Tag: Issuer

Stablecoin issuer Tether appoints Paolo Ardoino as new CEO

The firm behind the USDT stablecoin says its current boss Jean-Louis van der Velde will transition to an advisory role for Tether. The issuer of the largest stablecoin by market capitalization USDT, Tether Limited, has appointed Paolo Ardoino as the firm’s new head. In a blog announcement on Friday, Oct. 13, the Virgin Islands-based firm said Ardoino will take the new position in December 2023, succeeding Jean-Louis van der Velde, who will “transition to an advisory role for Tether while retaining his position as CEO for Bitfinex.” In this role,…

USDC issuer partners with Philippines exchange to promote stablecoin

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Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership. On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines. As part of the partnership, Coins.ph and Circle will work jointly to drive awareness of USDC payments and help Filipino people pay less for cross-border money transfers and make faster transactions, the companies said. The average cost of sending a $200 payment to Asia was 5.7% in…

Coinbase Invests in USDC Issuer Circle, Says Crypto Exchange Is Committed to Long-Term Success of Stablecoins

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Top US crypto exchange by trading volume Coinbase is investing in the USD Coin (USDC) stablecoin issuer Circle. Coinbase and Circle co-created USDC in 2018 and have jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium. In a new announcement, however, Coinbase chief executive Brian Armstrong and Circle CEO Jeremy Allaire say that Circle will now bring all of USDC’s governance and operations responsibilities in-house. Explain the CEOs, “The new structure will streamline the operations and governance, and enhance the direct accountability…

USDC issuer Circle launches MPC wallet beta for Ethereum, Polygon, Avalanche

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USD Coin (USDC) issuer Circle has released a beta version of a multi-party computation wallet (MPC) service, according to an Aug. 8 announcement. The new service will allow developers of DeFi apps, Web3 video games, e-commerce services, and other blockchain applications to create customized wallets specifically for their users. It will be available initially on Ethereum, Avalanche, and Polygon. Building crypto apps is still too hard. Plus, less than 0.5% of the 100 million developers worldwide are actively building crypto apps today. This needs to change. Our new wallet-as-a-service developer…

USDT Issuer Tether Reports A 30% Decline In Profit

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Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from the first quarter, there is a 30% increase in comparison with the Q2 of 2022. Tether also disclosed a share buyback amounting to $115 million and its other investments in energy-related initiatives which are financed by some of the…