also names Binance’s former chief compliance officer, Samuel Lim, [...]

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JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’

JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for [...]

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South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money

Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar. (Read More)

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Deposit Coins May Be the Best Blockchain Option for Commercial Banking

JPMorgan Chase and Oliver Wyman produced a deposit token study for blockchain-based commercial banking. (Read More)

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Tether Eliminates All Commercial Paper Holdings to Zero

Tether has cut down all commercial paper exposure from its reserves. The firm said the move is part of its ongoing efforts to increase transparency. (Read More)

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Tether Boosts US Treasury Holdings Behind USDT, Further Reducing Commercial Paper

Tether said it has increased its investments in US Treasury bills backing its $68 billion stablecoin. (Read More)

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Tether commercial paper exposure now under $50M — CTO

Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by USD.

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Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits

The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege Voyager is FDIC insured. The U.S. Bankruptcy Court in More

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Voyager to return $270M in customer funds, says it received 'better' offers than FTX

The crypto lender will be allowed to return a portion of customer funds locked up at the Metropolitan Commercial Bank which have been frozen until now.

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Tether Aims to Render More Transparency by Slashing Commercial Paper Holdings

Based on continuous efforts to decrease its commercial paper portfolio for transparency purposes, Tether revealed that it would slash its holdings by $5 billion by the end of July. (Read More)

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VTB Bank's Subsidiary Tokenizes Commercial Debt in Landmark DFA Transaction

Russia’s state-owned bank VTB's subsidiary, VTB Factoring has completed the country’s first commercial paper tokenization through a partnership with Lighthouse, an information system operator and startup. (Read More)

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Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022

As per the official report published on May 18, Tether, the issuer of the world’s most used stablecoin, USDT, has cut 17% of its commercial paper holdings and increased United States Treasury bills with this reserve amount to back its stablecoin, USDT. Tether made the reduction over Q1 2022 and continues for a further 20% decline since April 1. The firm will highlight this 20% reduction in the Q2 report. The crypto project took these steps following the USDT stablecoin losing its dollar peg. The stablecoin dropped to 95 cents on May 12. In addition, to assuage users’ fears over the catastrophic effects of the recent bloodbath, Tether noted that its reserves were “fully-backed” in a blog post on Thursday. Related Reading | TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task According to the statement of the stablecoin issuer, it has decreased commercial paper holdings. As a result, the holdings decreased from $24 billion to $20 billion in the first quarter. As well as, the company increased its investments in the market money funds and U.S. treasury bills during that time. The firm has added 13% to its Treasury Department and lifted the investment amount from $35.5 billion to $39 billion. Chief technical officer at Tether, Paolo Ardoino, expressed; Tether has maintained its stability through multiple black swan events and highly volatile market conditions and, even in its darkest days. Tether has never once failed to honor a redemption request from any of its verified customers. Tether Affirms It Is “Fully Backed” He further added; This latest attestation further highlights that Tether is fully backed. And that the composition of its reserves is strong, conservative, and liquid.  In February 2021, New York Attorney General alleged the firm had misrepresented the figure of fiat collateral through which stablecoins USDT is backed. The company settled the legal dispute with A.G by paying an $18.5 million fine. And since then has been liable to disclose its reserve every quarter per the settlement. As a result, Tether reported its reserve allocation for Q4 2021 last February. According to that report, the company has reduced its commercial paper holdings from $30 billion to $24 billion, diminished by 20%. Continued redemptions from USDT would cause forced sales of commercial holdings, possibly leading to spillover in contagion in the traditional financial market, said Nikolaos Panigirtzoglou, an JP Morgan Chase & Co. analyst on Thursday. Citing the outflows of the Tether, Panigirtzoglou said; This is not all exiting crypto markets as around $5 billion appears to have shifted to USDC and Binance USD. Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up Tether has a market capitalization of over $74 billion at the time of writing. While Tether’s reported assets backing USDT have exceeded $82 billion. To assure users that Tether is stable as its name sounds, over the last two weeks of market volatility, Tether highlighted that it would “honor all redemptions from verified customers” for USDT. Featured image from Pixabay and chart from TradingView.com  

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Tether Updates Assets Backing USDT in Latest Report 

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Coinbase’s Super Bowl QR code, site crash, scammy codes

Last night’s Super Bowl game in Los Angeles, where the LA Rams beat the Cincinnati Bengals 23–20, might go down in history as a watershed moment in the crypto industry.

