Circle, a stablecoin issuer based in the Republic of Ireland, has reportedly announced plans to relocate its legal domicile to the United States. The decision is believed to be a response to the Organization for Economic Cooperation and Development’s (OECD) proposal for a minimum tax of 15% on the profits of larger multinational corporations. Republic […]
Bitcoin News
Bitcoin ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It As 3rd Largest Crypto
In the wake of the November 2022 crypto market crash, which saw the bankruptcy and collapse of FTX and other firms, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date price increase of over 560%.
With a market capitalization of billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.
Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape.
Solana Poised For Continued Growth
A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum.
The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth.
According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem.
Since then, meme coins have gained significant attention, with a substantial portion of activity occurring on Solana. The network has witnessed the creation and trading of numerous meme coins, with some attaining multi-billion-dollar market caps, including Bonk (BONK) and Dogwifhat (WIF).
The Crypto Industry’s Next Big Breakthrough?
According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success.
Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space.
The future remains uncertain as crypto enthusiasts ponder the next big thing in the industry. However, Franklin Templeton suggests that there is a strong possibility that Solana could play a pivotal role.
According to the report, the Solana ecosystem anticipates additional airdrops in the coming months, which will continue to enhance the ecosystem’s wealth effect.
Moreover, meme coin activity shows no signs of slowing down on the Solana network, further adding to the bullish sentiment surrounding the cryptocurrency and its ecosystem.
SOL is now attempting to consolidate above the 0 level and has seen a significant 21% increase in the last seven days alone.
Featured image from Shutterstock, chart from TradingView.com
Nigerian Blockchain-Based Payment Startup, Ivorypay, Partners With Stablecoin Issuer, Tether
A Nigerian startup specializing in blockchain-based payments and remittances has entered into a partnership arrangement with the stablecoin issuer Tether. The arrangement is expected to extend the benefits of stable digital transactions to a larger number of consumers and businesses across the African continent. Ivorypay, Tether Partnership Aims to Boost User Confidence Ivorypay, a Nigerian […]
Bitcoin News
Stablecoin Issuer Tether Completes SOC 2 Type 1 Audit
Tether, the USDT stablecoin issuer, announced on April 1 that it had completed the System and Organization Controls (SOC) 2 Type 1 Audit, the highest level of security compliance achievable. Tether stated that the audit’s completion demonstrates the robust information technology control measures it has in place, ensuring the safety of its systems. Gold Standard […]
Bitcoin News
Hong Kong Monetary Authority Launches Stablecoin Issuer Sandbox
On March 12, the Hong Kong Monetary Authority (HKMA) launched what is known as the stablecoin issuer sandbox arrangement. The HKMA stated that applicants interested in establishing a stablecoin business in Hong Kong should have a sound business plan. The regulator also clarified that admission into the sandbox does not imply endorsement or support for […]
Bitcoin News
Stablecoin Issuer Circle Announces Discontinuation of USDC Support on Tron Blockchain
The U.S. financial technology firm Circle said on Feb. 21 that it will discontinue support for USDC on Tron blockchain. The move comes just a few months after Circle refuted allegations that it was Tron blockchain founder Justin Sun’s bank. Despite discontinuing support for USDC on Tron, Circle said it is still committed to growing […]
Bitcoin News
Stablecoin Issuer Tether Leads $25 Million Funding Round for Mobile Payment Startup Oobit
On Monday, Tether, the leading issuer of stablecoins, revealed its role as the lead investor in the Series A funding round of mobile payment startup Oobit, which successfully garnered million. The investment round saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.
Oobit Secures Million in Series A Led by Tether
With its crypto tap-and-pay service, Oobit aims to make strides in the mobile payment sector, offering its services to over 100 million retailers worldwide. This recent infusion of million in capital is earmarked for further development, propelling the company towards its ambition of fostering widespread crypto adoption.
