One of the biggest mysteries in crypto revolves around token issuer Tether. Crypto enthusiasts—and crypto journalists— have long tried to figure out exactly what hard assets comprise the massive reserves that tether, as a “stablecoin,” is required to keep its dollar for dollar ratio in backing bitcoin with American dollars. The question is not academic. Tether has more than $78 billion worth of tokens in circulation and is by far the largest stablecoin issuer, accounting for about half of all transactions against bitcoin on centralized exchanges. Press play to hear a narrated version of this story, presented by AudioHopper. If the market began to question the stability of those dollar…
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Pakistan province to start mining crypto
Well ahead of the national government in regulating crypto, authorities in Khyber Pakhtunkhwa plan to build two hydro-powered crypto mining farms
In December 2020, local media reported that Khyber Pakhtunkhwa authorities legalized crypto assets and cryptocurrency mining—putting the province well ahead of he national government, where crypto assets currently reside in a grey area.
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Breaking ground, Morgan Stanley offers Bitcoin funds to wealthy customers
Offered by a major bank, the three funds from Galaxy Digital, FS Investments, and NYDIG are another step towards the mainstreaming of Bitcoin
In a first by a big bank, international investment bank Morgan Stanley announced that is offering certain wealthy customers access to Bitcoin funds. According to a March 17 CNBC report, Morgan Stanley will offer funds from Galaxy Digital, FS Investments, and New York Digital Investment Group as part of its wealth management service. Morgan Stanley, which has $4 trillion in assets under management, reportedly told its financial advisors in an internal memo today that it intends to offer the funds exclusively to customers it feels have “aggressive risk tolerance” as well as at least $2 million on account with the bank. Investment forms will need accounts of at least $5…
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Symbol blockchain launches, with bourbon-backed security token
Developer New Economy Movement says the public blockchain will run in parallel with its NIS1 blockchain, adding DeFi and security token capabilities
NEM’s Symbol is intended to run in parallel with its NIS1 protocol, expanding its capabilities to include decentralized finance (DeFi), security token offering (STO) and regulated assets applications. Among the first tokens to launch on Symbol: The Kentucky Whiskey Digital Fund security token, backed by an inventory of roughly four million bottles of bourbon.
