USDT Depegging Incident Causes Market Impact and Increased Activity, but Stablecoin Maintains Dominance
June 17 (Cointime) - The recent depegging incident of Tether's USDT caused significant market impact and increased activity, with traders disposing of their tokens and the supply of Tether on exchanges experiencing a decline.
Tether: Regularly Cooperates with Law Enforcement, No loss on any Commercial Bill
June 16 (Cointime) - Stablecoin issuer Tether issued a statement in response to FUD, stating that Tether has never and will never compromise the integrity of its reserves. This commitment to maintaining the highest standards extends to its risk indicators and risk measurement processes. These mechanisms enable its investment and finance teams to thoroughly assess any financial interaction-related risks with the company. With an understanding of the lending business and regulatory environment, Tether actively strives to achieve and maintain its business goals while adhering to its risk management culture.
Tether Partially Backed Stablecoin with Chinese Securities, Documents Show
June 16 (Cointime) - According to documents obtained by the New York Attorney General, Tether had indeed backed its stablecoin with Chinese securities, including those from China Construction Bank Corp. and Agricultural Bank of China Ltd, despite denying it previously. Tether had faced rumors about its use of Chinese securities, but remained silent on the matter until September 2021 when it denied holding commercial paper from Evergrande. In July, Tether stated that it did not hold any Chinese commercial paper at that time, but did not confirm or deny whether it had done so in the past. The documents were released as part of the NYAG's investigation of Tether, which resulted in a settlement and fine in 2021.
USDT Depeg Was a Planned Attack on Tether, Says CTO Paolo Ardoino
June 16 (Cointime) - Tether's USDT briefly deviated from its US dollar peg, coinciding with the New York Attorney General's release of information to CoinDesk. Tether's CTO, Paolo Ardoino, called it a planned attack on the stablecoin, but assured that the company was well-prepared and emerged stronger.
BUSD Stablecoin Market Capitalization Dips Below Rival DAI After $95 Million Burn
June 16 (Cointime) - After a $95 million burn, BUSD stablecoin's market capitalization has fallen below that of DAI. Despite maintaining its third most dominant position for over three months, the decline of BUSD was inevitable after Paxos stopped issuing it in February.
Crypto Investors Remain Jittery as Bitcoin Dips to Three-Month Low and Tether Deviates from $1 Peg
June 16 (Cointime) - Bitcoin and major altcoins remained stagnant after a dip to a three-month low, causing concern among crypto investors. Tether's USDT stablecoin was knocked from its $1 peg due to market sell-offs on Uniswap and Curve pools. The US Securities and Exchange mentioned MATIC, the token of the smart contracts platform Polygon, among 19 cryptocurrencies in its lawsuits against Binance and Coinbase.
Tether's Stability in Question as New Details Emerge Following Depegging and Release of Documents
June 16 (Cointime) - The digital currency world was shaken up after Tether (USDT), the largest stablecoin in the industry, was depegged and dropped to $0.9991 due to a loan issue on the DeFi platform Curve.
Tether Provides Quarterly Reserve Reports to the NY Attorney General's Office and Discloses Materials to CoinDesk
June 16 (Cointime) - Leading stablecoin Tether has completed its reporting obligations to the New York Attorney General's Office under the terms of its 2021 settlement, which called for quarterly reporting of Tether's reserves for two years. Tether fully honored its obligation and provided responsive documents to CoinDesk, who sought public disclosure of materials relating to the first of Tether's quarterly reports.
Tether Loses Peg as Broader Crypto Market Sells Off
June 16 (Cointime) - Tether, the largest stablecoin, briefly lost its peg to the U.S. dollar on June 15, as the broader crypto market experienced a sell-off. The price of tether dropped as low as $0.97, before recovering to its peg of $1. The incident raised concerns about the stability of stablecoins, which are supposed to be pegged to the value of a fiat currency. Tether's issuer, Tether Holdings Ltd., has faced scrutiny over the years regarding its reserves and the backing of its stablecoin.
Tether Slips Below Dollar Peg, CTO Reassures Readiness for Any Situation
June 15 (Cointime) - Tether's CTO, Paolo Ardoino, responded on Twitter, reassuring users that the stablecoin is prepared for any situation and ready to redeem USDT tokens for the corresponding underlying dollar. Tether has been publishing assurance reports from accounting firm BDO Italia to address concerns about its claimed financial reserves, with the latest report revealing that the majority of reserves are held in cash and cash equivalents. However, the significant inflow of USDT into Curve Finance's 3pool suggests investors are moving away from Tether's stablecoin.
