Early this morning, the supply of newly minted USDC reached its highest level in approximately 707 days since February 2023.
Speculation is that this is tied to a strategic partnership with Cumberland, a market maker well known in the ETF space. (This is not a new partnership; Cumberland has consistently used USDC.)
It is not clear whether this liquidity will be deployed immediately or held in reserve.
Looking at past price patterns, USDC liquidity is typically injected during periods of price consolidation or decline.
Crypto President and his crypto-team came to power in the US. The DOGE logo appeared on Musk's department building. The SEC has a new chairman who is a crypto enthusiast. The US will be creating reserves in crypto. Generally no one will go after crypto projects anymore. In fact, everything goes on as before.
Coinbase's global CEO 💸 Brian Armstrong said his exchange would have no choice but to delist the Tether-issued stablecoin known as USDT if authorities demand it.
Armstrong added that Coinbase will take similar action if Tether 🤑 does not comply with the new US regulations.
However, the CEO acknowledges that many Coinbase users own USDT and the company is committed to maintaining that status quo.
Armstrong's comments about the possibility of removing USDT from Coinbase entirely come a month after the crypto exchange removed USDT from its platform used by eurozone residents.
Months before delisting, Coinbase, which is a shareholder in the other stablecoin issuer Circle, took the step as part of its efforts to comply with new rules requiring issuers to obtain an e-money licence from a European Union member state.
The new rules also require issuers of stackables to keep a portion of their reserves in cash at banks, something Tether opposes.
💭 "Many people use Tether and we want to give them the opportunity switch to a system that we think is safer" - Armstrong said.
Under Donald Trump's administration, two bills will be passed requiring issuers of gilts to hold US Treasury bonds.
If enacted, such a law would force Tether and other issuers of Stablecoins to liquidate assets that are not U.S. Treasury liabilities.
Tether said it holds more than $105 billion in cash and cash equivalents, with direct and indirect holdings of $102.5 billion in U.S. government bonds.
In addition, the issuer of staples revealed that it has assets, including precious metals and secured loans, with a notional value of just over $20 billion.
The new laws will require Tether to convert these assets into U.S. government bonds.
In fact, there are more USDT, Treasury bonds in the Treasury than Circle, we just all know who owns Coinbase and Circle and it is clear; that the struggle and tightening the screws in the crypto world will continue with renewed vigor.
🇺🇸 Red projects will be given additional support, and anything that is not controlled by the bankers will be persecuted. Pretty soon everyone will realize that Trump is not a crypto protector, but rather a crypto terminator 😤
