Tether, Circle and Coinbase deny having exposure to FTX and Alameda
Coinbase CEO Brian Armstrong said that the recent FTX and Alameda debacle was a result of risky practices such as the misuse of user funds. Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms. In response to concerns brought up by the crypto community, Tether CTO Paolo Ardoino clarified in a tweet that the stablecoin issuer has no exposure to....
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The stablecoin market is once again making headlines as two of the largest issuers, Tether (USDT) and Circle (USDC), significantly expanded supply in just hours. According to data shared by Lookonchain, Tether minted another 1 billion USDT, while Circle printed 500 million USDC only seven hours earlier. These issuances highlight how stablecoins continue to play […]
FTX won’t be getting a bailout from Tether who confirmed it isn’t planning to provide a cash injection despite the CEO reportedly reaching out to multiple firms for help. Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet.The CTO of stablecoin issuer Tether, Paolo Ardoino on Nov. 10 confirmed the company does not have “any plans to invest or lend money to FTX/Alameda.”Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop.— Paolo Ardoino (@paoloardoino) November....
Coinbase announced on Thursday that its Pro trading platform will add stablecoin Tether (USDT). Coinbase Pro will list ERC-20 based USDT over Tether’s in-house Tron network (TRC-20) as early as next week. Tether is a stablecoin available across several blockchains that is pegged to the US dollar. For USDT, the company behind the protocol is […]
Genesis Trading is the latest firm to declare exposure to FTX and may look to its parent company for help as it did after the 3AC bankruptcy. In what it hails as an effort to be transparent, Digital Currency Group’s market maker and lending subsidiary, Genesis Trading, revealed that its derivatives business has around $175 million worth of funds locked away in an FTX trading account.Genesis shared the news in a Nov. 10 tweet thread, in which the firm clarified that the locked funds would “not impact our market-making activities.”As part of our goal in providing transparency around this....