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The chief executive of stablecoin issuer Tether says that it is now one of the largest holders of US Treasuries in the world, noting that stablecoins will grant hundreds of millions of people access to the US dollar. In a new interview with CNBC Television, Tether CEO Paolo Ardoino says that if the firm were a nation of its own, it would be the 18th-largest holder of US Treasuries in the world. “Well, Tether in 2024 was the fifth-largest purchaser of US treasuries. And if we were a country, right, I mean, we compare ourselves to countries now, and as an overall statistic, Tether is the 18th-largest holder of US treasuries. We have around $125 billion in US treasuries. We are acquiring, that portion of our reserve is increasing… We think the trajectory is also in line with the GENIUS Act so we are very excited to see a stablecoin bill that provides clear guidance.” US Treasuries are debt obligations backed by the US Department of the Treasury that vary...

US Treasury Secretary Scott Bessent says digital assets may create a $2 trillion demand for US Treasuries in the coming years. In an appearance before a Congressional House Committee Tuesday morning focused on the international financial system, Bessent says the US should take a global leadership role on digital assets. “We believe that the United States should be the premier destination for digital assets, and, as members of this committee and the Senate are attempting to do, create good market structure around that so that US best practices are used around the world.” He also says that the crypto market may give US Treasuries a massive demand boost. “Digital assets are an important source of innovation that can drive usage of the US dollar around the world, as with stablecoin legislation. There is speculation that there may be up to $2 trillion of demand over the next few years for US government securities from digital assets.” Last mon...

Stablecoin issuer Tether (USDT) is reportedly looking to return to the US with a new dollar-pegged digital asset. According to a new report by CNBC, the world’s largest stablecoin issuer is looking to launch a new crypto asset pegged to the US dollar by the end of the year as its chief executive continues to influence national crypto policies. News of the new stablecoins was confirmed by Tether CEO Paolo Ardoino in an interview with CNBC. According to Ardoino, Tether – which is headquartered in El Salvador – is attempting to rebrand itself as being cooperative with law enforcement, as it was previously known as the “go-to” crypto for criminal activity. The report says that Ardoino may have helped shape key legislation, such as the GENIUS Act – a bill that aims to give clear guidelines for stablecoins – and added provisions for Tether to help law enforcement. As stated by Ardoino, according to CNBC, “There is no company… even in the tradi...

Cantor Fitzgerald Chair Brandon Lutnick—the son of US Commerce Secretary Howard Lutnick—is launching a $3 billion Bitcoin investment firm called 21 Capital, backed by SoftBank, Tether, and Bitfinex, the Financial Times reported. The special purpose acquisition company (SPAC), Cantor Equity Partners, raised $200 million at the start of the year. It will now help form 21 Capital with $3 billion in Bitcoin from the crypto giants. The BTC contributions will be converted to equity at a price of $10 per share, implying $85K per Bitcoin, according to the report . 21 Capital Aims To Raise Over $500 Million To Buy More Bitcoin The 21 Capital deal is similar to Strategy’s (formerly MicroStrategy) BTC proxy model. To date, Strategy has issued stocks and speculative debt to purchase Bitcoin. Data from BitcoinTreasuries.net shows that Strategy is currently the largest corporate BTC holder globally, with a stockpile of $534,741 BTC.  Lutnick’s new venture aims to f...

Deltec Bank and Trust has reportedly sold its lines of business to Britannia Bank and Trust; both banks have served Tether and operate in the Bahamas.  According to the Nassau Guardian’s interview with Britannia’s chairman Julian Francis, it is not acquiring Deltec, just Deltec Bank’s business lines. Deltec Bank CEO Odetta Morton repeatedly noted that she believes this “will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets.” The curious case of FTX and Farmington State Bank, aka Moonstone Read more: Executive texts claim Deltec moved customer funds from FTX to Alameda At one point, Deltec Bank was one of the most important banks in the crypto ecosystem, providing Tether a link to the banking system after most banks refused to do business. It also provided a convenient service to many other cryptocurrency entities. Indeed, it was Deltec executives and leaders who collaborated with F...

A recent Wall Street Journal report revealed that German billionaire Christian Angermayer has been connecting Tether to various investment opportunities, including his portfolio companies Northern Data and Blackrock Neurotech. Angermayer takes a fee from firms to introduce them to various investors. Additionally, he makes investments through a variety of entities underneath Apeiron Investment Group, his family office. These entities include Elevat3, which partners with Peter Thiel’s Founder’s Fund, Presight Capital, Apeiron Partners, re.Mind, Cryptology (which he co-founded with Mike Novogratz), and Limestone Capital.  Overlaps with Tether Angermayer owned a stake in Northern Data through Apeiron Investment Group. Northern Data has been accused by former executives of stock manipulation schemes.  He was reportedly paid a 5% fee for transactions that followed from introducing Tether to Northern Data.  Tether and Angermayer are also linked through Angermayer’...

