Tag: Stablecoin

Tether buys $222 million worth of bitcoin to back its USDT stablecoin

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Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserve will increase by $700 million in the current quarter, which is not yet over. Justin Tallis | Afp | Getty Images Cryptocurrency giant Tether on Wednesday said that it’s going to purchase hundreds of millions of dollars’ worth of bitcoin to back the world’s largest stablecoin. The company said it would invest 15% of its net profit into bitcoin to “diversify” the reserves that back its USDT token, which aims to stick to a 1-to-1 peg…

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

House Democrats Consider New Stablecoin Bill Proposal: Source

CryptoX – Cryptocurrency Analysis and News Portal House Democrats on the Financial Services Committee are considering a new version of proposed stablecoin bill weeks after Republicans on the committee introduced their own discussion draft. Source The post House Democrats Consider New Stablecoin Bill Proposal: Source appeared first on CryptoX. CryptoX Portal

New York Floats Bill to Allow Stablecoin Payments for Bail Bonds

The stringent measures that appear to have been established against crypto in New York, the acceptance of stablecoins for bail bonds is a win. The city of New York is currently planning to add stablecoin payments as a form of bail. According to a May 10 bill, the city is proposing legislation that will allow defendants to use fiat-backed stablecoins for bail bonds. Noting that current methods allow the use of cash, credit cards, and insurance, the new bill seeks an amendment that will make room for stablecoins as well. Per…

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…

Tether (USDT) Emerges as Prefered Stablecoin amid US Banking Crisis with Over $86B in Total Supply

The stablecoins market is expected to significantly grow amid the mainstream adoption of Bitcoin and other digital assets globally. The rise of the Tether (USDT) stablecoin has been undisputed for several years. The Tether (USDT) stablecoin runs on more than 10 blockchains including Ethereum, Binance Smart Chain, Polygon, and Tron, among others. On the Ethereum network, Tether (USDT) has more than $36 billion in supply with about 4.3 million holders. The Tron network holds a vast amount of Tether (USDT) with about $46 billion. On the Solana blockchain, Tether (USDT)…

DEUS Finance hacked, over $6M DEI stablecoin stolen

Over $6m worth of DEI, a stablecoin of the DEUS decentralized finance (DeFi) protocol, DEI, was stolen in a hack, the latest details on May 6 show. The exploit led to a loss of more than $5m on Arbitrum, an Ethereum layer-2 solution, and $1.3m in BNB Smart Chain (BSC). DEI losses over $6M in a hack A report from PeckShield, a blockchain security company, shows that DEUS Finance lost over $6m in a hack targeting two networks, BNB Chain and Arbitrum. While confirming the hack, DEUS said they had…

DEUS Finance loses $6M following stablecoin hack

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Decentralized Finance (DeFi) protocol DEUS has lost over $6 million due to a security breach on its stablecoin DEI. The hacker exploited a vulnerability in the BNB Smart Chain (BSC) on May 5, according to blockchain security firm PeckShield.  A bot initiated the hack on the BSC, which led to a loss of more than $1.3 million. The attacker also targeted the Arbitrum network, with ARB/ETH deployments losing over $5 million. Twitter users claimed the token contract had a basic implementation error as the root cause. Hi @DeusDao: it appears…