2021/07/28 10:07 TAIPEI (Taiwan News) While Taiwan is not known as a crypto hub, Tether kept part of its fortune stashed in banks on the island for some time until its relationship with a financial institution acting as a bridge between East and West soured.
What is Tether? Bloomberg reported Monday (July 28) that U.S. Department of Justice officials are probing the company behind the stablecoin Tether to see if it misled banks about the true nature of its business. Stablecoins like Tether are digital assets that are pegged to a real-world currency like the U.S. dollar or an asset such as gold.
Press Release - July 28, 2021: Superintendent Lacewell Announces New DFS Report on New York Domestic Insurers Management of the Financial Risks from Climate Change
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New York State Department Of Financial Services Superintendent Linda A Lacewell Announces New DFS Report On New York Domestic Insurers Management Of The Financial Risks From Climate Change - Support Insurers Efforts To Manage Climate-Related Financial Risks By Highlighting Insurers Relative Progress And Good Practices
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US Stablecoin Issuers Publish New Details on US Dollar Reserves
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This week, Circle, the issuer of USDC – a cryptocurrency “stablecoin” with each unit backed 1:1 by U.S. dollars – published its latest reserve attestation issued by a U.S. public accounting firm. According to a blog post, Circle’s reserve attestations will now include “a breakdown of dollar-denominated reserve assets, which are all held in the care, custody and control of U.S.-regulated financial institutions and in line with laws and guidelines from our U.S. state money transmission regulators.”
The blog post notes that “[w]hile public disclosure of reserves is not currently a regulatory requirement for stablecoins or privately issued digital currencies, we want to continue leading the sector with greater transparency … especially as the role of dollar digital currencies grows in importance in the global financial system.” According to the blog post, “USDC in circulation has grown more than