Investors have moved $7 billion out of the leading stablecoin Tether (USDT) following the collapse of the Terra ecosystem, which saw USDT briefly drop from its dollar peg as well. As a result, Tether’s circulating supply has dropped from $83 billion to $74 billion.

Covert Bitcoin mining operations continue  to thrive in China to the extent that the country represents the second-largest hashrate on the network. The news comes even after the country’s government banned cryptocurrency miners from operating within its borders.

Commission-free trading platform Robinhood is moving deeper into the cryptocurrency world with the launch of a standalone, non-custodial Ethereum wallet that gives users access to decentralized finance (DeFi) applications.

Sponsored: In 2017, Invictus set out to fundamentally change the asset management industry. Invictus' officially regulated funds are now institutional-grade products with industry-leading fees and very accessible minimum requirements.

Top stories in the Crypto Roundup today:

• Tether’s Market Cap Drops $9 Billion Over Terra’s Collapse
• Bitcoin Mining is Thriving in China, Despite Government Ban
• Robinhood to Launch Ethereum DeFi Wallet
• Sponsored: Invictus Capital spearheads the world's first regulated and tokenised mutual fund

Tether’s Market Cap Drops $9 Billion Over Terra’s Collapse

Investors have moved $7 billion out of the leading stablecoin Tether (USDT) following the collapse of the Terra ecosystem, which saw USDT briefly drop from its dollar peg as well. As a result, Tether’s circulating supply dropped from $83 billion to $74 billion.

The stablecoin is meant to always be worth $1 but after Terra’s fall from grace, it slipped to a $0.95 low as investors panicked over the collapse. After USDT lost its peg, Tether claimed that it kept on honoring redemptions at a 1:1 ratio with the U.S. dollar.

Centralized stablecoins like USDT and its competitors are meant to keep enough fiat currency reserves to allow users to redeem their stablecoin holdings for U.S. dollars. These reserves are kept in cash and cash equivalents, including Treasury bonds.

Tether has historically published reports on its reserves, however, these often include a form of short-term unsecured debt issued by companies called commercial paper. As investors move away from USDT over its controversy, Tether CTO Paolo Ardoino has said the company redeemed $7 billion in only 48 hours “without the blink of an eye.”

Bitcoin Mining is Thriving in China, Despite Government Ban

Covert Bitcoin mining operations continue  to thrive in China to the extent that the country represents the second-largest hashrate on the network. The news comes even after the country’s government banned cryptocurrency miners from operating within its borders.

A report from the Cambridge Centre for Alternative Finance has suggested that Chinese miners account for 21.11% of BTC’s hashrate. In comparison, the U.S. accounts for 37.84% of the global hashrate. The report adds:

“This strongly suggests that significant underground mining activity has formed in the country, which empirically confirms what industry insiders have long been assuming.”

Covert mining operations may be being routed through virtual private networks to make it appear the machines are operating in another country. The use of VPNs, it’s worth noting, may heavily influence the data of CCAF’s study, as other miners may be looking like they are mining from China.

Robinhood to Launch Ethereum DeFi Wallet

Commission-free trading platform Robinhood is moving deeper into the cryptocurrency world with the launch of a standalone, non-custodial Ethereum wallet that gives users access to decentralized finance (DeFi) applications.

While Robinhood is currently in the process of rolling out wallets to millions of users, these are custodial wallets managed by the company. The new product would give users full control over their wallets as they would manage their own private keys.

The forthcoming wallet is set to let users “trade and swap crypto with no network fees,” store non-fungible tokens (NFTs), and access DeFi services.

The company is looking to release the beta version of the wallet over the summer in a bid to make it widely available by the end of the year. The wallet is set to include guardrails for new users who are more at risk of losing their funds due to a lack of familiarity with crypto wallets.

Invictus Capital spearheads the world's first regulated and tokenised mutual fund

Invictus Capital has become the world’s first fully regulated, tokenised, and administered mutual fund in the world.

In 2017, Invictus set out to fundamentally change the asset management industry. Invictus' officially regulated funds are now institutional grade products with industry leading fees and very accessible minimum requirements.

Invictus fund tokens now represent legal ownership of the underlying fund shares and a wide range of benefits are now available:

• In the new fund structure, tokens represent shares of the mutual funds, providing investors with security and peace of mind.

• An independent board of directors has been appointed, ensuring a strong corporate governance system.

• Fund assets and the financial health of the funds are verified regularly by independent external auditors.

• Fully compliant with global AML and KYC regulations.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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