Cetoex News – Stablecoins, including Tether, were under scrutiny following the demise of Terra UST in 2022. The issues of reliability, sturdiness, and trust began to rise as questions began popping up regarding how sturdy these stablecoins are. However, Tether has fully stood by its statement that USDT is overcollateralized.

The stablecoin issuer also released its Q1 assurance report, in which it unveiled a $1.5 billion BTC reserve. As a part of its new investment strategy, Tether is planning to ramp up Bitcoin purchases.

Tether to allocate up to 15% of profits to purchase Bitcoin

According to the latest announcement by Tether, the firm will allocate up to 15% of its net realized operating profits to purchasing Bitcoin. It also ensured that the future and current BTC reserves would not exceed the shareholder capital cushion.

The stablecoin issuer also ensured that it would hold possession of the private keys associated with all of its Bitcoin holdings. Additionally, the statement highlights that only realized profits will be utilized for the investment strategy.

Speaking of the decision, Paolo Ardoino, CTO of Tether, stated:

“Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.”

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Cetoex News – On one hand, the global economy is in the midst of a banking crisis. On the other, crypto assets have been thriving and attaining new 2023 highs. In fact, companies from the ecosystem are also expecting to churn out profits. USDT stablecoin issuer Tether is one such name. Recently, Tether’s Technology Chief told CNBC that Tether could register about $700 million in profits in the first quarter of this year. That will make its total excess reserves surpass the $1 billion threshold.

Here, it is worth recalling that the company registered the same $700 million in profit during the December quarter. Tether’s reserves were boosted by the aforementioned profit. As Watcher Guru reported, Tether’s consolidated total assets stood around $67.04 billion at that time, while its consolidated total liabilities were at least $66.08 billion. In all, it had a surplus reserve of at least $960 million.

According to CNBC,

Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserves will increase by $700 million in the current quarter, which is not yet over. That would take Tether’s excess reserves to $1.66 billion. And it would be the first time Tether crosses the $1 billion mark.

Tether thrives despite macro fragility

The executive went on to assert that the money will remain in Tether, in the main company, to “further capitalize the stablecoin.” Opining on the macro-instability and commenting on how Tether has been performing in the face of adversity, Ardoino said,

“Tether is making money and banks are failing. So if you have to put money somewhere, I guess that Tether is the most safe among all the choices.”

The value of all the USDT in circulation has noted a swift incline this month. On March 1, Tether’s market cap stood around $70.94 billion. However, at press time, it was seen hovering around $78.5 billion. The USDC, BUSD, and banking crises have all been a blessing in disguise for USDT.

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Cetoex News – Telegram is one of the most underrated instant messaging apps. It is free to use and offers a fast and secure platform with end-to-end encryption. The platform offers not just the features to send and receive messages, but also a wide array of useful features.

Telegram is gradually making its way into the cryptocurrency realm. It had added support for cryptocurrency payments, according to a tweet from the TON (Telegram Open Network) Foundation in April. The TON token can be used to make cryptocurrency payments on Telegram.

According to the latest details from an announcement shared with CoinDesk, Telegram has added the feature to send users Tether (USDT).

Telegram takes a leap with USDT

The new feature will now allow users to send and receive the largest stablecoin, USDT. USDT has always appeared as a much better option for investors due to its less volatile nature.

The instant messaging app also announced earlier its plan to launch a non-custodial wallet and a decentralized cryptocurrency exchange. The 550 million users of the platform can now make use of this feature.

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Cetoex News – Citing its compliance with regulators in the country, Crypto.com has announced its decision to delist Tether in Canada. Decrypt has reported on a notice sent to users in the country that the cryptocurrency exchange platform will no longer support transactions involving the stablecoin.

The exchange’s support of Tether transactions will end on Jan 31, according to Decrypt’s coverage. Moreover, Crypto.com has reportedly spoken about its desire to comply with regulatory bodies in the country as its motivation behind Tether’s fate.

Crypto.com Announces Tether Delisting on January 31st

Crypto.com is one of the biggest exchange platforms on the planet, which is why many were surprised at the announcement of the delisting of Tether in Canada. The move was reported by Decrypt following a notice sent to users within the country.

A spokesperson for Crypto.com told Decrypt that the platform “delisted USDT for users in Canada in accordance with instructions from the Ontario Securities Commission (OSC),” in the statement. Furthermore, they stated it “as part of our pre-registration undertaking for a restricted dealer license,” the spokesperson added.

Canadian users were notified about the delisting via email on Tuesday. Thereafter, images of the notice began to appear on Twitter, stating the delisting to take place officially on Jan 31. Conversely, the notice made clear that trading, deposits, and withdrawals won’t be possible after the deadline. Specifically stating, “Please take urgent action to review your USDT balance and take necessary action,” in the notice.

Conclusively, the note assured users that any remaining USDT would be automatically converted to Circles’ USD Coin following the deadline. Tether is the third-largest cryptocurrency by market cap, with a total value of nearly $66 billion.

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