Circle's USDC And Tether Are Safe Amid FTX Mayhem, CEOs Confirm

Amidst the mayhem surrounding FTX and the Binance deal, there are currently numerous rumors circulating about possible contagion effects. If the takeover by Binance does not materialize, effects similar to the demise of Celsius and Terra Luna could loom.

Timeline of Usd-coin, Tether

"Tether does not have any exposure to FTX or Alameda," Ardoino tweeted, adding: "0. Null. Maybe is time to look elsewhere. Sorry guys. Try again." The post Tether CTO denies exposure to FTX and Alameda after exchange's forced sale appeared first on The Block.

The U.S. dollar-pegged stablecoin issued by Tether, USDT, has been rising in popularity in Lebanon amid rising inflation that has made access to foreign exchange from traditional channels difficult.

The USDT transaction volume reached a new high over the last four months according to Glassnode's latest tweet posted on 7 November. With multiple factors in favor of USDT, it appears that the stablecoin may not be losing its dominance anytime soon.

The USDC issuer has started investing funds into its CRF (Circle Reserve Fund) to ensure that holders can redeem their coins when they want. Many crypto firms faced issues this 2022 due to the market crash.

According to the crypto firm Circle Internet Financial, the company is “deepening” its partnership with the world's largest asset manager Blackrock. Circle disclosed that it has started to transfer USDC reserves into a Blackrock-managed fund that's registered with the U.S. Securities and Exchange Commission (SEC).

As hyperinflation grips Lebanon, the nation has turned towards decentralised mechanisms like cryptocurrencies to sustain its livelihood in the long run. Lebanese citizens have started accepting digital crypto payments, which have now become an integral part of their day-to-day lives.

According to a tweet shared on the 3rd of November, Circle's (The issuer of the stablecoin USDC) cross-chain transfer protocol will go live on Ethereum and Avalanche by the end of this year. The cross-chain transfer protocol will effectively teleport USDC from one ecosystem to another, maximizing capital efficiency and streamlining the user experience.

BlackRock will manage a portion of USDC reserves through a new money market fund that will consist of cash and short-dated U.S. treasuries. The post Circle to put a portion of USDC reserves into new BlackRock fund appeared first on The Block.

Volatility is one of the distinguishing attributes of the crypto market that springs surprises in several observers. It creates a desirable environment for traders and investors in the crypto industry to advance with huge profits.

An investigation to determine whether Tether executives committed bank fraud during the stablecoin issuer's early days has been reassigned.  According to several reports, a new team with the US Attorney's Office for the Southern District of New York will now be handling the investigation.