Tether, in its announcement, highlighted the synergy between its objectives and Oobit’s initiatives. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale,” Paolo Ardoino, the CEO of Tether said in a statement sent to Bitcoin.com News. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit is essentially a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS), using cryptocurrencies, directly from the app with its tap-and-pay feature. Oobit was founded in 2017 and its goal is to provide a simple and secure way for crypto holders to pay in-store and worldwide. The Series A capital raise comes on the heels of Oobit adding to its advisory board with the addition of John Linden, the founder of Mythical Games, in October.
Moreover, this move aligns with Tether’s recent flurry of investments across various sectors, including technology, artificial intelligence (AI), and bitcoin mining. Among its ventures are investments with the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. Since 2020, Tether has spearheaded eight out of nine investment initiatives.
According to Crunchbase data, Oobit’s recent Series A round brings the startup’s total funding to million. Echoing a similar strategy, prior to Oobit’s funding, the financial powerhouse Paypal backed the digital finance innovator Mesh, furnishing the startup with PYUSD as investment capital. The precise sum deployed by Paypal Ventures into Mesh remains under wraps, yet the PYUSD capital infusion succeeded Mesh’s million funding endeavor.
What do you think about Tether and others investing million into Oobit? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree
In an encouraging development for the crypto space, Tether, the issuer of the world’s largest stablecoin USDT, has doubled down on its Bitcoin investment momentum by acquiring a staggering 8,888 BTC, further diversifying its portfolio.
Tether Increases Its Bitcoin Holdings
Tether has recently made its third largest Bitcoin purchase, as the stablecoin issuer added a total of 8,888 BTC valued at 0 million at the time of purchase. This brings its total BTC holdings to 66,465 BTC, valued at .81 billion with an average buy price of ,353.
This transaction was captured by BitInfoCharts data, which also showed the previous amounts of BTC accumulated by the blockchain-enabled platform. This recent purchase follows Tether’s Bitcoin investment strategy, in line with its vision to continuously strengthen its reserves by accumulating Bitcoin.
Earlier in May 2023, the stablecoin issuer announced in a blog post that it would regularly allocate 15% of its net realized operating profits toward increasing its BTC reserves. As of the end of March 2023, Tether held approximately .5 billion worth of cryptocurrency, a .3 billion difference from its total BTC holdings presently.
According to reports from Dune Analytics, Tether has become the 11th largest Bitcoin holder, with Microstrategy, an American business intelligence service, surpassing Tether’s holdings with over 189,00 BTC accumulated. The other addresses in the top 10 rankings are owned by major crypto exchanges and governments, including Binance, Bitfinex and the US government.
Tether’s decision to double down on its Bitcoin investments signals its confidence in the cryptocurrency’s future trajectory. It also underscores the blockchain platform’s belief in the long-term potential of BTC as it aims to capitalize on Bitcoin’s potential growth by bolstering and diversifying its digital asset reserve.
BTC Accumulation Race Amidst ETF Hype
Tether’s strategic Bitcoin purchase comes at a time when the crypto market is buzzing with excitement over Spot Bitcoin ETFs. Before the approval of Spot Bitcoin ETFs, Tether had steadily increased its BTC portfolio, purchasing substantial quantities of BTC consistently. In March 2023, the stablecoin issuer bought 15,915 BTC and another 4,083 BTC between the months of May and September.
The timing of Tether’s BTC purchase suggests a proactive stance towards potentially seizing the opportunities brought forth by the Spot Bitcoin ETF market and the upcoming Bitcoin halving in April.
In addition to Tether’s large-scale BTC acquisition, Microstrategy is also another major player which has been continually increasing its BTC holdings. The business intelligence software company added a whopping 14,620 BTC to its portfolio in December 2023. At the time, the value of the purchase was about 5.7 million.
Other companies with large BTC holdings include Galaxy Digital and Elon Musk’s Tesla, as well as space exploration company SpaceX.
