As of August 13, Tether (USDT) balances on crypto exchanges reached a record high of $20.339 billion, signaling that investors may be preparing to channel them into other cryptocurrencies ahead of the U.S. Federal Reserve's upcoming interest rate decision in September.
This surge in Tether’s reserves followed the issuance of $1 billion in USDT from Tether’s vault on the Ethereum network.
Tether CEO Paolo Ardoino explained that the transaction was an “inventory replenishment,” meaning that the tokens were reserved for future issuance requests rather than being immediately put into circulation.
Data from Tether’s transparency page shows that $941.72 million in USDT was “authorized but unissued” on Ethereum as of August 14, indicating that approximately $60 million of it from the recent issuance has already entered circulation.
This reflects strong demand for USDT in anticipation of upcoming market movements.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.
Binance has seen a sharp rise in interest from institutional and corporate investors, with a 40% increase in participation this year, according to CEO Richard Teng.