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The CEO of a real-world asset (RWA)-focused crypto project is alleging that centralized exchanges may have played a role in the sudden collapse of the project’s native token. The market cap for top RWA project MANTRA (OM) plummeted by $5.431 billion on Sunday – declining from over $6.11 billion to $683.3 million in a matter of hours. Mantra CEO JP Mullin alleges on the social media platform X that the crash was caused by unnamed exchanges seemingly working against the coin by needlessly closing large positions during low-liquidity hours. “We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice. That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of neglig...

Tether CEO Paolo Ardoino says USDT will help to successfully keep the US dollar on top of the global financial power structure. In a new post to the social media platform X, Ardoino makes his argument for why USDT is the “most successful tool” for the US dollar maintaining its hegemony. “Tether built, over the last decade, the widest physical and digital distribution network, spacing from thousands of kiosks in Africa and South America to digital remittances platforms, from payment backbones to institutional tools. Every single day our teams and portfolio companies are with their boots on the ground in countless areas within developing countries, helping communities and growing utilization, trust and education into USDT and by reflection into the US economy.” Ardoino notes that USDT is held by more than 400 million people, growing at a pace of 35 million new wallets per quarter, or 140 million new wallets per year. He also says USDT is doi...