Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway, upped its exposure to United States Treasury bills. If you’re one of the few remaining bulls out there, Buffett’s flight to safety is concerning because it signals that the Oracle of Omaha would rather get 3% yield instead of playing the stock market. If equities go belly-up in the fall, as I’ve been predicting for months, expect Bitcoin (BTC) to follow. Looking at the numbers, Berkshire’s T-bill exposure grew to $75 billion at the end of June, up from $58.5 billion at the beginning of 2022. But, even with …

As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its dollar peg. Algorithmic stablecoin Neutrino Dollar (USDN) has deviated from the dollar once again, marking the fourth time that USDN struggled to maintain its dollar peg this year. The Waves-backed stablecoin is trading at $0.90 at the time of writing. Correlation =/ Causation here But every time #USDN from #WAVES has depegged There has been a crash in bitcoin. Just an odd coincidence. Lets …

As a market crash takes place, assets become oversold and typically there’s an “oversold bounce,” “return to mean,” “mean reversion,” or some price snapback to the bottom of the pre-crash range. Afterward, the asset under study either consolidates, continues the downtrend, or returns to the bullish uptrend if the downside catalyst was not significant enough to break the market structure. That’s all kind of basic trading 101. This week Cosmos (ATOM) price appears to be following this path and the altcoin is showing a bit of strength with a 35% gain since Aug. 22, but why? Depending on how you …

A joint committee of the United States's Uniform Law Commission (ULC) and the American Law Institute (ALI) finalized amendments to the Uniform Commercial Code (UCC), regulating the specifics of digital asset transactions and crypto-as-collateral secured financings. The amendments are “recommended for enactment in all the States,” although each case of final implementation may vary depending on the State. A final draft of the ULC-ALI Emerging Technologies Committee’s amendments to the UCC was approved during a meeting on July 8–13. The key updates for the crypto industry appeared in Articles 3 and 9, the new Article 12 contains a set of …

On Wednesday, U.S. dollar stablecoin issuer Tether (USDT) said that it would not freeze smart contract addresses sanctioned by the U.S. Office of Foreign Assets (OFAC) Control's Specially Designated Nationals and Blocked Persons (SDN) list for cryptocurrency trail-mixer Tornado Cash. In explaining the decision, Tether said: "So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC's SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no U.S. law enforcement agency or regulator has made such a request despite our near-daily …

The percentage of USD Circle (USDC) stablecoins held by major wallet addresses dropped to its lowest point in almost two years as the cryptocurrency market downturn continues. Cryptocurrency analytics firm Glassnode has released the latest data on USDC metrics, reflecting a recent sell-off of the second biggest U.S. dollar-backed stablecoin by market capitalization. $USDC Percent Supply Held by Top 1% Addresses just reached a 22-month low of 87.667% Previous 22-month low of 87.669% was observed on 20 August 2022 View metric:https://t.co/EU57HUtLdu pic.twitter.com/dG7Qj1bAjF — glassnode alerts (@glassnodealerts) August 22, 2022 As Cointelegraph previously reported, sanctions imposed on cryptocurrency mixer Tornado Cash …

Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players. Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan, The Financial Times reported on Aug. 20. Tether, Circle and other stablecoin firms accounted for 2% of the total market for the U.S. Treasury bills, holding a bigger share of T-bills than totally owned by Warren Buffett’s investment giant Berkshire Hathaway. Stablecoin issuers have also outperformed offshore money market funds (MMF) …

Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms. Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed stablecoins to licensed banks rather than issuers like Circle. The United Texas Bank CEO cited a November report from the President’s Working Group on Financial Markets, in which the group said stablecoin issuers should be held to the same standards as insured depository institutions including state and federally chartered …

An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation against the company’s previous quarter's performance. The reviewer, top accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022. Tether previously announced a commitment to decreasing its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease in commercial paper exposure since the previous quarter from $20 billion to $8.5 billion. The CTO of Tether, Paolo Ardoino, tweeted that Tether has plans to continue to decrease its commercial paper holdings to $200 million by the end of …

After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved. On Aug. 18, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, speculating what may happen if the stablecoin doesn’t recover its dollar peg. HUSD was once one of the safest stablecoins. Now it's off its peg. If HUSD doesn't return to $1, it'd be the first fully-reserved centralized stablecoin to fail. pic.twitter.com/9WmROQR6lD …

In a step toward greater transparency and better alignment with international accounting standards, stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves. Tether, which operates the USDT stablecoin, officially began working with BDO Italia in July, the company disclosed on Thursday. BDO Italia will be responsible for conducting an independent review of Tether’s stablecoin reserves to ensure that each unit of USDT is backed by cash or cash equivalents. Through BDO’s reviews, Tether aims to release public attestation reports monthly instead of quarterly. The attestations will include updates about the …

Among a rich range of anxieties both for the crypto industry and the global economy at large, the summer of 2022 will be remembered as the time when the stablecoins proved themselves to be not so stable and thus came into the focus of regulators’ attention. The shock of the TerraUSD (UST) depegging in May opened a season of heated-up discussions on stablecoins around the world. The top financial officials from the Group of Seven (G7) largest advanced industrial economies had to send their private jets to the 40,000-populated German town of Koenigswinter to push the international body of the …