The post Coinbase’s Super Bowl QR code, site crash, scammy codes appeared first on CryptoSlate.

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Tether, Bitcoin and Chinese Commercial Paper at Scale

For critics of Tether, the new economy of digital assets is based on the world’s oldest profession: real estate speculation. Crypto markets took a dip Thursday just around the time it was reported that China’s Evergrande Group was on the verge of defaulting on a bond payment. While the embattled housing giant ultimately made its […]

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Major U.S. Crypto Exchange Splurges On A Super Bowl Commercial

Sam Bankman-Fried is at it again. The founder of FTX decided to throw some of his millions into a Super Bowl commercial. ?? @FTX_Official Bought Ads at the Super Bowl football event, the highest-rated TV show in U.S. History Super Bowl is the highest rated TV program in the history of US television. pic.twitter.com/iSfWImxLUk — […]

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Samsung’s 3nm GAA Chip Discovered in Microbt’s Next-Gen Bitcoin Mining Rig

According to reports, the 3-nanometer (nm) Gate-All-Around (GAA) semiconductor from Samsung has been discovered in use after a year since its release. Until now, there were no confirmed applications of the technology. Techinsights found Samsung’s 3nm chip in the Whatsminer M56S++ bitcoin mining rig from Microbt, a bitcoin mining machine that produces an estimated 230 [...]

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Commercial Bank International and Fuze Target UAE's Crypto Market in New Partnership

Commercial Bank International PJSC (CBI) and Fuze, adigital asset infrastructure provider, have signed a Memorandum ofUnderstanding to explore and develop digital asset solutions within theUAE's comprehensive regulatory frameworks. According to a statement shared on Zawya, thispartnership signals a pivotal step in addressing the rising demand forregulated cryptocurrency services.

Exploring the Regulated Crypto Market

Giovanni Everduin, the Chief Strategy and InnovationOfficer of Commercial Bank International, mentioned: "Pooling theknowledge, expertise, and resources of CBI and Fuze will help us explore arange of innovative new digital assets use cases for business and personalfinance."

"This agreement will bring our customers closerto the many opportunities of digital assets within a safe and regulatedenvironment, in line with the UAE's world-class virtual assetsregulations."

The collaboration between CBI and Fuze aims tobolster the UAE's expanding digital assets ecosystem. By leveragingtechnologies and regulatory frameworks, both entities plan to facilitatefinancial inclusivity and advance the digital transformation of the country'sfinancial sector.

Dubai's crypto sector is experiencing exponential growth. Despite challenges like market volatility and trust issues, a surveyfrom KuCoin released last year highlighted the thriving crypto landscape in theUAE.

UAE's Crypto Landscape

According to the report, 59% of crypto users in theregion perceive cryptocurrency as a reliable long-term investment, showcasing itspotential as a store of value. Moreover, 35% see crypto as a diversificationtool, while 11% leverage it against inflation.

The survey revealed that crypto serves as aconvenient asset storage method for 29% of respondents, challenging traditionalbanking systems. Additionally, 22% utilize crypto for daily transactions, while12% rely on it for cross-border remittances, showcasing its practicality andversatility.

Security emerges as a top priority for UAE cryptousers, with 63% emphasizing it in their choice of exchanges. Brand reputationand customer support also play pivotal roles, underlining the growingdiscernment within the community regarding safeguarding digital assets.

Bitcoin remains the preferred choice for 72% of crypto investors in the UAE, followed by Ethereum at 52%. The UAE's advantageous position, including access to funding, robust infrastructure, favorable regulations, and global networks, cements its status as a burgeoning hub for crypto industry development.

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Report: Crypto Ads Sideline in Super Bowl LVIII Despite Recent Bitcoin ETF Launches

Following a wave of cryptocurrency ads securing airtime for promotions during the 2022 Super Bowl, the subsequent year witnessed an absence of crypto entities airing commercials in the event. The trend is set to continue into 2024, as highlighted by a recent analysis on the subject. Although several firms launched commercials for exchange-traded funds (ETFs), [...]

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