CryptoSlate Wrapped Daily: Binance retracts purchase offer for FTX; Bitcoin slumps to $15K levels as stablecoins test dollar peg Multiple stablecoins drop below $1, Crypto exchanges roll their sleeves to publish proof-of-funds, and much more in this edition of CryptoSlate Wrapped Daily. 17 hours ago · 6 min read
The issuers of the two largest stablecoins, Tether and Circle, have distanced themselves from the FTX situation, saying they have no exposure to the struggling crypto exchange or Alameda Research. Tether distances self Tether’s CTO Paolo Ardoino said in response to a Wu Blockchain tweet that the USDT issuer had no exposure to FTX or…
Binance USD (BUSD) is the best-performing stablecoin among the top three stablecoins, as its supply dominance increased by 6% on the year-to-date metrics to 16%. The Binance-backed stablecoin has seen its supply grow from $18 billion at the start of the year to $22 billion as of press time. Its growth was largely pushed by…
A New York court ordered Tether to provide financial records showing the backing for USDT. According to the order, Tether is to produce all records of transfer of trade of any cryptocurrency or stablecoins by the company and other documents such as “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.”…
Often an overlooked part of the cryptocurrency market, stablecoins can be used to determine the current state of the market. Stablecoin balance on exchanges represents “dry powder,” or idle liquidity that can become a strong driving force in the market. The total stablecoin balance on exchanges has only recently become a significant factor in the…
Circle CEO Jeremy Allaire said Binance’s decision to convert its users’ USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. Helpful perspective from @wintermute_t , which is spot on. Converged dollar books on Binance — now same as on FTX and Coinbase — is a good thing. USDC utility just increased. https://t.co/QWfMx7f1cZ —…
Tether’s CTO Paolo Ardoino has identified an increase in USDTs market supply over the last 30 days compared to its rival USDC, which declined over the same period. Why no one is talking about it? 🤖 pic.twitter.com/SEAChZZeLO — Paolo Ardoino 🕳🥊 (@paoloardoino) August 14, 2022 USDT vs. USDC Coingecko data showed that USDT’s supply rose…
The ratio of Tether (USDT) on exchanges is up 20% in the last three months, according to Santiment data. 📈 The ratio of #Tether on exchanges has gone from 19.7% on May 9th to a whopping 42.0% three months later. This can be viewed as both a signal that traders have taken profits as prices…
USD Coin (USDC) issuer Circle has revealed that it would fully support the Ethereum (ETH) proof-of-stake (PoS) chain post-merge. According to an Aug. 9 blog post, the stablecoin issuer was looking forward to “the future scaling opportunities (the Merge) unlocks as well as the reduced energy consumption profile of the network.” While we don’t speculate…
Tether’s (USDT) liquidation of the $840 million loan it gave to Celsius could be under scrutiny under bankruptcy law to determine if the process was valid, the Financial Times reported July 26. The stablecoin issuer had revealed that it recouped its loan to Celsius by selling the Bitcoin (BTC) the embattled firm had pledged as…