Tether attestation shows cash and cash equivalents of 86% as loans decline

Tether’s newest reserve attestation shows the highest-ever percentage of cash equivalents, with most reserves consisting of U.S. T-bills and repurchase agreements.

The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’s reserves.

According to the report, $56.6 billion worth of reserves are in U.S. Treasury bills with a maturity date of less than 90 days. Meanwhile, another $8.8 billion was held in reverse repurchase agreements involving these bills. There was $8.2 billion in U.S. Money Market funds pegged to $1 per note and $292 million in cash and bank deposits. Another $65 million is held in the form of treasury bills from countries other than the U.S.. The total amount of cash and cash equivalents is approximately $74 billion, which is 85.73% of Tether’s total reserves of $86.4 billion.

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Bitcoin options data highlights traders’ belief in further BTC price upside

Bitcoin options volumes experienced a significant surge on Oct. 23 and Oct. 24, marking the highest level in over six months. This activity coincided with a remarkable 17% BTC price rally over two days. Traders are now pondering whether the increased activity in the BTC options market can be solely attributed to the anticipation of a spot Bitcoin exchange-traded fund (ETF) or if the optimism has dwindled following the recent price surge above $34,000.

The recent gains are a rare sight in 2023, even considering Bitcoin’s impressive 108% year-to-date performance. Notably, the last instance of such price action occurred on March 14 when Bitcoin surged from $20,750 to $26,000 in just two days, marking a 25.2% price increase.

It’s worth noting the significance of the fact that a staggering 208,000 contracts changed hands in a mere two days. To put this into perspective, the prior peak, which occurred on Aug. 18, saw a total of 132,000 contracts exchanged, but that was during a period when Bitcoin’s price plummeted by 10.7% from $29,090 to $25,980 in just two days. Interestingly, Bitcoin’s options open interest, which measures outstanding contracts for every expiry, reached its highest level in over 12 months on Oct. 26.


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VanEck amends application for spot Bitcoin ETF

Asset manager VanEck filed an amended application for a spot Bitcoin exchange-traded fund (ETF) on Oct. 27 with the United States Securities and Exchange Commission (SEC), according to the regulator’s database.

The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency.

A spot Bitcoin ETF would directly invest in Bitcoin, as opposed to existing ETFs that invest in Bitcoin futures. The spot version of the product is expected to draw substantial investments from investors seeking Bitcoin exposure via traditional asset managers

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Gary Gensler teases details of SEC’s $5B take from enforcement actions, shades crypto.

United States Securities and Exchange Commission (SEC) Chair Gary Gensler’s speech at the 2023 Securities Enforcement Forum shed light on the regulatory body’s enforcement actions amounting to $5 billion in judgments and orders. However, Gensler’s dig at the cryptocurrency market became a talking point for the crypto community on social media when he said: “Don’t get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”

While talking about the economic perspective of the SEC’s enforcement action, Gensler noted that the agency filed more than 780 enforcement actions in 2023, including over 500 standalone cases. The enforcement actions led to judgments and orders totaling $5 billion, of which $930 million was distributed to harmed investors.

Gensler added that the SEC had filed lawsuits against 40 firms for violations of various rules and regulations since December 2021, leading to more than $1.5 billion in penalties. Gensler revealed that the SEC settled recordkeeping-related charges with 23 firms in the last fiscal year alone.

In his speech, the SEC chief reiterated his earlier stance on crypto, claiming that most of the crypto market falls under the securities bracket and must be governed under the same law. In his explanation of the broad definition of security, Gensler explained the concept of an investment contract and why a major chunk of the cryptocurrency market resembles it. According to Gensler, most cryptocurrency assets will pass the investment contract test, bringing them under securities regulations.

#news #sec #bitcoin

Bitfinex Securities announces tokenized bond

Bitfinex Securities, a platform focused on listing real-world tokenized securities, has announced its first tokenized bond that will be listed in November. The new tokenized bond called ALT2611 is a 36-month, 10% coupon bond denominated in Tether
USDT and issued by Mikro Kapital, a global leader in microfinance.

Bitfinex Securities said the tokenized bond ALT2611 would acquire risks associated with the debt and equity of microfinance organizations, small financial institutions, leasing companies and banks in Italy, Romania and Moldova, as well as in other developing nations along the Silk Road, which was a historical network of Eurasian trade routes connecting Europe, the Middle East and Asia.

Bitfinex chief technology officer Paolo Ardoino called the first tokenized bond on the securities platform the beginning of a new era for capital raises “through deep liquid markets and stock/fond markets.”

#news #Blockchain #Business #Security #Bitfinex #Bonds #Tokens

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