Category: ICO

Tether’s USDT Stablecoin Touches $100B Market Cap, Benefiting from Crypto Trading Frenzy

The company has, however, received a fair amount of scrutiny over the years for its opaque reserve management, having at one point risky backing assets like Chinese commercial paper and credit to now-bankrupt crypto lender Celsius, and a lack of independent audits – a deeper financial analysis than attestations. It now says it is backed mainly by more secure investments such as U.S. Treasury bills, repurchase agreements and deposits in money market funds. Source

Prometheum Taps Morgan Stanley Exec as CFO Just Before Opening Doors

It’s in that theoretical compliance where Prometheum is at odds with the vast majority of other crypto-native firms, who have long claimed the SEC makes it impossible to legally trade digital assets under the agency’s expectation that the sector follow existing securities laws. Most of the major crypto operations have fought or are still fighting the regulator in court over these questions, including the SEC’s insistence that most of the digital assets being traded by the industry are securities. Source

DeFi to Make a Big Comeback, Bernstein Says

Bernstein notes that six out of the top ten revenue-generating protocols are DeFI applications. These are Uniswap, Aave, Maker, GMX, Synthetix and Sushi. “DeFi’s folly last cycle was the game of unsustainable yields that came crashing down,” the authors wrote, adding that the epitome of unsustainable DeFi was the Luna stablecoin, which subsequently collapsed. A stablecoin is a type of cryptocurrency that’s typically pegged to the U.S. dollar. DeFi is an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. What’s different…

Ether.Fi, Omni Network Sign $600M Restaking Deal to Enhance EigenLayer Security

Liquid restaking involves securing additional yield, or rewards, on natively staked ether. Ether.fi currently offers 3.92% and loyalty points across EigenLayer. The points will eventually be convertible to token airdrops. The liquid restaking market has soared since December, with EigenLayer’s total value locked (TVL) rising to $10 billion from $250 million, data from DefiLlama shows. Source

ICO takes regulatory action against five public authorities under the FOI Act

The Information Commissioner’s Office (ICO) has taken action against five public authorities for continued failings to meet their obligations under the Freedom of Information (FOI) Act. Sussex Police and South Yorkshire Police have been issued with enforcement notices for their FOI failings, with the latter’s FOI request response rate being classed as “unacceptable on any level”. The Department of Education (DfE), Foreign Commonwealth and Development Office (FCDO) and the Financial Ombudsman Service (FOS) have been given practice recommendations setting out improvements they can make to better comply with their legal obligations. It…