We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry,” said Tether CTO Paolo Ardoino. “Transparency is not just a buzzword for us it is the cornerstone of our philosophy. The firm also disclosed a $115 million share buyback and operational profits of over $1 billion, representing a 30% increase from the last quarter. Also Read: Binance’s Regulatory Hurdles Set the Stage for CEO Zhao’s Likely Successor. “Tether’s reserves remain extremely liquid, with 85% of its investments held in cash and cash equivalents,” said the firm in a blog post on Monday.Īccording to Tether, its stablecoins are backed by about $72.5 billion worth of U.S. Meme coins have carved out a unique niche, attracting investors seeking alternative investment opportunities beyond more established cryptocurrencies like Bitcoin and Ethereum.

Meanwhile, Tether, the firm behind USDT, published an attestation report by independent accounting firm BDO, detailing an $850 million increase in excess reserves, which now sits at $3.3 billion. A district court in the US has summoned Binance founder and CEO Changpeng Zhao just two days after the U.S. As of today, Bitcoin, the largest cryptocurrency by market cap is trading at around 26,467.31 while BNB is trading at around 1,844.69. Although the New York financial regulator has now shut down BUSD, the fact that the wind down process is “very orderly” shows that “all the assets are there,” Zhao said. Top Altcoins Crash by Over 20 As US Court Summons Binance CEO. The founder of the largest exchange by trade volume explained why he doesn’t involve himself in the listing process. He went on to note that the perceived need for an audited centralized stablecoin was the reason behind Binance’s decision to partner with Paxos to issue the Binance-branded regulated stablecoin BUSD. Binance CEO Changpeng Zhao recently stated in a Twitter Spaces interaction that he never understood meme coins and that a separate team makes listing decisions. “So, it is kind of a black box…and because we don’t know, there’s a certain level of risk,” said Zhao. In a Monday “ask me anything” session on Twitter Spaces, Zhao said that he had never personally seen any audit reports on USDT, despite its position as the largest stablecoin by market capitalization.

Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, took aim at USDT for an apparent lack of transparency when it comes to its financial records. Binance cryptocurrency market - The easiest way to know the last prices, coin market cap, token price charts, and 24h change of bitcoin and other altcoins.

Binance ceo meme