The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
The WSJ released a report earlier in March accusing Tether of shady dealings, citing emails and records from 2018. In response to the WSJ's allegations, Tether published an official statement on their website.
The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
The WSJ released a report earlier in March accusing Tether of shady dealings, citing emails and records from 2018. In response to the WSJ's allegations, Tether published an official statement on their website.
USDC depeged from USD after US Silicon Valley Bank collapsed. Exchanges paused their conversion as users rushed into other assets. Now the stablecoin has got back to 1:1 ration, but what’s done is done…
The Wall Street Journal accuses Tether of shady transactions and forgery of documents, referring to emails made available to journalists. Tether refutes the information.
The collapse of Silicon Valley Bank (SVB) affected, among others, the USDC’s reserves and this “blue-chip” stablecoin has lost its peg to the dollar. Ironically, the only decentralized unicorn stablecoin project, MakerDAO is now in trouble due to its “reinforcing” USDC-backed component.
The European Union's upcoming MiCA Regulation is set to impose strict requirements on stablecoins, and issuers will be required to meet a range of criteria to ensure compliance. MiCA has two categories for stablecoins, so close in their definitions, that distinctions are difficult to spot.
