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- 28-10-2024
28-10-2024
Fernando Fierro
October 28, 2024
Howdy folks,
🌟🏆 Tether CEO Paolo Ardoino addressed transparency concerns by revealing the reserves backing USDT, including 82,454 BTC and 48.3 tons of gold. With a $120 billion market cap, Tether’s stablecoin dominance is backed by significant holdings in U.S. treasuries, Bitcoin, and gold, but doubts persist due to the lack of a Big 4 audit.
Despite assurances, accounting firms remain hesitant to partner with Tether, leaving some stakeholders seeking more comprehensive audits.
In other news:
🔮💥 Ripple's CEO Brad Garlinghouse predicts a potential "Black Swan event" for Tether, stirring waves in the crypto sector as Tether's CEO Paolo Ardoino dismisses these claims as "unequivocally false." This controversy gains traction amid reports from the Wall Street Journal suggesting heightened regulatory scrutiny on Tether, causing palpable market tension.
Meanwhile, Ripple positions its new stablecoin, RLUSD, possibly preparing to capitalize on any instability that may impact Tether due to regulatory pressures.
🚀🪙 Justin Sun unveils Tron’s strategic focus for Q4: the upgrade of the USDD stablecoin, positioning it as the leading decentralized stablecoin backed by TRX's $16 billion market cap and robust liquidity. With Tron achieving record revenue growth of $151.2 million in Q3, Sun anticipates the network's valuation could exceed $30 billion, supporting a $3 billion market cap for USDD.
Tron plans to incorporate Bitcoin as collateral “at the right time,” aiming for unparalleled transparency and stability.
💡🌐 Vitalik Buterin has shed light on the Ethereum Foundation's recent sales of nearly $10 million worth of ETH this year, aimed at funding essential research and development for Ethereum's ecosystem. Despite concerns, Buterin clarified that these sales ensure the blockchain's efficiency in reducing massive annual ETH losses, maintaining low transaction fees, and enhancing PoS capabilities.
Looking ahead, the Foundation is exploring new strategies to decentralize governance and maintain Ethereum's credibility without staking all its assets.
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