Exploring Bitfinex’s emergency plan: a $1 billion initial exchange offering

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Zhao Dong, one of China’s biggest OTC traders, recently published a marketing document detailing iFinex Inc. plans to conduct an initial exchange offering (IEO), aiming to raise $1 billion. The move follows a probe led by the attorney general of the State of New York, which revealed the apparent loss of $850 million in funds…

Maker’s Dai approaches $1 peg following aggressive interest rate hikes and Tether fallout

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Interest rates for MakerDAO have exploded to 19.5 percent over the course of three months to combat its stablecoin Dai from trading below its $1 peg. However, the gap has narrowed over the last three weeks, partially from factors entirely outside of Maker. Maker is one of the first crypto projects that gained meaningful traction…

Tether and Bitfinex confirm USDT is not fully backed by fiat, only 74% of tethers backed with cash

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Legal representatives for Bitfinex and Tether confirm the widely held suspicion that USDT is not one-to-one backed by US dollars. Court documents confirm tethers are only 74 percent backed, and those holding tokens are “subject to the risk of default, insolvency, inability to collect, and illiquidity.” Coming Untethered In February of 2019, Tether updated the…

Wirex lists XLM in Stellar partnership, launching local-fiat based stablecoins

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Crypto exchange Wirex listed Stellar Lumens (XLM), making it the ninth cryptocurrency to be integrated on the trading platform. In the Apr. 24th announcement, the exchange revealed the listing was part of a broader partnership with Stellar. Big Plans for Stellar Partnership However, the release of a secure Wirex #XLM account is just the FIRST…

MakerDAO Set to Increase DAI Fees Above 15% in Bid to Stabilize Stablecoin

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MakerDAO token holders have voted again to increase issuance fees on dollar-backed stablecoin DAI.

Facebook allegedly raising as much as $1 billion for its cryptocurrency stablecoin

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Facebook is looking for VC firms to invest in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. The company is allegedly designing its crypto as a stablecoin for WhatsApp using a basket of foreign currencies as collateral. Since 2018 Facebook has been covertly working on a cryptocurrency…

Tether’s Lack of Fiat Backing Could be Catastrophic for Bitcoin, Analyzing USDT’s Troubling Terms of Service

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Tether, the market-leading stablecoin in both market capitalization and controversy, made changes to its legal terms of service that indicate that USDT is not fully backed one-to-one by US dollar reserves. Instead, the new terms suggest that USDT is backed by other assets including loans made to third parties, calling into question the soundness of…

JP Morgan’s Stablecoin: A Feat of Engineering or Marketing?

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Upon first examination, JPM coin is an exciting Wall Street development, but the reality is more complicated, writes Kadena’s Ben Jessel.