China News by Thebittimes.Com

Bullish Inc. (NYSE: BLSH), a global digital asset platform catering to institutional clients, announced Tuesday it has received $1.15 billion in proceeds from its initial public offering (IPO), settled entirely in stablecoins. According to an announcement from the Cathie Wood favored firm, the transaction marks a significant milestone for the use of blockchain-based currencies in U.S. capital markets. The majority of the stablecoins were minted on the Solana (SOL) blockchain, with Jefferies serving as the billing agent for the offering. Jefferies oversaw the minting, conversion and distribution of the digital assets, coordinating with multiple issuers and platforms across North America, Europe and Asia. Bullish received a range of US dollar-and euro-denominated stablecoins, including USD CoinVertible and EUR CoinVertible issued by Societe Generale-FORGE, Global Dollar and PayPal USD issued by Paxos, Ripple USD on the XRP Ledger, USD1 from World Liberty Financial,...

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Five weeks ago, Tether, the most profitable company in the crypto industry partnered with its subsidiaries Moon Gold and Moon Gold El Salvador to launch a new token, Alloy (aUSDT). The stablecoin giant, which manages over $114 billion in assets and posted an annualized profit of $18 billion, says it “aims to redefine stability in the digital space” with aUSDT . It also claims that its “innovative approach provides consistent value and stability between the reference asset and its Tether ed counterpart.” However, according to current statistics, just five wallets have opened aUSDT positions and only 32 wallets hold the token. And the embarrassing statistics don’t end there. Despite its claim of a “very useful and innovative combination for users who want to engage in digital transactions, payments, and remittances with a currency that feels as familiar as the US dollar,” CoinGecko and CoinMarketCap agree that over the last 24 hours, a mere $34 of aUSDT has transacted . ...

The cryptocurrency industry intends to forget the 2022 massacre instigated by the bears. Yet, Tether noted how it thrived in the last quarter of the year. The stablecoin issuer revealed that it ended 2022 on a rather good note through its latest attestation report. The world’s largest stablecoin issuer bagged $700 million in profit in the fourth quarter of 2022. It should be noted that Tether ’s reserves have been boosted by the profit. This is additional capital that can be employed to boost the firm. According to the statement, Tether’s consolidated total assets as of the date were at least $67.04 billion, while its consolidated total liabilities were at least $66.08 billion, depicting surplus reserves of at least $960 million. Source Further detailing the same, Tether wrote in its blog post, “Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits....

While CBDCs will cater to local demands, cooperation between countries could facilitate and support the widespread adoption of readily-available stablecoins. For over 14 years, central banks worldwide have seen blockchain technology deliver highly secure, immutable, verifiable and transparent financial ecosystems, starting with the Bitcoin network. Central bank digital currencies (CBDCs) stood out as one of the ways for fiat currency to harness a part of what cryptocurrencies achieve today. To not only keep up with rising inflation and cut down on operational costs but also to counter money laundering and related concerns, 98 of 195 countries — representing over 95% of global GDP — have either launched or are researching and developing their own versions of CBDC. Global CBDC initiatives overview. Source: Atlantic Council With CBDCs joining the race to dominate the future of finance, the relevance of the stablecoin ecosystem — cryptocurrencies backed 1:1 with fiat, such as the United S...