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Tether, Inc. Company Profile | Seattle, WA - Dun & Bradstreet Stablecoin Tether says holds no Evergrande commercial paper For critics of Tether, the new economy of digital assets is based on the worlds oldest profession: real estate speculation. Polygon (MATIC) Price Dropped 9% in One Day so Wheres It Headed Next? "Tether has maintained its stability . Last March, the Federal Reserve stepped in to buy commercial paper as the pandemic led money market funds, one of the biggest buyers, to pull back. It was news to us.. "We are working with an amazing counterparty that is extremely professional and has a deep knowledge of traditional finance and also crypto markets and the blockchain industry and so on.
A theory that Tether has been buying Evergrande commercial paper and The stablecoin issuer Tether this week declared that it doesnt hold short-term debt issued by troubled Chinese real estate developer Evergrande. Tether, the largest stablecoin, is a Hong-Kong based stable currency.
Contact - Tether 2023 CNBC LLC. CNBC's Jim Cramer urged investors who have gains in their cryptocurrency portfolios to take some profits, saying Monday he believes digital currencies are likely to face more weakness related to struggling Chinese property developer Evergrande. The enshittification of apps is real. We use cookies to improve your experience.
Stablecoin Tether says holds no Evergrande commercial paper First Mover The latest moves in crypto markets, in context.
Tether, Bitcoin and Chinese Commercial Paper at Scale You can subscribe to get the full newsletter here. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. In fact, $30 billion of the Tethers dollar holdings are invested in commercial paper, which makes one of the largest holders of this debt asset class and puts the firm ahead of some top financial firms. var absrc = 'https://servedbyadbutler.com/adserve/;ID=177750;size=0x0;setID=588602;type=js;sw='+screen.width+';sh='+screen.height+';spr='+window.devicePixelRatio+';kw='+abkw+';pid='+pid588602+';place='+(plc588602++)+';rnd='+rnd+';click=CLICK_MACRO_PLACEHOLDER'; USDT leads the stablecoin market by trading volume and acts as the top base-pair currency for trading across several large crypto exchanges, including Binance, FTX, and others. This comes as the Evergrande debt crisis and rival stablecoins shine a spotlight on Tether's reserves again. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate.
Explainer: How China Evergrande's debt troubles pose a - Reuters We believe that this is the only way that these technologies are really created and can become mainstream.". Crypto investors need to be alert while the Evergrande situation unfolds even if they don't personally own tether because the stablecoin is used to purchase bitcoin and ether, Cramer said. Ardoino joined Tether back in late 2015 as a developer before being appointed chief technology officer around a year later.
Evergrande has now had to suspend trading of that units onshore corporate bonds following a downgrade, another red flag pointing towards an impending default. In total, Tether holds 52% US Treasury bonds, 37% commercial paper, with the remainder in cash and money market funds. The $1.1tn commercial paper market is vital for large companies looking to raise cash for short-term needs such as payroll and inventories. Your Use of the Site. ConsenSys to Launch zkEVM Testnet as Battle for ZK Supremacy Heats Up, Binance Continues to Battle FUD as US Senators Go After Balance Sheets, Coinbase Moves Into More Stable World of Asset Management with Latest Acquisition, EOS Pumps 10% Amid Broader Market Correction due to EVM Speculation. Be a smarter, safer investor in eight weeks. After a couple of decades of relative freedom for entrepreneurs (including, as mentioned, the apparent freedom to commit securities fraud), Chinese leadership under Xi Jinping has begun to aggressively intervene in markets.
Its flagship unit, Evergrande Real Estate Group, had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020,. Meanwhile, based on data from the Peoples Bank of China, Chinese commercial paper ended Q2 in 2021 at around $900 billion, up from just shy of $700 billion that same quarter in 2019, a gain of less than a third. Approximately half of Tethers $62.8 billion assets as of the end of June 2021, were backed by commercial paper and certificates of deposit, according to the company. Tether, the world's largest 'stablecoin', said in a statement it does not hold any commercial paper or securities issued by embattled developer China Evergrande Group, as regulatory scrutiny into risks from this type of token grow. But is it bad? Evergrande has now had to suspend trading of. The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. For Ardoino and the team, this highlights the crypto community's faith in Tether. In those two years, bitcoins market cap has gone up eight times, from $159 billion to $1.3 trillion. A commercial paper report from Evergrande at the end of 2021 showed its main unit had $32 billion, just around 10% of its total liabilities. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. According to documents received byBloomberg BusinessWeek, Tether has extended billions of dollars in loans to large Chinese companies. All Rights Reserved. Ardoino clarified that Tether does not hold Evergrande's commercial paper. The industry leader for online information for tax, accounting and finance professionals. While Tether (the company) said back in September it doesn't hold Evergrande commercial paper, . The struggling real estate giant has listed $300 billion in total liabilities and says it needs to find funds quickly. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Sign up for free newsletters and get more CNBC delivered to your inbox.
