China News Today TheBitTimes.com

Tether has released its latest reserves attestation for USDT, with its excess reserves increasing to $3.3 billion. Tether continues to increase its treasury reserve holdings backing circulating USDT (USDT) tokens, according to its latest financial attestation for the second quarter of 2023. Tether Holdings published its Q2 attestation from accounting firm BDO, highlighting an $850 million increase in its excess reserves, which takes its total to $3.3 billion. Tether Excess Reserves increase by 850M to reach $3.3B as Leading Stablecoin Reveals $72.5B overall exposure in US T-Bills and Unveils Energy-Related Investments. Read more https://t.co/zoEHWMawEM pic.twitter.com/N4vk3EUQnw — Tether (@Tether_to) July 31, 2023 The report also serves as the first time the company has disclosed its indirect exposure to United States Treasurys held by money market funds as well as U.S. Treasurys collateralizing its overnight repo: “By aggregating them together, the amount of Treasuries back...

Federal Reserve Chairman Jerome Powell reiterated the need of robust central-bank oversight in the ongoing development of stablecoin regulations by the House Financial Services Committee. Powell further disclosed that the Federal Re serve ’s staff has been actively engaged in discussions with lawmakers from both sides of the aisle regarding the cryptocurrency legislation currently under consideration by committee members. Two crypto bills underway During a twice-yearly hearing on monetary policy, Federal Re serve chairman Jerome Powell expressed his perspective on payment stable coins , stating, “We do see payment stable coins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank.” Powell emphasized the necessity of a strong federal role in overseeing stable coins , indicating that he believes it would be appropriate to establish robust federal oversight in this domain. During the hearing, chairman ...