Tether supply surges to $15 billion but it could still be a house of cards
A New York judge ordered Bitfinex and Tether to turn over financial documents to the New York Attorney General’s office, but left the timing to the parties to coordinate.
The rapidly growing market cap of Binance’s BUSD stablecoin shows the exchange is taking serious steps to become a major DeFi contender.
Bitfinex and Tether shouldn’t need more than two months to produce documents about USDT issuances and past operations in New York first ordered 17 months ago, an NYAG lawyer argued in a letter Monday.
The New York Attorney General’s office wants Tether and Bitfinex to immediately turn over documents detailing a $900 million line of credit.
Crypto traders appeared to be buying the dip after Thursday’s 11% plunge. ALSO: There’s a contract for that: How to hedge Tether’s credit risk.
Average daily transfer value for Tether exceeded that for Bitcoin in August.
Bitcoin’s macro bullish trend remains intact even after data show Chinese investors moved $50 billion in crypto to overseas addresses in the past 12 months.
Data from the crypto giant suggests the most popular stablecoin holds major implications for the future of Bitcoin.
A “3rd party” crypto exchange ordered the swap. Signs point to Binance.