Tether to Cut Commercial Paper Holdings to Less Than $4 Billion

Tether, the firm behind the number one stablecoin, USDT, announced that it would reduce its commercial paper holdings to $3.5 billion by the end of this month.
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The issuer announced that $5 billion of its current $8.4 billion commercial paper holdings would expire on July 31.

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Transaction Costs On Arbitrum Exceed Ethereum Fees

Transaction costs on Arbitrum exceeded those on the Ethereum Mainnet earlier this week. 
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With the cost of swapping tokens rising above $6 on Arbitrum this Wednesday, the Ethereum network became a comparative bargain at only $5.36.

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More Than 80% of Ethereum Stakers Are in the Red

Just a small minority of investors that staked Ethereum on the Beacon Chain are still in profit as the asset continues to tumble.
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A whopping 83% of Ethereum stakers are now underwater, according to research by Parsec Finance founder Will Sheehan.

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New York Denies Air Permit to Gasoline-Fired Bitcoin Mining Plant

New York state has dealt a blow to miners by denying air permits for a gasoline-fired Bitcoin mining plant.
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The news follows the New York State Assembly’s decision to impose a two-year moratorium on fossil-fired mining.

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Three Arrows Capital Files for Chapter 15 Bankruptcy Protection

Embattled Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy in New York to protect its U.S. assets after a liquidation order in the British Virgin Islands.
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According to Bloomberg, the hedge fund representatives filed the bankruptcy petition on Friday.

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Japan`: Trust Banks Could Get Go-Ahead for Crypto Custody

Japan is set to allow trust banks to manage crypto assets later this year, financial regulators have announced. 
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The Financial Services Agency (FSA) will reportedly propose the changes after a month-long public comment period.

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