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Tether outflows deepen fears about stability in crypto market
... Tether s operators said the token is backed by a basket of dollar-based assets equal to the size of the token outstanding, but it has not released granular details of these reserves. In an interview with the Financial Times last week, Tether executive Paolo Ardoino said that revealing details about the group's reserve management would give away the company's secret sauce. The company wouldn't comment on its outflows on Monday. Tether said it always has a liquid portfolio of assets to manage redemptions ...
Updated: 05/25/2022
Traders withdraw $10 billion from Tether as talks of regulatory scrutiny grow
... McKenzie , a fintech commentator, said that Tether 's account shows it has $162 million more in its reserves than its token. Some of its investments, including that in the Celsius network, are not performing well due to the bearish nature of the market. Paolo Ardoino , Tether 's chief technology officer, said in a statement, Tether 's chief technology officer.
Updated: 05/23/2022
Tether’s stable coin has paid $10 billion in withdrawals
... and the value of their native token is down by over 86%, said McKenzie , who said that investment has suffered more than $20 m in impairment. Impairment of 1% of one line item on their balance sheet ate more than 10% of their equity. In a statement, Paolo Ardoino , Tether 's chief technology officer, said that Tether has maintained its stability through multiple black-swan events and highly volatile market conditions and even in its darkest days. Tether has never failed to honor a redemption request ...
Updated: 05/22/2022
Struggling Tether increases stake in Treasuries
... quarter. As of March 31, Tether 's reserves had $82.4 billion in liabilities, with some $82.3 billion in liabilities. Since the Q 1 report was written, the company has reduced its holdings of commercial paper by 20 per cent, Chief Technology Officer Paolo Ardoino said. Financial regulators around the world have warned that stable coins could risk wider financial stability, with Britain among major economies looking to regulate the sector.
Updated: 05/20/2022
Stablecoin Tether boosts reserves, reduces riskier exposure
... Tether said its reserves totaled US $82.4 billion as of March 31, with some US $82.3 billion in liabilities. Since the Q 1 report was written, the company has reduced its holdings of commercial paper by an extra 20 per cent, Chief Technology Officer Paolo Ardoino said. Financial regulators around the world have warned that stable coins could pose a risk to financial stability, with Britain among major economies looking to regulate the sector.
Updated: 05/19/2022
Tether tries to distance itself from Terra fiasco
... May 12 saw Tether deviate significantly below its $1 peg price. The USDT price dropped as low as $0.9409 on that day, causing panic in the markets already reeling from the UST implosion. In a Twitter Spaces chat later that evening, Bitfinex CTO Paolo Ardoino addressed the issue by reiterating the technical differences between a collateralized and algorithmic stable coin. Even during the panic selling, Tether was sufficiently liquid to meet redemptions at $1, according to Ardoino. Despite exchange ...
Updated: 05/17/2022
Portugal to start taxing cryptocurrencies in May
... to its tax laws would most likely cause an exodus of businesses that moved to Portugal for this reason. Patrick Hansen , a Presight Capital - Venture Advisor, said he was "shocked" by the fact that he is a cryptacurrency venture advisor. Paolo Ardoino, CTO of Bitfinex and Tether, called the move a trap.
Updated: 05/16/2022
Bitcoin long positions hit record high on Wednesday
... weekly close of 3111. The short positions have closed positions because they took advantage of the market's volatility over the past week. When this is paired with the 60% increase in long positions, it shows bullish sentiment for the market overall. Paolo Ardoino , the CTO of Bitfinex , said that the event accumulation suggested that Whales are acquiring Bitcoin at a discounted price. He went on to say something. Ardoino noted that long positions in futures markets are often offset by selling Bitcoin ...
Updated: 05/16/2022
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