Pax Dollar

Get Pax Dollar (USDP) all time high price, historical charts, latest news and other information.

Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time. 
BRICS Countries’ Dependence on the US-Dominated Global Financial System
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
US Dollar Neutrality
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.

Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
What are your thoughts on this story? You can share your views via our comments section below. 



























Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar&#x2019;s dominance will take time. BRICS ...

news.bitcoin.com

Report: BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony

As the most recent crypto market crash is putting the spotlight on stablecoins, one of the leading dollar-pegged tokens says its valuation remains secure.
In a new post, Tether Holdings Limited announced that not only is its signature product Tether (USDT) backed by more assets than liabilities, the company is reducing its commercial investments in favor of treasury bills backed by the US government.

According to the report, the MHA Cayman accounting firm conducted an independent audit of Tether’s holdings as of March 31st of this year. Findings include a reduction in commercial paper holdings by 16.9% compared to the previous quarter, down from $24.2 billion to $20.1 billion.
At the same time, Tether claims to have increased its allocation into money market funds and treasury bills by 13.6%, rising from $34.5 billion to $39.2 billion.
Other data points include,
“Consolidated total assets amount to at least $82,424,821,101.
The consolidated group’s consolidated assets exceed its consolidated liabilities.
The consolidated group’s reserves held for the digital tokens issued exceeds the amount required to redeem the digital tokens issued.”
Tether’s chief financial officer Paolo Ardoino notes that Tether has reduced its commercial paper exposure by an additional 20% since April 1st.
While addressing recent challenges affecting the crypto space, including the crisis sparked by Luna Foundation Guard’s TerraUSD (UST) de-pegging from the US dollar, Ardoino says,
“Tether has maintained its stability through multiple black swan events and highly volatile market conditions and… has never once failed to honor a redemption request from any of its verified customers.
This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative, and liquid.”
Like most stablecoins, Tether historically zigzags up and down within tiny fractions of a penny of its dollar peg. However, the UST collapse caused USDT to rise as high as $1.01 on May 11th and then fall to $0.99 a day later. The altcoin has since stabilized and is currently valued at $0.999398.
Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox 

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines



 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Blue Planet Studio/WindAwake
The post After TerraUSD (UST) De-Pegging Scare, Tether (USDT) Releases Report Claiming It Has Fully Backed Reserves appeared first on The Daily Hodl.


As the most recent crypto market crash is putting the spotlight on stablecoins, one of the leading dollar-pegged tokens says its valuation remains secure. In a new post, Tether Holdings Limited announced that not only is its signature product Tether (USDT) backed by more assets than liabilities, ...

dailyhodl.com

After TerraUSD (UST) De-Pegging Scare, Tether (USDT) Releases Report Claiming It Has Fully Backed Reserves

The quest continues for the perfect “stand in” for the U.S. dollar. But, UST’s crash suggests that algo stables may be “inherently fragile.”

cointelegraph.com

UST aftermath: Is there any future for algorithmic stablecoins? 

According to Coffeezilla, the V2 Contract was the project’s first and only original idea. The operators basically modified the fee structure and little else, but SafeMoon did change the code. “The big question became “how do you get everyone to switch over to this v2 token?”, the narrator asks.  As we enter the saga’s final chapter, it’s worth remembering that this whole thing started with a rug pull and continued with Operation Pheonix.

This is where the situation escalates. “In an attempt to make the v1 token useless and force everyone to migrate their tokens over to v2,” the SafeMoon people “decided to force people to switch using a 100% tax.” That’s the beauty of centralization, the government can do whatever it wants. The SafeMooners created a mortal trap, “essentially, if you tried to do anything but migrate your tokens to v2 you would lose all of your tokens”.
Related Reading | YouTube Detective Exposes Jake Paul’s Alleged Secret Wallet For Crypto Scams
Of course, many people tried to do all kinds of things and lost all kinds of tokens. How much exactly? A  Blockchain researcher told Coffeezilla: 
“So, the 100% tax was implemented on December 29th. After summing up the incoming SafeMoon and BNB in its historical value, the total losses added up to 102 million dollars.”
Is John Karony Playing Coffeezilla?
In this part of the movie “SafeMoon really goes from like kind of a disaster to full on everything’s falling apart.” Money keeps disappearing, allegedly, and the FBI is investigating the team. Not only that. “Things got worse, of course, because calls leaked of former SafeMoon members talking about deleting evidence… in case of an FBI investigation,” Coffeezila hilariously says. 
And around here is where angry investors introduce the class action that includes Jake Paul, Nick Carter, Soulja Boy, and Lil Yachty among the accused. In the text, this is how the law explains the situation:  
“The defendants’ intention behind the celebrity-driven marketing of the SafeMoon token was to eventually sell their holdings for a profit when numbers were high.”
And so they did, allegedly. “SafeMoon is down 90% and almost everyone has abandoned ship,” the story continues. “At this point, John Karony is really sort of the last one standing.” So, Coffeezila sets himself up to answer this burning question. “Is Karony actively profiting from SafeMoon the way Kyle and Papa did?” The thing is, Karony is actually good at this and his wallets aren’t visible. “Karony is like a ghost,” and “doesn’t move liquidity around as much,” Coffeezila says. 

SFM price chart on GateIO | Source: SFM/USDT on TradingView.com
How Was Karony Getting Founds?
Apparently, Karony has a new scheme. “According to Ginger, Bitmart is the new source of new founds.” As it turns out, the exchange had been making a killing on fees from SafeMoon transactions and was sending the funds that were supposed to go to the liquidity pool directly to SafeMoon developers. In any case, through an informant Coffeezilla identified Karony’s wallet:
“The first thing we find is that he was receiving massive payments of Tether. Totaling up to 15 million dollars. And where did these payments come from? From Bitmart, he also had four million in SafeMoon. This would all seem to confirm the theory that the fees from Bitmart that were supposed to go to the LP may have been used by Karony.”
Related Reading | Former Safemoon Marketing Chief Accused Of Running $12 Million Crypto Scam
Not only that, but Coffeezilla also saw “millions of dollars flowing from Karony’s wallet to a familiar address. Not the liquidity pool, but Kyle, the creator of SafeMoon.” Does this confirm the theory that Kyle was paid to leave? That’s for you to decide, detective. We’re done here. For now.
Featured Image: Coffeezila in the video, screenshot | Charts by TradingView


According to Coffeezilla, the V2 Contract was the project’s first and only original idea. The operators basically modified the fee structure and little else, but SafeMoon did change the code. “The big question became “how do you get everyone to switch over to this v2 token?”, the narrator asks.  ...

bitcoinist.com

Is SafeMoon A Billion Dollar Fraud? Coffeezilla Thinks So – Pt.3: V2 Contract

Macro conditions flip to reduce pressure on risk assets, as one view gives Bitcoin bears $14,000 capitulation "hopium."

Pax Dollar price	$1.00
Low - High 24H	$1.00 - $1.00
Market cap	$946.37M
Volume 24H	$6.50M
All time high	$1.13 -11.02% October 15th 2018
All time low	$0.863529 16.20% May 19th 2021
Genesis date	N/A

Recently viewed

Trending

Pax Dollar (USDP)

Performance

Pax Dollar News

Quick stats