How China's Property Market Could Trigger a Crypto Crash Ardoino wouldn't comment on whether the Treasury directly spoke to Tether for the report. We are completely confident.". Your weekly wrap of Web3 news and trends. Those questions can only be answered with a little more transparency from the stablecoins issuer. Given Tethers record to this point, that may take a while. Find company research, competitor information, contact details & financial data for Tether, Inc. of Seattle, WA. It seems increasingly likely that Evergrande is fated instead for the glue factory. Approximately half of Tether's $62.8 billion assets as of the end of June 2021, were backed by commercial paper and certificates of deposit, according to the company. According to Bloomberg BW, stablecoin issuer Tether has extended billions of dollars in loans to Chinese companies. Another 18 per cent is held in fiduciary deposits, more than 12 per cent in secured loans and nearly 10 per cent in corporate bonds, funds and precious metals. However, Tether is very secretive about its holdings, only disclosing that it does hold international commercial paper. "Tether does not hold any commercial paper or other debt or securities issued by Evergrande and has never done so," the company said. Please enter your email address. However, as Tethers reserve holdings have been questioned by regulators such as the New York attorney-general in the past, providing banking services to Tether will likely raise reputational risk concerns, wrote the JPMorgan analysts. Evergrande, China's second-largest property developer, is to blame. It is now the third-largest cryptocurrency by market capitalisation, according to CoinMarketCap, making up the bulk of stablecoin volume. Chinese real estate developers are some of the world's biggest issuers of commercial paper. "So if A1 commercial paper rated by a US Agency is considered safe [then] why is where the issuer located matters?".
Cramer says take crypto profits, cites Evergrande-related tether - CNBC var abkw = window.abkw || ''; Its been going on for a long time one analyst who warned about Evergrandes practices as early as 2012 was temporarily banned from Hong Kong markets by regulators for his reckless claims. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. But this is not just about one company: Even if Tether doesnt specifically hold any of Evergrandes short-term debt, it could have huge exposure in the form of other Chinese obligations. How Ethereum's evolution impacts crypto markets. But these have frequently raised more questions than answers. He also shares his expectations on stablecoin regulation and competition. His role is much broader than tech chief. Stablecoin Tether clarified that while they do hold commercial paper, none of it is from Evergrande. HONG KONG, Sept 16 (Reuters) - Tether, the world's largest 'stablecoin', said in a statement it does not hold any commercial paper or securities issued by embattled developer China Evergrande Group (3333.HK), as regulatory scrutiny into risks from this type of token grow. But tether's growth of around 3,350% since early 2019 is seen as reason to celebrate. It goes something like this: About half of all bitcoin trades against stablecoin tether (USDT), according to data from CryptoCompare. ; ; Vergleich; ; ; ; Evergrande's main unit had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020, filings show. Bitcoin, meanwhile, remained above all-time highs by about 5.5%. The US Treasury is expected to release an in-depth report on stablecoins any day now. According to the attorney-generals investigation, there were instances when Tether was not fully backed in the past. "Right now, owning crypto is what's known as a 'crowded' trade and I don't want you to lose money if this space keeps getting hit by Evergrande's contagion worries," he said. Tether published its first Reserves Breakdown in March 2021. But this reported accumulation has largely gone unnoticed on Wall Street, according to several of the biggest players in the market including bank traders, analysts and money market funds. The "Mad Money" host said the struggles of Chinese developer Evergrande are likely to keep weighing on crypto markets. And it could offer savvy investors the opportunity to hedge against the Tether Bomb an affectionate term for the fact that nobody really From 2018 onwards, new stablecoins have been pouring onto the markets. recently accused of violating securities laws. "Tether does not hold any commercial paper or other debt or securities issued by Evergrande and has never done so," the company said. Commercial paper is a form of unsecured, short-term debt issued by companies that doesn't need to be registered with the Securities and Exchange Commission (SEC) as long as it matures before nine months. The struggling real estate giant has listed $300 billion in total liabilities and says it needs to find funds quickly. We do not give personalized investment advice or other financial advice. I think one time, Stanley mentioned when he saw employees on downtime he . News and analysis for the professional investor. According to a spokesperson from Tether, Tether does not hold any commercial paper or other debt or securities issued by Evergrande and has never done so.
