Notes 3/17: Bitcoin in Tether’s Reserves

Tether is Bitcoin’s new savior. The crypto world’s biggest stablecoin plans to increase bitcoin holdings in its reserves by investing 15% of its future profits into bitcoin. According to its latest attestation report, Tether had $1.5 billion worth of bitcoin on its books. The firm said it will use “realized profits”, or profits accruing to… Read More Notes 3/17: Bitcoin in Tether’s Reserves

Tether Releases Attestation Report

Controversial stablecoin Tether released its latest reserves report for the first quarter yesterday. As usual, there are many red flags. The stablecoin has released an attestation and not an audit, meaning the accounting firm responsible for verifying Tether’s reserves only checked the state of its finances at a particular moment in time. What’s more, their… Read More Tether Releases Attestation Report

Notes 4/29: Circle Cross Chain Transfer Protocol

Stablecoin issuer Circle made news at crypto shindig Consensus last week by announcing a Cross Chain Transfer Protocol (CCTP) to ensure “seamless liquidity” of their token USDC. In simple words, this means that the CCTP will enable USDC holders to move the token between different blockchains. According to the company, the CCTP is currently functional… Read More Notes 4/29: Circle Cross Chain Transfer Protocol

Notes 3/28: CFTC Lawsuit Against Binance, Staking Withdrawals, and Tron and Tether

What does the CFTC’s case against Binance mean for crypto’s future? Binance is the world’s biggest cryptocurrency exchange by trading volume. It is also home to the biggest trading volumes for bitcoin and ether, the world’s two biggest cryptocurrencies. But the announcement of a lawsuit against the company by the CFTC yesterday hardly dented bitcoin… Read More Notes 3/28: CFTC Lawsuit Against Binance, Staking Withdrawals, and Tron and Tether

Notes 3/14: Bitcoin Price, USDC Depegging Winners

Bitcoin price continues to course a path upwards for the second day, briefly moving past $26,000 before reversing its trajectory. As of this writing, it is changing hands for $25,989.38, up roughly 7.5% from yesterday. Analysts and news reports have pointed out that the jump in its price coincides with the release of favorable inflation… Read More Notes 3/14: Bitcoin Price, USDC Depegging Winners

Notes 3/13: USDC’s Peg Is Still Wobbly, Bitcoin Price

Circle’s USDC may have survived a crisis over the weekend after regulators stepped in to bail out Silicon Valley Bank (SVB) depositors, but it is not out of the woods yet. The stablecoin, which is extensively used in the decentralized finance (DeFi) ecosystem, faces a fresh existential threat this week. A hacker made off with… Read More Notes 3/13: USDC’s Peg Is Still Wobbly, Bitcoin Price

Notes 3/11: Circle’s USDC Loses Peg

USDC, the crypto world’s second biggest stablecoin, has lost its peg due to exposure to Silicon Valley Bank (SVB), the bank that liquidated yesterday. The stablecoin’s peg with Tether’s USDT, another dollar-backed stablecoin, fell to as low as 0.86 at cryptocurrency exchange Kraken before recovering. As of this writing, it is still askew at $0.92.… Read More Notes 3/11: Circle’s USDC Loses Peg

Notes 2/21: Reordering the Stablecoin Market

Binance’s stablecoin BUSD’s loss is Tether’s gain. According to Reuters, the biggest stablecoin by market capitalization has seen its share of the overall stablecoin market rise to 52.6% from 51% earlier. The USD Coin is also a beneficiary of BUSD’s fall. The Circle-issued token witnessed a 0.4% increase in its market share to 31.3% after… Read More Notes 2/21: Reordering the Stablecoin Market

Notes 2/15: Stablecoin Market Capitalizations and Legislation

There’s been considerable handwringing over regulatory action and its negative effect on cryptocurrencies in recent days. One place where that effect seems less pronounced is bitcoin price. While the crypto community erupted in protest against the SEC’s regulatory actions towards Kraken’s staking service and Binance’s stablecoin BUSD, bitcoin price seemed to take it into its… Read More Notes 2/15: Stablecoin Market Capitalizations and Legislation

Notes 2/12: Tether Finances, Tornado Cash Revisited

The mystery of Tether’s finances is slowly being unraveled. The Wall Street Journal (WSJ) yesterday published a report claiming that the stablecoin is using investment firm Cantor Fitzgerald to help manage its $39 billion treasury bond portfolio. The firm is a primary dealer in the Treasury Market, a designation that enables it to conduct direct… Read More Notes 2/12: Tether Finances, Tornado Cash Revisited