The firm had said it plans to bring its commercial paper holdings to zero by the end of the year. Source
Stablecoin Issuer Tether Increases US Treasury Portfolio, Cuts Commerical Paper Holdings to Below $50M
Tag: Paper
US Senator Introduces ‘No Digital Dollar Act’ to Prohibit Treasury and the Fed From Interfering With Americans Using Paper Currency – Regulation Bitcoin News
A U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, United States Code.” No Digital Dollar Act Introduced U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve…
Australia Issues White Paper for Central Bank Digital Currency – Finance Bitcoin News
Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects. Central Bank of Australia to Pilot CBDC Until Middle of 2023 The Reserve Bank of Australia (RBA) has set out to explore use cases for a digital version of the Australian dollar. It’s collaborating on the project with the Digital Finance Cooperative Research Centre (DFCRC), a research program funded by the government…
New Cosmos White Paper Revamps Cosmos Hub, ATOM Token
With its newly refined vision, the “Cosmos Hub is taking its place within the interchain,” says Ethan Buchman, the Cosmos co-founder and head of Cosmos research and development shop Informal Systems. “[The Hub] is still not going to dominate the interchain or own the whole interchain or bring everyone under its umbrella,” explained Buchman, but “it’s trying to offer services to the larger interchain that help enable it, help support it, [and] help it thrive and grow.” Source
Australian pilot CBDC test for eAUD to commence mid-2023: RBA White Paper
Making it to the list of countries that intend to launch an in-house central bank digital currency (CBDC), the Reserve Bank of Australia (RBA) released a white paper outlining an elaborate plan for conducting a pilot project for eAUD. On Aug. 9, 2022, the RBA announced a collaboration with the Digital Finance Cooperative Research Centre (DFCRC) to explore CBDC use cases for Australia. The joint research resulted in the launch of a project to test a general-purpose pilot CBDC. As outlined in the ‘Australian CBDC Pilot for Digital Finance Innovation’…
US Federal Reserve discussion paper takes cold, hard look at DeFi, gives it mixed review
There are more than 1,400 DApps in operation and their number is growing rapidly, according to a United States Federal Reserve Board discussion paper dated in June but released on Aug. 30. Ethereum is their biggest host with 470, or 31%, of them. Those decentralized finance (DeFi) products represent a very small share of the global financial system, but may still pose risks to financial stability, the authors said. The cumulative gross value of DeFi products ranged from $78 billion to $224 billion at the beginning of the second quarter…
Tether Hires BDO Italia for Monthly Assurance Reports, USDT’s Quarterly Attestation Shows a 58% Decrease in Commercial Paper – Altcoins Bitcoin News
This week, the stablecoin issuer Tether Holdings Limited revealed an update to its assurance and attestation process and detailed that the company has been working with accounting firm BDO Italia. The accounting firm will conduct monthly tether assurance reports based on the stablecoin issuer’s reserves. The following day, Tether published its quarterly assurance opinion completed by BDO and it notes that the company has seen a 58% decrease in commercial paper reserves. Tether Hires BDO Italia, Company Publishes Quarterly Consolidated Reserves Report Tether Holdings Limited, the company behind the largest…
Independent Tether attestation reveals 58% decrease in commercial paper holdings
An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation about the company’s previous quarter’s performance. The reviewer, top accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022. Tether had previously announced a commitment to decreasing its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease in commercial paper exposure since the previous quarter from $20 billion to $8.5 billion. The chief technology officer of Tether, Paolo Ardoino, tweeted that Tether has plans to continue to…
New Tether Auditor Confirms Slashing of Commercial Paper Holdings
Stablecoin issuer Tether has cut its commercial paper exposure to $8.6 billion, with a reduction to $200 million on track by the end of the month. Source
Tether says it holds zero Chinese commercial paper, denies 85% exposure
Tether reports that its total commercial paper exposure has been cut to $3.7 billion from $30 billion just one year ago. The major stablecoin issuer Tether has reiterated that the company plans to completely get rid of commercial paper backing for its U.S.-dollar stablecoin USDT already this year. In a blog post on July 27, Tether said it “holds no Chinese commercial paper as of today,” while its total commercial paper exposure has been cut to $3.7 billion from $30 billion one year ago. By late August 2022, Tether said…