Tag: Issuer

Stablecoin Issuer Tether Unveils Strong Q1 2023 Numbers with BTC and Gold Reserves

Tether continues to dominate the stablecoin market with a market cap of over $82 billion and is currently the third-largest cryptocurrency by market cap. On Wednesday, May 10, stablecoin issuer Tether released the results for the first quarter of the year (Q1 2023) announcing a net profit of a staggering $1.48 billion, double from $700 million in the same period last year. Interestingly, Tether also reported that the circulation of USDT jumped by 20 percent. Tether in Q1 2023 As we know, Tether benefitted from the concerns surrounding the de-pegging…

Arthur Hayes’ Exit Liquidity Article Explores America’s Position as Global Reserve Currency Issuer

BitMEX co-founder Arthur Hayes examines de-dollarization and its fiscal and political implications in an article titled ‘Exit Liquidity.’   Former BitMEX CEO Arthur Hayes recently aired his views on exit liquidity vis-à-vis the US dollar’s reserve currency status. In a Medium blog post, the American entrepreneur wrote exhaustively on whether the US dollar can be replaced as the global reserve currency. Additionally, Hayes debated whether China or any other powerful nation would be willing to and capable of replacing the US as the global reserve currency issuer. In his ‘Exit Liquidity’ writeup, Arthur Hayes…

Stablecoin issuer Tether accessed US banking system using Signature: Report

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Tether, the firm behind the largest stablecoin by market capitalization, reportedly allowed its clients to send funds through Signature Bank’s payments platform — granting the firm access to United States banks. According to an April 4 Bloomberg report, Tether had a pathway to the U.S. banking system by instructing its users to send dollars though Signature’s Signet to its Bahamian partner Capital Union Bank. The report cited “people with knowledge of the situation,” who added this system was in place at the time regulators took control of Signature in March.…

USDT issuer Tether has up to $1.7B in excess reserves, CTO says

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Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023. “I don’t have the final figures yet, but the profit of this quarter will probably match the last quarter of 2022,” Ardoino said, adding that in Q4 2022, Tether generated $700 million of profits. He added that Tether also has an “addition to that $950 million”…

Circle CEO Says Stablecoin Issuer Seeks to Save Crypto from Banks

Circle CEO Jeremy Allaire to save crypto following the collapse of some major mainstream banks, including Silicon Valley Bank.  Circle CEO Jeremy Allaire recently disclosed that the USDC stablecoin issuer wants to save crypto from fallen banks. In an interview, Allaire touched on the adjustments the peer-to-peer payments technology company made following Silicon Valley Bank’s recent collapse. According to the Circle CEO, around $3.3 billion worth of funds was in transit from Silicon Valley to BNY Mellon. Allaire also questioned the narrative suggesting the protection of the mainstream banking system from digital currencies.…