https://www.europesays.com/uk/164365/ $250 Billion Stablecoin Industry Threatens Emerging Markets, IMF Official Warns #Business #Circle #Covid #IMF #InternationalMonetaryFund #Markets #stablecoins #Tariffs #Tether #trump #UK #UnitedKingdom #USDCoin #USDC #usdt
#FinancialTimes did a deep dive on the business model of the world's second largest #stablecoin: Circle's #USDC. It's the one that's managed by an American company and is significantly less connected to Chinese organized #crime than the other #stablecoins.
Circle, which has a very deep business relationship with #Coinbase, is trying to go public this year or next. This is their second attempt - they filed to go public ca. 2021 but ended up not doing so because... no one wanted to buy shares in a company like Circle.
I suffered through reading Circle's original SEC filing in 2021 and it made clear that a) Circle wasn't making any money and b) executive compensation was *absurdly* high... but that was in a low interest rate environment. according to #FTAV they can't even make the math work in today's high interest rate world, which surprised me.
* FT: https://www.ft.com/content/269a9260-7445-4b44-9b84-82dcdfc3c92e
* no paywall: https://archive.ph/9gGGm
great explanation of what the Trump family is really doing with their new #stablecoin #USD1:
> "Imagine a banking system stripped of all current safeguards and requirements. Now imagine it's controlled by people who run commercial businesses profiting from your spending. That is what the GENIUS Act is paving the way for. It poses significant risks to the economy, the consumer, and national security."
https://thesillyserious.substack.com/p/goodbye-usd-hello-usd1
CompoSecure Launches Wallet Integration With MoneyGram https://www.byteseu.com/943593/ #Arculus #ArculusColdStorageWallet #CircleUSDC #CompoSecure #Crypto #CryptoCurrency #DigitalCurrency #DigitalWallets #MoneyGram #News #PYMNTSNews #stablecoins #USDC #What'sHot
Good article in The Prospect about the coming STABLE and GENIUS acts, which will give an implicit bail out guarantee to crypto money laundering firms - sorry, i mean "stablecoins" - like #Tether and #Circle (#Coinbase). One of the two would also let #ElonMusk print his own dollars.
Senate #Democrats like #KirstenGillibrand, #ElissaSlotkin, and #RubenGallego, whose election campaigns were supported by incredible amounts of crypto money, will probably make sure these bills become laws (because they are corrupt).
Note that stablecoins are currently incredibly profitable businesses. After all a stablecoin is basically a bank where you spend nothing on anti-money laundering & other regulations, refuse to assist customers who have been scammed, and collect 5% interest from the US government while passing absolutely none of it on to your customers.
america's coming #stablecoin regulations are being legislated via the STABLE and GENIUS acts.
you can't even make this stuff up...
https://x.com/OccamiCrypto/status/1894529763672560054
Senator #KirstenGillibrand (D-NY) is basically a wholly owned subsidiary of #Coinbase, #a16z, and the rest of the US crypto industry (as this Op-Ed in CoinDesk makes abundantly clear).
Unfortunately she never got the memo about how the preferred nomenclature is now “#tokenization” and “RWAs” because “#Web3” just makes people think of monkey JPGs / #NFTs.
What’s really happening here is that Circle / Coinbase are trying to get the US Government to legislate #Tether out of their market. While I support this goal I don’t think legitimizing Circle’s #USDC - who are, if anything, worse about compliance than Tether - is good policy.
https://www.coindesk.com/opinion/2025/02/10/why-we-need-a-bipartisan-stablecoin-bill
@wackJackle @GhostOnTheHalfShell USDC is almost definitely backed by dollars. the funds are in trust at blackrock (Tether is another matter, though i tend to lean more towards "the money Tether has is dirty" than "Tether doesn't have the money")
as far as how to mint #USDC, you open an account at Circle, send them $100, and they send 100 USDC to your wallet address. practically speaking due to the close relationship of Circle and #Coinbase this all happens in the Coinbase app - you wire money to Coinbase at #CrossRiverBank (that's a whole other topic but suffice it to say it's a bank that got a 100 page Congressional report devoted to the ways it facilitated truly epic amounts of covid relief fraud) and Coinbase puts 100 USDC in your trading account.
