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🪙The Stablecoin Battle is Heating Up!🔥
Tether dumps $30 Billion in commercial paper and adds US Treasuries
Stablecoin Regulations are coming soon!
Yesterday, Tether USDT announced they removed $30 billion dollars of commercial paper from their reserves and have increased direct exposure to US Treasuries. They know regulations are coming and are getting their books in order!
The other aspect of this is Jeremy Allaire and Circle are coming for the top stablecoin spot, they have made significant expansions over the years. USDC is growing fast & is now available via the top blockchains. Yesterday it was announced USDC on Algorand was going to be integrated on FTX exchange. Circle is also in regulatory compliance with the US government.
Expect the stablecoin wars to heat up in the next year. I personally believe that stablecoin regulations will have a positive impact on the entire crypto market.
It also wouldn't surprise me if the US government were to select USDC for their Digital Dollar CBDC.
Important News You Should Know About
Binance to support Bitcoin miners with a $500 million miner lending project (source)
The facilitator of two of the largest NFT-backed loans has secured another $10 million (source)
Uniswap raises $165 million in Series B funding, led by Polychain Capital (source)