Leading cryptocurrency exchange Binance plans to launch a stablecoin within two months, in an apparent challenge to the dominance of scandal-plagued Tether.
New York State Supreme Court building in Lower Manhattan showing the words "The True Administration of Justice" on its facade (via Shutterstock).NY Attorney General accuses Bitfinex of using Tether’s reserves to hide $850 million loss
Already under a cloud, Tether/Bitfinex’s woes mount
Controversial cryptocurrency exchange Bitfinex is alleged to have tapped into reserves of the stablecoin issued by sister company Tether to cover up $851 million in losses last year, New York Attorney General Letitia James charged on Thursday.
Circle and Coinbase stablecoin not approved by regulator
Both companies are regulated, but their coin is another story
Circle’s “stablecoin” just got a big boost from one of the largest retail cryptocurrency exchanges, but there’s a nuanced issue: the token itself isn’t regulated, at least as far as one of its overseers is concerned. On Tuesday, Circle—the peer-to-peer payment service that owns crypto exchange Poloniex—and Coinbase announced the launch of CENTRE, a consortium that aims to facilitate the adoption of stablecoins. Those are tokens that are supposed to be pegged to fiat currencies by holding them in reserves. Circle’s USD Coin (USDC) is being marketed as safe, allowing users to “move dollars anywhere in the world in minutes instead of days. Cheaply and securely.” What’s more, Circle’s status…
Fake Tethers under fake bitcoins. It's an illustration of what may be happening (Photo via Shutterstock).Tether’s bank said to be ‘desperate’ for cash
Noble may be looking for funding while Tether traders unsuccessfully try to unload large amounts of the coin
A Puerto Rico-based startup bank is said to be struggling to survive and that could have repercussions in the cryptocurrency markets. Noble Bank is trying to keep afloat and has been frantically searching for funding, according to two highly placed sources, including one at a large cryptocurrency exchange. The bank, with a large chunk of assets coming from Tether’s U.S. dollars, is said to have reached out to at least one large holder of the “stablecoin” in hopes of getting a cash lifeline, but the solicitation was rejected. The source would not elaborate on the size of the request. “If Noble doesn’t get cash soon, they will only have a…
