Leading stablecoin issuer Tether has quietly added nearly 8,889 Bitcoin to its reserves in the first quarter of 2024, boosting their total BTC reserves to approximately 75,354 coins, worth roughly $5.2 billion.

A federal judge has dealt a blow to Wyoming-based Custodia Bank, in its quest for direct access to the Federal Reserve System, as Judge Scott Skavdahl of the District of Wyoming rejected Custodia's motion for judgment on Friday, siding with the Fed's position that it is not obligated to grant master accounts and membership to all eligible applicants.

Bitkub Capital Group Holdings, the operator of Thailand's leading cryptocurrency exchange, is setting its sights on an initial public offering next year.

Top stories in the Crypto Roundup today:

• Tether Bolsters Bitcoin Holdings to 75,354 BTC as it Completes Security Audit
• Judge Sides with Fed, Denies Custodia Bank's Master Account Motion
• Thailand's Leading Crypto Exchange Bitkub Sets Sights on 2025 IPO

Tether Bolsters Bitcoin Holdings to 75,354 BTC as it Completes Security Audit

Leading stablecoin issuer Tether has quietly added nearly 8,889 Bitcoin to its reserves in the first quarter of 2024, boosting their total BTC reserves to approximately 75,354 coins, worth roughly $5.2 billion.

The new addition to the company’s reserves was spotted by on-chain analysis firms like Arkham Intelligence, which spotted the movement of 8,888.8888 BTC to a wallet associated with the leading stablecoin issuer late last month. This aligns with Tether's previously stated intention to allocate a portion of its profits towards acquiring Bitcoin.

The newly acquired holdings could represent a potential unrealized gain of around $3 billion for the stablecoin issuer.

In a separate development, Tether announced the successful completion of a System and Organization Controls 2 (SOC 2) audit. The SOC 2 audit is a rigorous assessment of an organization's security practices, and Tether has committed to undergoing these audits annually to ensure ongoing adherence to its security standards.

The company is aiming to achieve the SOC 2 Type II certification, which assesses the effectiveness of Tether’s internal controls, by the end of 2025.

Judge Sides with Fed, Denies Custodia Bank's Master Account Motion

A federal judge has dealt a blow to Wyoming-based Custodia Bank, in its quest for direct access to the Federal Reserve System, as Judge Scott Skavdahl of the District of Wyoming rejected Custodia's motion for judgment on Friday, siding with the Fed's position that it is not obligated to grant master accounts and membership to all eligible applicants.

Custodia, which focuses on the custody of crypto assets, sued the Federal Reserve Bank of Kansas City in June 2022 for what it perceived as an unreasonable delay in processing its application for a master account. Master accounts provide banks and depository institutions with direct access to the Federal Reserve's payment system, bypassing intermediary banks.

Following the initial rejection of its application last February, Custodia amended its lawsuit, alleging undue influence by the Federal Reserve’s board on the Kansas City Fed's decision and arguing that the Fed lacked the authority to deny applications from non-member institutions.

However, Judge Skavdahl's ruling clarifies that current federal law grants the Fed discretion in granting master account access, while noting that the evidence presented by Custodia did not support claims of the Board of Governors directly influencing the Kansas City Fed's decision.

Thailand's Leading Crypto Exchange Bitkub Sets Sights on 2025 IPO

Bitkub Capital Group Holdings, the operator of Thailand's leading cryptocurrency exchange, is setting its sights on an initial public offering next year.

The company's CEO, Jirayut Srupsrisopa, known by his business name Topp, reportedly stated that the IPO aims to enhance Bitkub's profile and secure additional capital as the firm is currently hiring financial advisors for the move.

Srupsrisopa has pointed to a rise in trading volumes, surpassing even those seen during the 2021 cryptocurrency boom, saying the rising volume will help the valuation of the Bitkub Online exchange grow.

The trading platform is currently valued at roughly 6 billion baht ($165 million). Further bolstering its global ambitions, Bitkub previously told shareholders it was exploring a listing in Hong Kong to boost global visibility.

State of the Crypto by Top Tier Exchange Volume

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