Here's why several stablecoins saw sudden bursts of activity over the past three months.
Tether Ltd. may have the cash reserves to back up its 1.8 billion dollar-pegged tokens, says Bloomberg.
Tether is again offering fiat redemption of its stablecoin USDT. Meanwhile, Bitfinex is now offering tether trading pairs with USD and EUR.
The U.S. DOJ is reportedly probing Tether and Bitfinex over whether they artificially boosted bitcoin's price using the USDT stablecoin.
The broader cryptocurrency market plummeted on Wednesday, but stablecoins in particular saw no shortage of buyers.
iFinex, the parent company of Bitfinex, has parted ways with its old offshore services provider for a new firm.
PwC's Hong Kong division is exploring best practices for issuing stablecoins with non-profit Loopring Foundation. Auditing, though, is another matter.
Last week's much-scrutinized letter, in which a Bahamas-based bank appeared to vouch for Tether's balance, has been confirmed as genuine by the bank.
The wisp of a signature on Deltec Bank's letter to Tether is the least of it. More important is the language around liability.
Crypto exchanges are shedding tethers by the million, and millions of USDT are ending up at Bitfinex. From there, they are taken out of circulation.