News Roundup — Tether Slams Deutsche Bank over Suggestion its Stablecoin Could Fail

May 14, 2024

Major news stories this week;

  1. Tether slams Deutsche Bank over suggestion its stablecoin could fail
  2. FTX has billions more than required to repay bankruptcy victims
  3. China Officially Recognizes Bitcoin (BTC) as Property: A Major Shift in Crypto Regulations
  4. Revolut launches standalone crypto trading platform for UK retail customers
  5. QCP Capital secures preliminary approval to operate in Abu Dhabi

Story Summaries;

  1. Deutsche analysts found that 49% of fixed currencies failed over their median lifespan of 8-10 years, leading them to conclude that most pegged assets in the crypto space will experience turbulence and de-pegging events. Tether disputes the report, claiming it lacks clarity, substantial evidence, and concrete data to support its claims. Tether also questions Deutsche Bank's credibility, citing the bank's history of fines and penalties.
  2. FTX, once a leading cryptocurrency exchange, has successfully gathered billions in surplus funds following its November 2022 collapse. This unexpected financial turnaround enables the firm to fully compensate its customers for their losses under its bankruptcy plan. Newly appointed CEO John Ray announced, "We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors."
  3. Chinese scholars argue that Bitcoin and other digital currencies occupy a small but significant legal space in the country. Contrary to popular belief, they assert that Bitcoin is not entirely banned and does not qualify as contraband. This shift in perspective could significantly alter how Bitcoin is viewed both within and outside China. This development, coupled with the launch of a spot Bitcoin ETF in Hong Kong, could signal a new era of Bitcoin adoption in China.
  4. Global fintech company Revolut rolled out Revolut X on Tuesday — a standalone crypto trading platform available to its UK retail customers. The firm launched in the UK offering money transfers in 2015 and began allowing users to buy, hold and exchange cryptocurrencies in 2017. Since then, it has become the UK’s largest fintech company and has reached more than 40 million customers worldwide.
  5. QCP Capital, a top Singapore-based crypto options trading desk for digital assets, has received in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) to conduct regulated activities. This development marks the firm’s expansion into the Middle East. The crypto options trading desk, which processed nearly $60 billion in crypto derivatives trading volume last year, is the first Singapore-based digital-asset market maker and broker dealer to receive preliminary approval from ADGM, according to a spokesperson from the regulator.

And that’s all for last week’s news! Wishing you a great week ahead!

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