Stablecoin Issuer Circle to Launch USDC Natively on Arbitrum Next Week

The launch of USDC on Arbitrum will replace the currently circulating bridged version of USDC that comes from Ethereum. In an announcement on Thursday, June 1, stablecoin issuer Circle announced its plans to launch the native version of its USDC stablecoin on the Arbitrum blockchain network. USDC on Arbitrum As per the official announcement, Circle shall replace the existing version of USD Coin, which is an Ethereum-based token bridged to Arbitrum, with a native token that runs and resides on the Arbitrum network. The official blog post reads: “This will…

USDT Issuer Tether Invests in Georgia Payment Processor

Stablecoins are a key piece of plumbing in the crypto ecosystem, bridging government-issued currencies and facilitating trading. Issuers are increasingly boosting stablecoins as a means for payments and remittances, especially in the developing world. Recently, Bitcoin-based payments app Strike integrated USDT as part of its global expansion to 65 countries. Earlier, rival stablecoin issuer Circle teamed up with payment firm Block’s (SQ) subsidiary TBD to offer remittance payments using its own stablecoin, USDC. Source

CNHC stablecoin issuer detained by Chinese police: Report

The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer. Employees of Trust Reserve — the issuer of the Chinese yuan-pegged stablecoin CNH Coin (CNHC) — have been detained by Chinese police, the local blockchain publication PANews reported on May 31. According to the report, Trust Reserve employees have been out of reach since the afternoon of May 29 due to multiple arrests. Some employees’ family members have reportedly been notified about the detentions. PANews also learned that…

USDC Stablecoin Issuer Circle Moves $8.7B to Repo Agreements Amid Risk of U.S. Default

Overnight repo transactions are effectively short-term collateralized loans. The borrower is selling a security – in this case, U.S. Treasurys – for cash, and agrees to buy back the collateral the next day for a slightly higher price. What’s really happening, though, is that big institutional investors with cash to spare are parking that with Wall Street dealers that need funding. Source

Stablecoin Issuer Tether Reveals Plan to Allocate Profits Into Bitcoin

Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the…

USDT Issuer Tether to Enhance Reserves via Regular Bitcoin Purchase

Stablecoin issuer Tether has announced plans to purchase Bitcoin with 15% of realized operating profits routinely. Tether International Limited (Tether) seeks to further consolidate its reserves by purchasing Bitcoin (BTC) with its operating profits. An official post states that beginning this month, the stablecoin company will regularly allocate up to 15% of its realized net operating gains toward BTC purchases. The report also states that Tether does not see current and future BTC holdings in its reserves exceeding the Shareholder Capital Cushion. Thus, the stablecoin issuer seeks to consolidate, grow and diversify its…

USDT Issuer Tether Says It Will Buy BTC with Realized Profits for Bolstering Stablecoin Reserves

The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in case of maturing assets such as Treasury bills, between the purchase price and the reimbursed amount, per the statement. Original Source BolsteringBTCBuyIssuerProfitsRealizedReservesStablecoinTetherUSDT CryptoX Portal