Billions in MAGA voter money for #TrumpCoin:
the stablecoin most used by americans (the #coinbase one, #USDC) has seen its market cap shoot up ~$4 billion since the introduction of #TrumpCoin. while some offshore people can mint and redeem USDC it's mostly americans who do so, so that's probably a decent proxy, at least order of magnitude wise, for how much #MAGA voter money was sucked into crypto by #TRUMP and #MELANIA.
chart below. dune analytics query for those who know SQL and want to dig is here: https://dune.com/queries/4629918/7711994
Announcing a new educational series: #CryptoIndustryFunFacts
Announcing a new educational series: #CryptoIndustryFunFacts
Announcing a new educational series: #CryptoIndustryFunFacts
Announcing a new educational series: #CryptoIndustryFunFacts
Kalshi rolls out political betting contracts for Trump presidency - The prediction market has listed contracts for betting on events includi... - https://cointelegraph.com/news/kalshi-rolls-out-political-betting-contracts-trump-presidency #politicalpredictionmarkets #trumpimpeachment #electionbetting #uselections2024 #kamalaharris #donaldtrump #polymarket #robinhood #kalshi #circle #usdc
#Polymarket is claiming that the person making the massive #Trump bets in their #2024Election markets (and thus massively moving the needle on what the biggest prediction market says about who will win the election, in turn garnering almost unlimited free press coverage) is a French national, confirming what various sleuths had guessed a few weeks ago.
![Bloomberg: Polymarket Says Trump Whale Identified as French Trader - « User hasn’t attempted to manipulate the market, probe shows I « Betting platform shows higher chance of Trump win than rivals By Emily Nicolle Rl S (Bloomberg) -- A trader who spent more than $45 million on Polymarket bets 3 i that Donald Trump will win the upcoming US presidential election has been ] i L identified as a French national, following an investigation by the based prediction markets platform. Polymarket, which does not permit US users, determined the person behind four large accounts also had “extensive trading experience and a financial services background,” a company spokesperson said in a statement on Thursday. The accounts, the largest of which goes by the username Fredi9999, have collectively spent millions of dollars in markets that favor a Republican victory N](https://media.universeodon.com/media_attachments/files/113/362/837/034/090/262/original/78a743f22e50ca72.jpg "Bloomberg: Polymarket Says Trump Whale Identified as French Trader - « User hasn’t attempted to manipulate the market, probe shows I « Betting platform shows higher chance of Trump win than rivals By Emily Nicolle Rl S (Bloomberg) -- A trader who spent more than $45 million on Polymarket bets 3 i that Donald Trump will win the upcoming US presidential election has been ] i L identified as a French national, following an investigation by the based prediction markets platform. Polymarket, which does not permit US users, determined the person behind four large accounts also had “extensive trading experience and a financial services background,” a company spokesperson said in a statement on Thursday. The accounts, the largest of which goes by the username Fredi9999, have collectively spent millions of dollars in markets that favor a Republican victory N")
nothing to see here, just (probably) a single #polymarket bidder plunking down tens of millions of dollars from (probably) a #russian timezone and in so doing significantly moving the needle on the biggest 2024 presidential election prediction market...
https://x.com/fozzydiablo/status/1846647506446246089
Remember these numbers are dutifully reported by every major #media outlet in the world as if they are just as good as #polls.
@whitequark people using #Shitcoins, espechally #Ethereum, #Bitcoin, #USDC / #USDT and #BNB should not be trusted.
"#Monero or #GTFO, #CryptoBro!" is my motto in that regard...
Es scheint so, dass im Kryptomarkt die US Dollar Stable Coins $USDC (Circle) und $USDT (Tether) sich einen Kampf liefern, hinter dem noch eine Menge mehr stecken könnte.
Das liegt auch relativ nahe, nachdem $USDT immer und immer wieder in den USA mit dann doch nicht nachgewiesenen Vorwürfen vors Gericht gezerrt wurde, entschied sich dann $USDC wie aus dem Nichts heraus mit recht marktunüblichen Argumenten plötzlich komplett alle Assets aus dem $TRON Netzwerk abzuziehen.
Da scheint Einiges in Vorbereitung zu sein, dass Kryptos von staatlicher Seite in den Massenmarkt gebracht werden sollen. Aber vorher will man da noch ein paar Dinge mit den abhängigen Loyalisten "in Ordnung" bringen, um die "Kontrolle" zu behalten.
Es bleibt spannend, was der Staat da noch alles im Hintergrund treibt.
TheReader: 2/21/2024 Judge finds racist robocaller liable for 4,959 illegally spoofed calls.
Justice finally caught up with #ScottRhodes, a man who lived briefly in Sandpoint while conducting a yearslong campaign of hate through #racist robocalls directed at individuals across the nation.
The #USDC in #MT issued a partial summary judgment Feb. 20 against Rhodes, finding him liable for sending 4,959 illegally spoofed #robocalls in six separate instances, including in Sandpoint.
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