In another disturbing push for censorship from a major cryptocurrency player, Binance has defeated Bloomberg Businessweek’s China arm in a defamation lawsuit after the media outlet titled an issue from 2022, ‘Changpeng Zhao’s Ponzi Scheme.’ The outlet was quick to change the title to ‘The Mysterious Changpeng Zhao,’ but apparently this near-instant alteration did not matter to Binance or Chinese courts. The article in question described how Binance marketing works, expressed that CZ and his companions had urged retail to buy memecoins, that Binance contributed to investors getting burned by Terra/Luna, told of a secret Shanghai office , and, lastly, discussed how Binance almost entirely lacked proper compliance teams. Many of these statements have since been or were previously confirmed by numerous media outlets across the globe. Unfortunately, the win in Chinese court, which resulted in Binance having Bloomberg donate money to children with special needs, has been met with the gen...

A dual probe by US and UK investigators is investigating the movement of 20 billion Tether ( USDT ) through crypto exchange Garantex after both countries instituted sanctions against the exchange . According to Bloomberg sources, the transactions involved in the probe may constitute one of the biggest breaches of wartime sanctions since Russia began its invasion of Ukraine. The investigation into the possible violation of wartime sanctions doesn’t necessarily indicate wrongdoing by Tether Holdings or its affiliated companies. A Tether Holdings spokesperson reiterated that the firm remains committed to working with law enforcement to catch and prevent criminal misconduct. According to an Estonian newspaper, Garantex has ties to a convicted gang member, a violent debt collection agency, and a state-backed oil company in Russia. With support from the International Consortium of Investigative Journalists (ICIJ), that newspaper published details of the misbehavior of people c...

At the turn of every year, crypto celebrities announce outrageous predictions for the upcoming twelve months. Bullish bitcoin prices are always the most common forecasts — but in 2023, influencers expanded into a variety of predictions ranging from the ‘flippening’ to Gary Gensler’s dismissal from the Securities and Exchange Commission (SEC). An embarrassing number of these attempts at precognition never came true. Yet, the influencers who made them never held themselves accountable. Below, we take a look at some of 2023’s crypto prediction s that entirely missed the mark. Failed prediction #1: Bitcoin didn’t hit $175,000 Bitcoin’s impressive price rise over the past few months indicates that investors are confident things will improve. BTC has soared from $27,000 to $43,000 in the past three months — a 60% pump. On January 2 and 3, 2024, the price of bitcoin surpassed $45,000 for the first time in two years. However, during the entirety of 2023, bit...

Troubled crypto exchange Binance has sold its business in Russia to a brand-new crypto exchange named CommEX — but crypto sleuths were quick to point out that the exchange may still be run by Binance. This isn’t the first time Binance was forced out of a country by regulators, only to hand business off to a firm that appears to be in its pocket. Dutch users were told they could no longer use Binance in August, only to be heavily incentivized to use little-known, brand- new exchange Coinmerce instead. As Protos reported, Coinmerce has historically acted as a broker for Binance. Similarly, Binance has exited Russia following a report by Bloomberg that the exchange was under investigation by the US Department of Justice for violating sanctions. At the end of August, the Wall Street Journal (WSJ) also claimed the Crypto exchange was violating US sanctions for enabling “substantial” ruble trade volumes through sanctioned Russian banks. Hot on the heels of the...

Paolo Ardoino, chief technology officer of Tether, announced the launch of the testing phase for Moria, the company’s Bitcoin mining platform. In a posting on X (formerly Twitter), Ardoino declared the platform has achieved a significant milestone during this phase by deploying its initial batch of containers and miners, including extended control over PDU management and miner interaction. A commitment to security Testing @Tether_to Moria #bitcoin mining platform with first containers and miners. All PDU management, interaction with miners (set frequency, power, etc) is now fully controlled by the software. All write actions require multisig approval. All P2P. Perfect for #IoT . It's… — Paolo Ardoino (@paoloardoino) September 16, 2023 In an email shared with crypto.news, Tether stressed its commitment to robust security protocols by highlighting that all write actions will require multi-signature approval. At the same time, the company noted that its system w...