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🏦Tether Plans To Keep Buying Bitcoin With Profits
DeFi Daily
GM Defiers!
Tether has said it will allocate part of its operating profits to purchasing Bitcoin, signaling its strategic approach to diversifying reserves. In regulatory news, European finance ministers have unanimously approved the Markets in Crypto Assets (MiCA) regulations, providing guidelines for digital assets. Finally, we look at how a memecoin creator has managed to attract over $7M for a new token.
✍️ In today’s newsletter:
- Tether will invest up to 15% of its profits into Bitcoin
- EU becomes first major jurisdiction to formalize crypto regulations
- Ben.eth rakes in $7M from memecoin presale
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📈 Markets in the last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $27,705 | ↗ 0.42% |
| ETH | $1,864.6 | ↗ 0.14% |
| MKR | $688 | ↙ -0.29% |
| SPY | $412.07 | ↗ 0.08% |
| UNI | $5.451 | ↗ 0.41% |
| LDO | $2.081 | ↗ 0.19% |
🎬 WATCH
Watch our video on deflationary ETH as Ultra Sound Money. And check out our podcast with Mihailo Bjelic, the co-founder of Polygon.
Stablecoins
Tether To Continue Buying Bitcoin With Profits
TLDR Tether, the company behind the USDT stablecoin, has announced that it will allocate up to 15% of its operating profits to purchase Bitcoin, adding to its existing holdings of over $1.5B.
Paolo Ardoino, the CTO of Tether, emphasized the company's strategic approach to diversify its reserves and ensure stability.
SO WHAT The decision has received mixed reactions from the crypto community, with some applauding the move and others expressing concerns about Tether's regulatory and legal challenges.
Regulation
EU Approves Landmark Crypto Licensing Regime
TLDR European finance ministers have unanimously approved the Markets in Crypto Assets (MiCA) regulations, a regional framework for digital assets. The regulations cover cryptocurrency exchanges, wallet providers, utility tokens, asset-backed tokens, stablecoins, and anti-money laundering obligations. The new rules are expected to come into effect in mid-2024.
SO WHAT The approval of MiCA demonstrates the EU's commitment to establishing a comprehensive regulatory framework for the digital asset industry. This unified approach stands in contrast to the regulatory challenges faced by crypto firms in the United States, where clear guidelines are yet to be established. The EU's proactive stance may serve as a model for other jurisdictions seeking to regulate the crypto industry and provide greater clarity for market participants.
Markets
NFT Collector Turned Memecoin Creator Nets $7M in Sketchy Presale
TLDR Investors have handed over $7 million worth of ETH to Ben.eth, a memecoin creator, following the success of his previous BEN token. Despite concerns about potential risks and delays in the token's launch, the speculative fervor surrounding memecoins continues.
SO WHAT A former FTX and Ethereum engineer has raised alarm about unfair practices in the project, while others note that the presale distribution appears similar to successful tokens. The incident underscores the need for cautious evaluation and due diligence when considering investments in such highly speculative assets.