Stablecoin Issuers: More US Treasury bills than Berkshire Hathaway

Stablecoin issuers like Tether ( USDT ) and Circle have grabbed a significant share of the US Treasury market, overtaking even big traditional players in the financial market.

As of May 2022, stablecoin providers held a total of $80 billion worth of short-dated U.S. Treasuries, according to an Aug. 16 study by investment bank JPMorgan.

Tether, Circle, and other stablecoin firms accounted for 2P of the total U.S. Treasury bills market, holding a larger share of Treasury bills than Warren Buffett's investment giant Berkshire Hathaway.

According to the data, stablecoin issuers have also outperformed offshore money market funds and primary market money market funds in terms of treasury bill shares.

Treasury bills are considered low-risk assets and are debt securities that companies often use as a cash equivalent on their balance sheets. Earlier this year, Tether set out to buy US Treasury bills while becoming independent of trading papers.

At press time, USDT's market cap is $67.6 billion. USDC is at $52.4 billion, according to CoinGecko data.

USDC has seen significant growth in terms of market capitalization . At the same time, Tether’s market dominance has been waning since May. "Market confidence in Tether as a stablecoin is gradually eroding. The events of the past few months have further accelerated this momentum," JPMorgan said. According to the bank, the "superior transparency and quality of USD Coin's currency reserves" is one of the main reasons for this change.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

From offchain to offchain: Statechains meets Lightning

Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon

British financial regulator criticizes cooperation between Binance and Paysafe

The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands

Cryptostreet

Search This Blog