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Tether’s $1 Billion USDT print this week raised many eyebrows amid US federal agencies’ plan to tighten their scrutiny around stablecoin issuers. The major concern for authorities lies with the issuance backings that have been found misleading in the past. After Tether, now Circle’s latest $5 billion USDC has come under scrutiny.
Circle has issued $5 billion worth of USDC over the past month without offering much light on whether it’s cash or collateral backed. Technically, being a stablecoin, the circulation amount must be backed by an equivalent amount of stable asset, ideally US Dollar. However, audit reports from both Circle and Tether have shown only a small amount of the circulation supply is backed by cash or cash equivalents.

A Twitter user Paul Everton wrote that he doesn’t think USDC is legit anymore, pointing towards the recent USDC issuance. Everton believes since Circle hasn’t claimed the recent issuance as cash-backed, it’s most probably backed by some form of collateral. He went on to add that stablecoin issuer’s willingness to back circulation supply with collateral doesn’t make them any different from Hedge funds.
“Skeptics told me that USDC isn’t legit. I thought it was shady but ok because Coinbase wouldn’t want to engage in such bad behavior. But looks like The Future of Finance is awfully like the past of finance. Do whatever you can get away with, pay fines when necessary.”

This all means that USDC is probably just another form of crypto hedge fund leverage that allows to put money in the market when Tether can't for one reason or another. (3/4)
— Paul Everton (@realpauleverton) November 29, 2021

Can USDC Grow Out of USDT’s Shadow?
Circle issued USDC has become one of the faster-growing stablecoin in the crypto market which was mostly dominated by Tether’s USDT. At one point USDT had a market dominance of over 95%, but USDC has been catching up fast and now boasts of nearly 50% of USDT’s circulation supply. USDT has dominated the spot market while USDC gained momentum from the Defi market and now becoming a growing choice in the spot market as well.
US regulatory bodies such as CFTC and Federal Reserves have sought more power from Congress to regulate the stablecoin market. Thus, the controversy around two major stablecoin issuers at present would only make their case stronger.
The post Stablecoin News: After Tether, Circle’s $5 Billion USDC Issuance Comes Under scrutiny appeared first on Coingape.


Tether&#8217;s $1 Billion USDT print this week raised many eyebrows amid US federal agencies&#8217; plan to tighten their scrutiny around stablecoin issuers. The major concern for authorities lies with the issuance backings that have been found misleading in the past. After Tether, now Circle&#82...

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Stablecoin News: After Tether, Circle’s $5 Billion USDC Issuance Comes Under scrutiny

The crypto market is going through another bearish phase this month as the top cryptocurrencies lost majority of their gains from October. Bitcoin (BTC) has failed to hold key support of $55,000 and currently trading at $54,777. Amid growing pressure from the bears, Tether’s latest issuance has created another market FUD.
Tether is often accused of printing additional USDT to pump the BTC market. Even though there hasn’t been conclusive evidence for the claims, the controversy around Tether’s reserves only adds fuel to the fire. The latest issuance of $1 billion USDT has created a similar controversy especially given the crypto market is bleeding.

Tether treasury printed a billion-dollar worth of USDT on November 26, the same day the crypto market fell sharply due to Covid-19 new variant induced fears in the stock market. Infamous crypto Twitter account that goes by the name of Mr. Whale claimed that Tether treasury minted $1 billion out of thin air.

BREAKING: 1 Billion unbacked $USDT magically printed out of thin air at the #Tether  Treasury. pic.twitter.com/xgs5nUJVFs
— Mr. Whale (@CryptoWhale) November 26, 2021

The controversy also comes at a time when the US federal agencies have demanded more power from Congress to crack down on the stablecoin market. Tether has always been a major concern for the regulators, given its past record with the mismanagement of USDT reserves. The stablecoin issuer was recently fined $41 million by CFTC over misleading claims. However, this wasn’t the first time that Tether has found itself at the receiving end of regulatory agencies.
Earlier in February this year, Tether settled a long-drawn case with the New York Attorney General (NYAG) Office for mismanagement of funds. Tether was fined $18.5 million and barred from offering any service in New York.
Will BTC Price Pump Post Tether Issuance?
Bitcoin’s (BTC) price showed minor recovery earlier today, reaching a daily high of $55,329 before retracing below the $55K support zone again.  The top cryptocurrency has lost more than 20% from its all-time high of $68,789 in October.
Source: TradingView
With November turning bearish again, the major price targets of $98K seem to be out of the picture. Plan B, the Bitcoin analyst who popularised the Stock-to-Flow model admitted that BTC is set to miss its first price target of November.

Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K. pic.twitter.com/QO3bRUoGo3
— PlanB (@100trillionUSD) November 25, 2021

The post Tether FUD: The Mystery Behind $1 Billion USDT Print, Will Bitcoin (BTC) Price Pump? appeared first on Coingape.


The crypto market is going through another bearish phase this month as the top cryptocurrencies lost majority of their gains from October. Bitcoin (BTC) has failed to hold key support of $55,000 and currently trading at $54,777. Amid growing pressure from the bears, Tether&#8217;s latest issuance...

Tether FUD: The Mystery Behind $1 Billion USDT Print, Will Bitcoin (BTC) Price Pump?

U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. “I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins,” the senator said.
US Senator Raises Concerns Regarding Stablecoins
U.S. Senator Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban, announced Tuesday that he has sent letters to a number of crypto exchanges and stablecoin issuers.
Among the recipients of his letters are Coinbase, Gemini, Paxos, Trusttoken, Binance.us, Centre, and Tether.
The senator asked these crypto companies how they “are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.”
The announcement adds: “Senator Brown emphasized the difficulties consumers and investors may face in understanding how stablecoins work and their potential risks, citing the complicated terms and conditions that many companies hide in the fine print.” The senator wrote in one of his letters:
I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital asset trading platforms.

