Tether about to launch stablecoin backed by gold and oil

Posted 03 September, 2019

Tether may release a stablecoin backed by commodities such as crude oil and gold. The plans were announced by Bitfinex investor Zhao Dong. He said that issuing a coin tied to a commodity basket would save investors from the risks associated with storing large amounts deposited in banks.

“Tether is fully backed by reserves, out of 4 billion existing USDT about 3.35 billion are now in securities and 650 million are being lent to Bitfinex. Bitfinex has been raising 1 billion with it's LEO token IEO and could easily pay back Tether any time (as a matter of fact it already paid 100 million last month),” - he said.

Dong confirmed that Tether is fully backed up by reserves, and Bitfinex can repay the debt to a subsidiary at any time. However, the exchange plans to fully pay off Tether after it returns the funds it has frozen in the accounts of the payment company Crypto Capital.

In early August, information appeared that 80% of the issue of Tether stablecoin is stored in 318 wallets. At the same time, each of these links contains from $1 million, while in the Bitcoin network of storages with similar balances - at least 20,000.

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03 September, 2019 15:40

← VanEck/SolidX can launch limited bitcoin ETF

VanEck and SolidX that keep waiting for the approval of bitcoin ETF application have plans to avoid the restrictions and offer a limited version of bitcoin ETF to institutional clients. According to the WSJ report, VanEck Securities Corp. and SolidX Management intend to make a trick and avoid the current requirements for ETFs. 

VanEck/SolidX can launch limited bitcoin ETF

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03 September, 2019 13:35

FIN: US authorities should add crypto rules under BSA →

The consulting company Financial Integrity Network (FIN) has reportedly sent a recommendation to the US Congress saying that it should create a new category of financial institutions in line with the Banking Secret Act that will deal with the regulation of crypto companies.

FIN: US authorities should add crypto rules under BSA
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