Cryptocurrency exchange FTX US is expanding its no-fee stock trading service to all of its users in the United States in a move meant to expand its customer base and increase assets under custody.

Leading stablecoin issuer Tether has said it holds no Chinese commercial paper and detailed that it reduced its commercial paper exposure by $4.7 billion since the start of this month, meaning it now holds 88% less than the $30 billion it had in July 2021.

The organization behind the Solana blockchain, the Solana Foundation, is launching a retail store in New York City called Solana Spaces. The move comes shortly after Solana announced plans to create and launch its own Android smartphone.

Top stories in the Crypto Roundup today:

• Crypto Exchange FTX US Expands Stock Trading Service
• Tether Cut Commercial Paper Reserves by 88%
• Solana to Set up Its Own Retail Store

Crypto Exchange FTX US Expands Stock Trading Service

Cryptocurrency exchange FTX US is expanding its no-fee stock trading service to all of its users in the United States in a move meant to expand its customer base and increase assets under custody.

Brett Harrison, president of FTX US, was quoted saying that the beta users for the stock trading service were “from a pool of existing FTX US crypto users” and added it will “be  very interesting when we open it to all to see how many FTX US users start to trade stocks, and to what it extent we will be able to bring new users.”

FTX US is also planning to roll out options trading. The plan comes a week after Robinhood Markets launched options trading in cash accounts for eligible customers, saying it was one of the most requested features from advanced users.

FTX US’s equity trading service does not accept payment-for-order-flow, a controversial process in which firms pay for the right to execute orders coming from the platform’s retail users.

Tether Cut Commercial Paper Reserves by 88%

Leading stablecoin issuer Tether has said it holds no Chinese commercial paper and detailed that it reduced its commercial paper exposure by $4.7 billion since the start of this month, meaning it now holds 88% less than the $30 billion it had in July 2021.

According to a statement Tether put out, it currently holds $3.7 billion worth of commercial paper, with no Chinese commercial paper holdings. Commercial paper is a form of short-term unsecured debt.

When Tether first revealed its reserves backing the USDT stablecoins, it had just under 50% of the reserves in commercial paper. The company has been speculated to have held Chinese commercial paper before, denying thatit had exposure to debt issued by real estate giant Evergrande.

Tether has stated the commercial paper it previously had was rated A2 or better.

Solana to Set up Its Own Retail Store

The organization behind the Solana blockchain, the Solana Foundation, is launching a retail store in New York City called Solana Spaces. The move comes shortly after Solana announced plans to create and launch its own Android smartphone.

The Solana Spaces Twitter account has detailed that inside the store users will “learn how Solana works, what Web3 is.” It added:

“We’ll set you up with a wallet and your first NFTs, and guide you through your first on-chain transactions.”

The store will also provide customers with an interactive art installation, and will feature Solana-branded merchandise for sale.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.