The senator asserted that “the purchase of stablecoins through a trading platform may not provide customers with the same rights and entitlements as a direct purchase from an issuer.”
Furthermore, he noted: “Customers may have different rights based on the amount of stablecoins owned or transacted.” Senator Brown also asked six more questions in his letters which can be found here.
What do you think about Senator Sherrod Brown asking crypto exchanges and stablecoin issuers about how they are protecting consumers and investors? Let us know in the comments section below.



























U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. &#x201C;I have significant concerns with the non-standardized terms applicable to redemption of ...

news.bitcoin.com

US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers

  
Tether and rival stablecoin USD Coin are reaching record levels of circulation, amid the burgeoning crypto market. 



As of November 7, the total amount of Tether in circulation reached $72.18 billion, breaching the $70 billion threshold, according to data from glassnode. Meanwhile, USD Coin also exceeded that threshold with its latest printing of $1 billion USDC, bringing the total circulation to $ $74.35 billion.  



Historically, big price movements have accompanied larger stablecoin issuance, which have typically implied more demand for funding larger cryptocurrencies. However, others believe the new stablecoins are being introduced in an effort to prop up the market. This is particularly the case for Tether, which has had issues proving it has the deposits to match the increased circulation. Earlier this year, Tether reached a settlement with the NY State Attorney General regarding discrepancies with its dollar deposit amounts.



Crypto market highs



At this point however, one could be forgiven for associating increased stablecoin circulation with higher crypto demand as total market capitalization passed $3 trillion. Bitcoin gained 6.4% in the past day, rising as high as $66,500, nearly approaching its recently achieved all-time high of $67,000. 



Ethereum also saw a bump of nearly 3%, continuing its recent surge and achieving another all-time high of $4,768. Additionally, Ethereum’s hash rate also reached an all-time high of 1,014,230,266,415,220, according to glassnode data. Meanwhile, in third and fourth place Binance Coin and Solana are up over 20% in the past week.



According to analyst at broker IG Markets Kyle Rodda, falling real yields, and inflation expectations have added to the appeal of gold and cryptocurrencies. “Financial institutions want to be a part of it, regulators don’t want to clamp down on it too much,” he said. “We’re almost past the inflection point, where it’s part of the system, and it’s going to be very, very hard to extricate it.”



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  The post Top Stablecoins Surpassing Record Levels of Circulation as Tether (USDT) Reaches $72B appeared first on BeInCrypto.


Tether and rival stablecoin USD Coin are reaching record levels of circulation, amid the burgeoning crypto market. 
The post Top Stablecoins Surpassing Record Levels of Circulation as Tether (USDT) Reaches $72B appeared first on BeInCrypto.


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Top Stablecoins Surpassing Record Levels of Circulation as Tether (USDT) Reaches $72B

Solana (SOL) recently toppled Tether [USDT] from its fourth position by market cap to later settle at the fifth position ahead of Cardano’s ADA. Coinshares, a digital asset manager also recorded inflows up to 15million USD of Solana investment products just last week, bringing the total Solana assets under management to close to a 200million USD.
In DeFi and NFTs [non-fungible tokens], Solana again maintains huge strides as the third-largest blockchain with TVL-total value locked up to 14.86 billion USD in DeFi protocols that currently run on the Solana ecosystem.

DapperRadar also record 240 million USD in NFT trades last month, with upcoming game offers.
A crucial event that may boost the price of the SOL token is the upcoming Inaugural Breakpoint Conference by the Solana Foundation.

Let’s analyze the SOLUSDT price charts for insights into the technical levels and chart patterns driving the SOL price.
SOL Price Prediction: Weekly Chart 

The SOLUSDT continues to set new highs with the relative strength index [4] printing higher values above the level-25.
A sneak-peek into the monthly time frame reveals that we may be seeing an astronomical surge in the price of the SOL token in the second half of Q4 ’21.
However, threats of a regular bearish divergence on the above weekly chart hint that we should be mindful of a bull-trap above the current all-time high if the RSI still shows values below level-98.
SOL Price Prediction: Daily Chart 

The daily time frame also follows a similar path as the weekly time frame, as it flags a regular bearish divergence with the RSI indicator.
Higher RSI values above level-25 also confirm an uptrend for the SOLUSDT as we look out to buy the correction levels from the 4HR time frame.
Let’s move down to the 4HR time frame for clues into buying the dips.
SOL Price Prediction: 4 Hr Chart 

The intraday 4HR time frame already signaled correction levels at $176.94 and $183.31 respectively.
More recently, the SOLUSDT closed above the 25 October 12:00 resistance and could probably flip it into a new support level. Traders may have to move to a lower 45MINS or 1HR time frame to catch scalping opportunities.
Following the analysis so far, it’s obvious the SOLUSDT is in a well-established uptrend across multiple time frames. On the other hand, we won’t want to ignore the bearish divergence signals on the weekly time frame, which may take effect towards the end of Q4 ’21.
The post SOL Price Prediction: Astronomical Gains Expected For Solana (SOL) In Second Half of Q4 appeared first on Coingape.


Solana (SOL) recently toppled Tether [USDT] from its fourth position by market cap to later settle at the fifth position ahead of Cardano’s ADA. Coinshares, a digital asset manager also recorded inflows up to 15million USD of Solana investment products just last week, bringing the total Solana as...

Tether price	$1.00
Low - High 24H	$0.992573 - $1.02
Market cap	$74.51B
Volume 24H	$64.15B
All time high	$1.32 -24.34% July 24th 2018
All time low	$0.572521 74.85% March 2nd 2015
Genesis date	N/A

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