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The stablecoin issuer Tether has revealed new details about its holdings of reserve assets, and now says a majority of its holdings are in the form of US treasuries.
The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.
Following the decision of the mayor of Lugano to make Bitcoin ($BTC) and tether ($USDT) “de facto legal tender” in the Swiss city, it is now possible to pay with these two cryptocurrencies at both McDonald's restaurants over there.
By now, most of USDT's reserves are in short-term US Treasury bonds
Tether said it has increased its investments in US Treasury bills backing its $68 billion stablecoin.
Indian authorities have frozen more cryptocurrencies as part of their ongoing investigations of the mobile gaming app E-nuggets. These include Bitcoin (BTC), Ether (ETH), USDT, and the Wazirx token.
Tether is also looking to become more transparent, having hired a new accounting firm to conduct regular audit and attestation reports to ensure its stablecoin is properly backed by the USD.
On Monday, the chief technology officer of Tether Holdings Limited, Paolo Ardoino, explained that U.S. Treasury bills represent more than 58% of the company's reserves. The announcement follows Tether hiring the accounting firm BDO Italia and the stablecoin issuer's quarterly attestation, which had shown a decrease in commercial paper holdings.
Company CTO Paolo Ardoino provided the updated Tether holdings.
Tether CTO Paolo Ardoino has announced a 14.6% increase in Treasury bills and lower commercial paper holdings since June 2022. The post Tether Slashes Commercial Paper, Increases Treasury Bill Holdings in Latest Portfolio Update appeared first on BeInCrypto.
As per the latest tweet of the CTO of Tether, Paolo Ardoino, the stablecoin issuer has cut down its commercial paper holding.
Insider information on Tether's reserve revealed that as of September 30, the shadlecoin issuer had increased its United States Treasury bills to 58.1% of its reserves while reducing its commercial paper exposure to below $50 million. The post Tether reduces commercial paper exposure to below $50M, Treasury bills rise to 58.1% of reserve appeared first on CryptoSlate.
Tether's CTO shared the update in a Tweet on Monday, adding that its commercial paper holdings are now below $50 million. The post U.S. Treasury bills now make up more than half of Tether's reserves appeared first on The Block.
The U.S. Securities and Exchange Commission (SEC) announced a $1 million fine against Tether's (CRYPTO: USDT) former auditing firm Friedman LLP over violations of the federal securities laws. Per the SEC, the auditing firm was involved in several instances of “improper professional conduct” audits of two companies from 2015 to 2020.
India has announced through the Directorate of Enforcement that it has frozen two more cryptos under its money laundering prevention laws. According to the official statement, the digital assets listed as suspended for trading included Bitcoin and stablecoin Tether.
India's Directorate of Enforcement (ED) says it has frozen more cryptocurrencies, including bitcoin, tether, and the Wazirx token. The action is part of its investigation of the mobile gaming app E-nuggets. In its latest announcement, the ED revealed that nearly 86 bitcoins found at crypto exchange Binance were frozen.
The Indian Directorate of Enforcement (ED) revealed that it froze the assets of a mobile gaming application called E-nuggets. The ED froze WRX [WazirX] and USDT [Tether] cryptocurrencies that were worth INR 47.64 lakhs.
India is leaving no stone unturned in a recent crackdown on the E-Nuggets crypto money laundering case, as its ED freezes an additional $58,000 worth of WRX and USDT. The move comes amidst the authorities' probe into gaming platform E-Nuggets on money laundering allegations.
While USDT has observed a decline in its marketshare during the year 2022 so far, the stablecoin still retains its place at the top.
Wanchain has announced its new ‘XFlows' cross-chain bridge upgrade which will revolutionize trading of the world's number one stablecoin, USDT, against many other widely used tokens. This new upgrade brings native-to-native USDT cross-chain transfers for Ethereum, BNB Chain, OKC, Polygon, Arbitrum, and more to be announced soon.
The U.S. Security and Exchange Commission (SEC) sued and set charges of 1 million USD as a monetary penalty against Friedman LLP, the former auditing firm of Tether. Although the stablecoin issuer Tether hired the same auditing company from May 2017 to January 2018, the case filed last week does not count it.
With the Merge event passing by without much of a positive impact, cryptos are now prone to the purview of the Fed's monetary policy stance.
The regulator said New York-based accounting firm Friedman LLP, Tether's auditor in 2017, failed to perform audits appropriately.
Friedman LLP, a New York-based accounting firm that provided auditing services for Tether in 2017, is accused of “serial violations of the federal securities laws” and “improper professional conduct.”
