Tether CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...

28 June 2022 | Blockchain

Tether to launch GBPT, a British pound-pegged stablecoin in July

The leading stablecoin company, Tether, is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP) called GBPT.

The upcoming coin will launch in early July and will initially be supported by the Ethereum blockchain.

GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.

Tether currently offers the largest stablecoin by market...

23 June 2022 | Cryptocurrency

Tether depegs from $1 mark following TerraUSD and LUNA collapse

Tether (USDT)

It has been a rough week for crypto, but an even rougher week for stablecoins.

Tether (USDT), the stablecoin mainstay of the crypto space, snapped as low as $0.95 in the early hours of 12 May amidst wider market fears surrounding TerraUSD (UST).

Earlier in the week, UST depegged from its intended $1 mark, falling as low as $0.29.

In a desperate bid to restore UST’s price, Terraform Labs have been printing and selling millions of its stabilising token, LUNA,...

12 May 2022 | Bitcoin

Circle bags £300m from BlackRock to compete with top stablecoin Tether

Circle

Web3 finance firm Circle has agreed to a $400 million (£307m) funding round as part of a broad strategic partnership with BlackRock.

As the issuer of stablecoin USD Coin (USDC), Circle is responsible for the fifth largest cryptocurrency by market cap alongside a host of decentralised finance (DeFi) tools.

The funding round is expected to close in the second quarter with other investors including Marshall Wace LLP and Fin Capital.

In addition to the capital...

13 April 2022 | Decentralised Finance (DeFi)