Stablecoin Issuer Circle Plans to Go Public, Files Confidentially With US Securities Regulator
Circle Internet Financial, a fintech company and issuer of the stablecoin usd coin, has disclosed its move toward an initial public offering (IPO). The firm revealed that it has confidentially submitted a Form S-1 with the U.S. Securities and Exchange Commission (SEC). This strategic step by Circle comes just a day after the SEC authorized 11 spot bitcoin exchange-traded funds.
Circle Eyes IPO, Submits Confidential Filing to SEC Following Approval of Bitcoin ETFs
Founded in October 2013 by Jeremy Allaire and Sean Neville, Circle is on the path to becoming a publicly traded entity. The company made this public through a recent press release on Thursday, announcing its submission of a confidential Form S-1 to the SEC. As of now, the specific details regarding the quantity of shares and their pricing for the upcoming offering are still under consideration.
“The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” Circle disclosed on Thursday.
Since its establishment, the company has successfully garnered 0 million in total funding from prominent investors such as Fidelity, Marshall Wace LLP, and Blackrock. Circle’s aspirations to become a publicly-listed entity have been longstanding, and the firm nearly achieved this goal through a special purpose acquisition company (SPAC) transaction in 2021. This potential deal, backed by Barclays Capital’s Bob Diamond, had an estimated value of .5 billion. However, the arrangement ultimately did not come to fruition.
Circle, known as the issuer of the usd coin (USDC) – the second largest stablecoin by market capitalization – currently manages 25.20 billion USDC in circulation. Over the recent 30 days, the supply of USDC has witnessed a growth of 4.7%. Despite this recent growth, USDC’s overall supply has significantly contracted in the past year. The stablecoin experienced a notable depegging event in March 2023, coinciding with the collapse of Silicon Valley Bank. Now, Circle is taking a path similar to Coinbase, which made its public debut on April 14, 2021, via a direct listing on the Nasdaq exchange.
What do you think about Circle planning to go public? Share your thoughts and opinions about this subject in the comments section below.
UAE Virtual Assets Regulator Says Islamic Coin Issuer Has ‘Cooperated Fully’
Bored Gen DMCC, the issuer of islamic coin, has cooperated fully with the Virtual Assets Regulatory Authority’s ongoing investigation into the token’s issuance and distribution. Bored Gen, however, still needs to “secure appropriate approvals” before it undertakes to distribute the islamic coin (ISLM) in the Dubai market.
BG Undertook Remedial Measures
The United Arab Emirates (UAE) digital assets regulator, the Virtual Assets Regulatory Authority (VARA), recently revealed that Bored Gen DMCC (BG) — the issuer of islamic coin — had cooperated fully during its investigation into the issuance, marketing and distribution of the token. It added that BG had “undertaken remedial measures, including the implementation of adequate public disclosures for improved market assurance.”
However, in its Nov. 16 enforcement notice, the regulator said it had determined that the issues which are the subject of its ongoing investigation constituted “technical non-compliance.” The notice went on to state that BG still needs to “secure appropriate approvals” before it undertakes any distribution of islamic coin (ISLM) in the Dubai market. The notice added:
BG may continue business operations related to non-VA Activities, subject to maintenance of regular engagement with VARA and fulfilment of the necessary obligations including full compliance with all applicable regulatory requirements.
As previously reported by Bitcoin.com News, VARA blocked the sale and distribution of ISLM after a determination was made that BG lacked the authority to do so.
Issuer vs Developer Entity
Meanwhile, a statement issued on behalf of BG reveals that the organization is not the issuer of the token as stated by VARA. According to the statement, BG is in fact, a “developer entity” working to develop essential components such as the Haqq Wallet and Launchpad. It also asserts that the public sale of ISLM took place on the Republic platform, a regulated entity based in the United States.
In addition, the token sale is said to have adhered to Reg D and S for U.S. and non-U.S. investors respectively. On the other hand, Dubai was explicitly excluded from the sale, the statement added.
What are your thoughts on this story? Let us know what you think in the comments section below.