Deltec Bank, the Bahamas-based bank that holds the reserves for the leading stablecoin issuer Tether, has revealed it has a “large position” in bitcoin and has been buying BTC since it was trading at $9,300.

San Francisco-based cryptocurrency exchange Coinbase has launched a new service for digital asset issuers looking to list their tokens on the exchange. The service, called Asset Hub, is a “simple, streamlined product for issuers to list their assets and do business with Coinbase.”

Jerome Powell, chairman of the Federal Reserve, has described the central bank’s work on stablecoins as a “very high priority,” stressing a need for “better regulatory answers” for these coins.

Sponsored: FinTech platform YouHodler has developed a revolutionary crypto wallet for digital asset enthusiasts.. This “all-in-one” solution lets users buy bitcoin, exchange cryptocurrency, trade crypto, and most notably, earn crypto interest up to 12%. Thus, eliminating the need to use various platforms for storage, trading, and earning. 

 

Top stories in the Crypto Roundup today:

• Tether’s Bank Discloses ‘Large Position’ in Bitcoin
• Coinbase Opens up to New Listings via New ‘Asset Hub’ Service
• Federal Reserve’s Work on Stablecoin Risks is a ‘Very High Priority’
• Sponsored: Buy Bitcoin and Earn Crypto Interest With this “All-In-One” Wallet

Tether’s Bank Discloses ‘Large Position’ in Bitcoin

Deltec Bank, the Bahamas-based bank that holds the reserves for the leading stablecoin issuer Tether, has revealed it has a “large position” in bitcoin and has been buying BTC since it was trading at $9,300.

In a 2020 review video, Deltec’s Chief Investment Officer Hugo Rogers said:

“It also includes a large position in bitcoin, which has received a lot of attention recently. We bought bitcoin for our clients at about $9,300, so that worked very well through 2020. And we expect it to work well in 2021 as the liquidity crisis continues to run hot.”

Tether’s USDT stablecoin has a circulating supply of 24.3 billion tokens, which Tether says are backed by its reserves. Each USDT token is pegged to the dollar, and according to Tether its reserves include “traditional currency and cash equivalents.”

The firm’s website adds that from “time to time” the reserves may “include other assets and receivables from loans made by Tether to third parties.” Deltec’s move has seen some question whether USDT is, at least in part, backed by BTC.

Deltec, it’s worth noting, has other clients in the space and may be holding BTC for them. Crypto derivatives exchange FTX reportedly has an account with them.

Coinbase Opens up to New Listings via New ‘Asset Hub’ Service

San Francisco-based cryptocurrency exchange Coinbase has launched a new service for digital asset issuers looking to list their tokens on the exchange. The service, called Asset Hub, is a “simple, streamlined product for issuers to list their assets and do business with Coinbase.”

According to the company’s chief product officer, Surojit Chatterjee, issuers can use the Asset Hub to connect with Coinbase’s listings team for potential inclusion. Per Chatterjee the firm’s directive “is to list every compliant asset possible.”

He stressed that issuers may “be subject to regulatory approval in some jurisdictions and we therefore cannot guarantee whether or when any asset will be approved.”

Federal Reserve’s Work on Stablecoin Risks is a ‘Very High Priority’

Jerome Powell, chairman of the Federal Reserve, has described the central bank’s work on stablecoins as a “very high priority,” stressing a need for “better regulatory answers” for these coins.

Powell’s words came in a webinar, in a segment focusing in part on central bank digital currencies (CBDCs). Per his words, stablecoins could “become systemically important overnight” and the central banks must have its “arms around the potential risks.”

Regarding CBDCs, Powell said the central bank will look “very, very carefully” at these while pointing out any potential coin would take years to develop. He said the Federal Reserve is “determined to do this right rather than quickly, and it will take some time — measured in years rather than months.” 

Creating a CBDC, he said, would involve a “great deal” of outreach to elected representatives, financial sector participants, and citizens.

Tether Mints Record 2B USDT in One Week

Leading stablecoin issuer Tether has minted a record $2 billion worth of its most popular stablecoin in a single week, at a time in which the price of bitcoin is looking to get past the $40,000 mark.

Tether's USDT is currently the third-largest cryptocurrency by market capitalization as there are $24.21 billion circulating USDT tokens.

Tether transactions happening on Ethereum are live streamed on the Flipside Data Cooperative. 

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