Tether promises an audit in ‘months’ as Paxos claims USDT is not a real stablecoin

There will be an official audit of the world’s most popular stablecoin Tether within months according to the project’s general counsel.
An audit for the world’s third-largest digital asset has been awaited for several years and increased regulatory pressure appears to have accelerated the process.

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Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether’s mad money

Auditors working for Circle have disclosed the reserves backing the firm’s USDC stablecoin, while Mad Money’s Jim Cramer has questioned Tether’s lack of transparency with its USDT reserves.

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Cointelegraph Consulting: Stablecoin activity drops after May peak

Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market environment.

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Fed Chair says stablecoins need stricter regulation, speaks on CBDC

Fed Chairman Jerome Powell told the House of Representatives today that stablecoins should face stricter regulations similar to money market funds or bank deposits. 
Powell was asked specifically about Tether, currently the most valuable stablecoin, by Rep. Anthony Gonzalez (R-OH).

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‘All Consumer Products Will Have NFTs’ Says Tether Co-founder – BeInCrypto

William Quigley, co-founder of stable coin Tether, believes that non-fungible tokens (NFTs) could become ubiquitous within a decade.
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Despite mostly being known for their capacity as works of art, Quigley believes that NFTs will also add value to everyday items.

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Stablecoin growth could affect credit markets, rating agency warns

The growth of stablecoins that are not fully backed by safe assets could trigger a destabilization in short-term credit markets, rating agency Fitch has warned.
In a commentary note, the agency explained that coins that are fully backed by safe assets pose a lesser risk for the financial markets.

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