U.S. House Bill aims to ban UST-Like Stablecoins for two years
Although its full impact and consequences are yet to be determined; a recent draft of a U.S. House bill proposes a two-year ban on stablecoins like Terra’s UST stablecoin. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the SEC are just a few of the federal […]
Tether Ordered to Produce Documents Showing Backing of USDT
The Tether order is related to a lawsuit that is still going on. The lawsuit says that unbacked USDT issuances have hurt the market by $1.4 trillion. A U.S. judge in New York has told Tether to show financial records about the backing of USDT. This is part of a lawsuit that says Tether worked […]
Review By FASB Crypto Won’t Accept Certain Stablecoin
The accounting standards body explained what kinds of crypto assets would be covered by a rule that will soon be made about companies and their digital assets. The Financial Accounting Standards Board (FASB) is leaving out non-fungible tokens (NFT) and some stablecoins from its review of how cryptocurrencies should be accounted for, according to a […]
Despite Liquidity Problems, HUSD Stablecoin Returns to $1 Peg
The HUSD team said that the de-peg happened because a market maker account was closed, which made it hard to get money. Stable Universal’s HUSD stablecoin, which dropped by 8% on Thursday, is now back to being worth $1. Friday, HUSD said in a tweet that the drop in value was due to the closing […]
Tether Confirms Slashing of Commercial Paper Holdings
BDO Italia said that Commercial Paper Holdings had dropped by 58% to $8.5 billion at the end of the last quarter. BDO Italia has confirmed stablecoin issuer Tether’s consolidated reserves report, which showed a 58 percent quarterly drop in commercial paper holdings to $8.5 billion as of June 30.Tether also confirmed that it still expects […]