Binance Moves $3.9 Billion in Tether (USDT) to Hot Wallet, Raises Questions About Stablecoin Activities
Binance has transferred around $3.9 billion in tether (USDT) from its Tron-based 'Binance-Cold 2' wallet to its 'Binance 3' hot wallet. Out of this, $300 million was sent to 'Binance-Hot 7', leaving approximately $3.6 billion in 'Binance 3'. The transfer is one of the largest tether transactions on Tron to ever occur. Binance's stablecoin activities have come under scrutiny after its failure to appropriately manage Binance-Peg BUSD, and it currently faces lawsuits from the Commodity Futures Trading Commission and Securities and Exchange Commission.
Tether CEO: RWE service focusing on real-world assets will be launched soon
Tether CEO Paolo Ardoino announced on X platform that another "extremely powerful piece" will soon be added to the Tether ecosystem. In 2024, there are a total of 5 projects (and more to come), some of which may permanently eliminate popular Web2 centralized services, and focus on the pure real-world ecosystem, also known as "what people really need". In October, Paolo Ardoino announced on X platform that Tether RWE (Real World Ecosystem) will be launched. The platform will leverage Tether's experience in building financial technology and focus on real-world assets (RWA).
Tether issues an additional 1 billion USDT on Tron for inventory in the next issuance request and chain exchange
According to Whale Alert monitoring, Tether minted 1 billion USDT on the Tron network at 5:06 on November 11th Beijing time. Tether's Chief Technical Officer Paolo Ardoino stated that this was an authorized but not yet issued transaction, which means it will be used as inventory for the next issuance request and on-chain exchange.
New U.S. bill proposes banning government use of Chinese-developed blockchain and USDT
US lawmakers proposed a new bill called CLARITY on Wednesday, which prohibits federal government officials from conducting business with Chinese blockchain companies. The bill also explicitly prohibits US government officials from trading with iFinex, the parent company of Tether, the issuer of the world's largest stablecoin, USDT. The bill also prohibits US officials from trading with The Spartan Network, The Conflux Network, and Red Date Technology Co. (the development company behind the digital yuan).
It is reported that the CLARITY bill is co-led by US Representatives Zach Nunn (Republican from Iowa) and Abigail Spanberger (Democrat from Virginia), aimed at prohibiting US government officials from trading with Chinese crypto companies and cutting off government employees' access to networks supporting blockchain or cryptocurrency trading platforms in China.
Neither of the bill's two sponsors are members of the US House leadership or hold important positions in committees.
Tether issues an additional 1 billion USDT (authorized but not yet issued)
Data monitored by Whale Alert shows that at around 7:02 Beijing time, 1,000,000,000 USDT (1,000,742,500 USD) was minted at Tether Treasury. Tether's CEO, Paolo Ardoino, stated that this 1 billion USDT was a supplement to Tron's network inventory. This is an authorized but unissued transaction, meaning that the additional issuance will be used for the next issuance request and inventory for chain exchanges.
Tether's Reserves Reach All-Time High with 86% in Cash and Cash Equivalents: BDO Report
According to a new attestation report from BDO, Tether's reserves were made up of approximately 86% cash and cash equivalents as of September 30, which is the highest percentage ever. The report shows that $56.6 billion worth of reserves are in U.S. Treasury bills with a maturity date of less than 90 days, while another $8.8 billion was held in reverse repurchase agreements involving these bills. Tether has reduced its reliance on secured loans, which now make up only $5.1 billion worth of USDT reserves. BDO publishes attestations of Tether's reserves every quarter, with a one-month lag between the end of the quarter and the publication of the report.
Tether Reports $3.2 Billion of Excess Reserves Backing Stablecoins in Q3 Attestation
Tether's Q3 attestation, verified by BDO Italy, revealed that the stablecoin has $3.2 billion in excess reserves supporting its value, including $72.6 billion in exposure to U.S. Treasuries. The attestation also disclosed $86.4 billion in assets in reserves as of September 30, with $83.2 billion in liabilities. Tether's CEO, Paolo Ardoino, has promised to introduce real-time data about reserves in the future, as the company aims to reduce its secured loans to zero by 2023. The company's USDT stablecoin remains the most popular, with an $84 billion market capitalization.
Stablecoin Tether (USDT) Accounts for 80% of Cryptocurrency Transactions in Brazil, Surpassing Bitcoin Volume
According to data from Brazil's revenue service agency, stablecoin Tether (USDT) has become increasingly popular in Brazil, accounting for 80% of all cryptocurrency transactions in the country. USDT transactions in Brazil amounted to $271 billion Brazilian reais (~$55 billion) as of mid-October, almost double the volume of Bitcoin (BTC) transactions in the country. The Brazilian tax agency tracks crypto-related activities of citizens using a sophisticated system that relies on artificial intelligence and network analysis, and is also targeting crypto investments held by the country's citizens overseas. The local Congress passed legislation that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments, with taxes applied at a rate of 15% to 22.5%.
Tether CEO: Tether has cooperated with dozens of law enforcement agencies including the United States, Ukraine and Israel
In response to the Wall Street Journal's article claiming that Tether is suspected of assisting terrorists in illegal financing using cryptocurrency, Tether CEO Paolo Ardoino stated in a post that since its establishment, Tether has cooperated with dozens of law enforcement agencies including the United States, Ukraine, and Israel. The use of cryptocurrency by malicious actors accounts for only a small portion of illegal activities in the traditional financial industry. The deceptive article by the Wall Street Journal deceived good people with false information.
U.S. lawmakers urge DOJ to conclude investigations on Binance and Tether's possible aid to Hamas
Senator Cynthia Lummis and Representative French Hill have written to the Department of Justice urging them to conclude their investigations and make a decision on whether Binance and Tether should face criminal charges for their possible involvement in aiding Hamas. The lawmakers emphasized the importance of holding bad actors accountable for facilitating illicit activity, even if the reported level of funding is inaccurate. Lummis and Hill, who are both advocates for reasonable regulation of crypto, alleged that Binance and Tether knowingly allowed their platforms to be used by terrorist organizations. Binance and Tether have not yet commented on the matter.