New Tether Report Shows 17% Reduction in Commercial Paper NOW WATCH: WATCH: How any business can use live shopping to net thousands of dollars per stream, said every tether coin was fully backed by US dollars in bank accounts. Now, the second-largest stablecoin, circle (USDC), is heading in a different direction, choosing to only use cash reserves and cash equivalents. Evergrande, which has total liabilities of more than $300 billion, is also in the spotlight as it scrambles to raise funds, teetering between a messy meltdown with . The company is currently under investigation by multiple law enforcement agencies, including the U.S. Department of Justice and the Federal Bureau of Investigation.
Evergrande and China's Looming Risk to Tether - CoinDesk Stablecoin Tether says holds no Evergrande commercial paper Kryptowhrungsunterricht/E-Book-Download. The Evergrande Group is the second-largest property developer in China by sales. Evergrande, which has total liabilities of more than $300 billion, is also in the spotlight as it scrambles to raise funds, teetering between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout. var rnd = window.rnd || Math.floor(Math.random()*10e6); The vast majority of the commercial paper held by Tether is in A-2 and above rated issuers.. A Bloomberg report has claimed to have found that Tether holds billions of dollars worth of Chinese commercial paper.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Bankman-Fried Should Have Only Flip Phone, Website Whitelist, DOJ Says, With Congress Impotent, Courts Are the Only Option for Fighting SEC Overreach, Silvergate Closes SEN Platform Institutions Used to Move Money to Crypto Exchanges, Binance.US Is Operating 'Unregistered Securities Exchange,' SEC Official Says. That type of heavy-handed control is at the core of Chinas conundrum as an authoritarian state trying to reap the rewards of capitalism. cookies CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The information on this website is subject to change without notice. The company has more than $300 billion in total liabilities and recently warned investors it may default on its debts. Evergrande, for its part, is the largest commercial paper issuer in China's real estate market, owning some $32 billion worth of commercial paper at the end of last year. In May, it provided a breakdown of these reserves, which Tether claims included just under $30bn in commercial paper, a short-dated investment similar to cash. Since Evergrande's potential collapse could have broad implications for the commercial paper market and Tether's most recent attestation contains no breakdown of either the geographical exposure or investment category of the paper it holds, market participants are concerned about the risks to Tether's books.
Tether says it doesn't hold any commercial paper issued by Evergrande Siddharth Venkataramakrishnan and Joe Rennison. A stock exchange filing added that Evergrande was added to a watch list for possible further downgrades in the future. "There is an entire world outside of the US," Ardoino said. The report revealed that the stablecoin company also provided a billion-dollar loan to Celsius, a centralized crypto lending platform that was recently accused of violating securities laws by the U.S. States of Alabama, Texas, and New Jersey. A commercial paper report from Evergrande at the end of 2021 showed its main unit had $32 billion, just around 10% of its total liabilities. But since it's unsecured, there is also very little recourse for investors if an issuer does default. Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram, Questions, comments, suggestions for the "Mad Money" website?
China to order developers to disclose commercial paper debt - Reuters The biggest crypto news and ideas of the day. document.write('
'); Stablecoin Tether says it does not hold any commercial paper from Evergrande in recent a statement. The latest moves in crypto markets, in context. Evergrande is the biggest issuer of commercial papers. It is also alleged that Tether also owns commercial paper issued by Evergrande, Chinas second-largest real estate developer, which is itself experiencing a major liquidity crisis. Tether grants you a limited license to access and make personal use of the Site. In response to the Bloomberg BW report, it released a blog post claiming that the report is spreading misinformation.. Yet, does Tether truly own a lot of Chinese commercial paper? clarified that Tether does not hold Evergrande's commercial paper. The developer on Thursday applied to suspend trading of that units onshore corporate bonds following a downgrade, which market participants said indicated an increasing likelihood of defaults and restructuring. As we have indicated in our published statements and our most recent assurance attestation with a reporting date of June 30, 2021, the vast majority of the commercial paper held by Tether is in A-2 and above rated issuers..
Stablecoin Tether says holds no Evergrande commercial paper - Yahoo! Today, Bloomberg BusinessWeek reported that stablecoin issuer Tether owns billions of dollars worth of commercial paper issued by large Chinese firms and that it may be using these assets to back up its stablecoin reserves. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.