Michael Barr, the head of the central bank's regulatory division, emphasized that the Federal Reserve is currently in the preliminary research stage and would require official legislation from Congress to formalize any action.
'The difference is significant because we have a prudential regulator,' said Paxos head of strategy Walter Hessert.
Acquired through a Freedom of Information Law inquiry, the documents provide a valuable yet restricted glimpse into the reserves supporting USDT, the largest stablecoin in the cryptocurrency market.
As of Thursday morning, the USDT holdings in Curve's widely used '3pool' have surged to more than 72%, indicating an abrupt imbalance.
The R stablecoin derives its value from a single crypto asset, specifically the staked ether (stETH) provided by Lido, a prominent leader in liquid staking.
USDT has surged to a market capitalization of $83.2 billion, successfully recuperating all the losses suffered since the collapse of the blockchain project Terra over a year ago.
On Friday, the Office of Foreign Assets Control (OFAC) revealed that an Irish citizen played a role in assisting affluent Russians in evading sanctions and concealing funds in the United Arab Emirates (UAE).
Strike, headed by Jack Mallers, is currently operational in the United States and El Salvador. However, it is now expanding its presence into various new markets across Africa, Latin America, Eastern Europe, Asia, and the Caribbean, encompassing countries from Antigua and Barbuda to Vanuatu and Zambia.
The report highlights that Tether has been steadily capturing a larger share of the market cap, overshadowing its competitors such as USD Coin.
If you squint your eyes, you might notice similarities between Do Kwon's bitcoin purchases during Terra/Luna's peak periods.
Last month, Binance granted a fee exemption of zero for the BTC-TUSD trading pair, while excluding the same promotion for Tether's USDT.
The 20% year-on-year growth in market capitalization can be attributed primarily to Tether's aggressive issuance on Tron, a competing blockchain to Ethereum.
Bitfinex and Tether's attorneys also want the law firm to return or destroy all defendant-issued documents and confirm that they have not been disseminated.
According to Alex Fowler and Patrick Murck of Transparent Systems, the issuers of stablecoins like Tether and USDC constitute a new rentier class that is sapping value from the DeFi system.
The SEC followed its own guidelines for serving subpoenas, according to the court.
The resurrected luna token is already available for purchase on exchanges. However, its value is plummeting.
Following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd, the South Korean government is proposing stricter rules, including a common listing requirement, for all cryptocurrency exchanges in the nation (UST).
LUNA classic and UST classic holders got an airdrop of fresh LUNA 2.0 tokens based on two blockchain snapshots on Saturday, May 28, 2022. The crypto asset's initial recorded value was $14.31 per unit at 5 a.m. (ET), and it reached an all-time high (ATH) of $18.87 per LUNA 20 minutes later. At 11:00 a.m. on Saturday, LUNA was trading for $4.20 per unit, down more than 70%.
'It was evident to me, it was clear to many that I knew it was a horrible idea,' said Paolo Ardoino, CTO of Tether and Bitfinex.
Coincryptous.com reported seven days ago that the Tron DAO Reserve has purchased $38 million in tron to protect the network's stablecoin USDD. The Tron DAO Reserve has continued to buy substantial amounts of digital assets to increase the project's reserves since then and following the terrausd (UST) de-pegging event. The organization has been adding stablecoins and bitcoin to the mix in addition to tron purchases.