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Bank of Korea Governor Rhee Chang-yong expressed concerns about the impact of stablecoins like USDT and USDC on central banking operations at a conference. He highlighted the risks they pose to financial stability and the effectiveness of monetary policies, especially with the involvement of global networks such as Visa and Mastercard. Rhee also discussed South Korea's pilot projects for retail and wholesale CBDCs using DLT and the potential benefits of programmability through smart contracts.

Portfolio Pulse from Murtuza Merchant

December 19, 2023 | 6:39 pm

Ledger, a crypto hardware wallet provider, experienced a hacking incident resulting in the theft of approximately $484,000 in assets due to a phishing attack on a former employee's NPMJS account. The attack involved publishing malicious versions of the Ledger Connect Kit, which diverted funds to a hacker-controlled wallet. Ledger's team responded quickly, deploying a fix within 40 minutes and coordinating with WalletConnect to disable the rogue project. Tether (USDT) froze the bad actor's assets, and Ledger advised customers to use the Clear Sign feature and wait 24 hours before using the Ledger Connect Kit again.

Portfolio Pulse from Murtuza Merchant

December 14, 2023 | 7:00 pm

Deutsche Bank's DWS Group, Flow Traders Ltd., and Galaxy Digital Holdings plan to launch a euro-backed stablecoin, AllUnity, pending regulatory approval from BaFin. The stablecoin aims for mainstream adoption of tokenized assets and is expected to launch in Q1 2024. The partnership combines expertise from traditional and crypto markets, and the stablecoin will be fully collateralized to maintain its value. The move aligns with the EU's improved regulatory clarity in the digital assets space.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 4:26 pm

The Argentine peso has plummeted by 54% due to President Javier Milei's economic reforms, which include a drastic devaluation to tackle hyperinflation and a solvency crisis. The official exchange rate soared to 800 pesos per dollar, while the parallel market rate on Binance for the peso and Tether (USDT) is around 1,125 pesos per USD. Finance Minister Luis Caputo announced a series of austerity measures to reduce government spending and increase taxes. Argentine stocks, tracked by the Global X MSCI Argentine ETF (ARGT), dipped slightly in premarket trading but have risen nearly 20% since Milei's election. The IMF has expressed support for these reforms, which align with its recommendations.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 3:11 pm

El Salvador's National Bitcoin Office (ONBTC) expects its 'Freedom Visa' initiative, in collaboration with Tether, to be fully subscribed by the end of 2023. The program offers residency and citizenship for a $1 million donation in Bitcoin or Tether. The initiative could inject $1 billion into the Salvadoran economy annually, and the country's Bitcoin bond, the 'Volcano Bond,' is set to launch in Q1 2024.

Portfolio Pulse from Mehab Qureshi

December 13, 2023 | 11:46 am

S&P Global Ratings assigned a 'constrained' stability assessment to Tether (USDT) due to transparency concerns in reserve management and asset composition. The '4' rating reflects the lack of detailed information about custodians, counterparties, and bank account providers for USDT's reserves. Tether's reserves include U.S. treasury bills and cash equivalents, but also higher-risk assets with limited disclosure, subjecting them to credit, market, interest rate, and foreign currency risks. The rating could improve with increased disclosure and a shift to lower-risk assets, or enhanced regulation. Conversely, a shift to higher-risk assets could worsen the assessment.

Portfolio Pulse from Murtuza Merchant

December 12, 2023 | 10:06 pm

El Salvador has launched the 'Adopting El Salvador Freedom Visa Program' to attract investors by offering citizenship to those who invest $1 million in Bitcoin (BTC) or Tether (USDT). The program is capped at 1,000 participants per year and aims to inject $1 billion into the Salvadoran economy. The investment will fund social development projects and position El Salvador as a tech and financial innovation hub.

Portfolio Pulse from Murtuza Merchant

December 08, 2023 | 4:23 pm

Binance, a cryptocurrency exchange, reportedly transferred $3.9 billion in Tether (USDT) from its cold wallet ahead of a $4.3 billion settlement with the DOJ over money laundering allegations. The transaction occurred on November 9, and the purpose of the funds is unclear. Binance has not commented on the transfer or the settlement, which includes $1.8 billion in criminal fines and $2.5 billion in forfeitures, concluding U.S. investigations into its regulatory compliance.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 4:30 am

Tether, in collaboration with crypto exchange OKX, has frozen approximately $225 million in USDT tokens linked to a Southeast Asian human trafficking syndicate involved in a 'pig butchering' scam. This action, the largest-ever freeze of USDT, was a result of a joint investigation with the U.S. DOJ and utilized Chainalysis tools. The U.S. Secret Service requested the proactive freeze. Tether CEO Paolo Ardoino and OKX Chief Innovation Officer Jason Lau emphasized their commitment to security and collaboration with law enforcement to combat illicit activities in the crypto space.

Portfolio Pulse from Murtuza Merchant

November 20, 2023 | 5:01 pm

Javier Milei's victory in Argentina's presidential election led to a surge in Argentine ADRs and ETFs in U.S. markets. The Global X MSCI Argentina ETF (ARGT) rose by 13%, while ADRs like YPF Sociedad Anonima (YPF), Banco Macro S.A. (BMA), and Grupo Financiero Galicia S.A. (GGAL) saw significant premarket gains. Milei's economic proposals include privatization, dollarization, and fiscal reforms. Goldman Sachs highlighted risks associated with these changes, particularly for the exchange rate. The Argentine peso's volatility against the dollar Tether (USDT) on Binance and the disparity between official and parallel exchange rates are concerns for financial stability.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 2:45 pm

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