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Circle and Tether have been battling for stablecoin market supremacy for several years but recently things have escalated with a series of increasingly public spats between the two firms.  Earlier this year, USDC suffered a de-peg, and Circle, which had stored billions with Silicon Valley Bank (SVB), duly failed. Tether’s chief technology officer Paolo Ardoino described the company’s reserve management around the SVB failure as a “basic mistake in risk management.” Tether has been criticized for its own reserve management in the past and has reached several settlements with the New York Attorney General and Commodity Futures Trading Commission (CFTC). These relate to undisclosed related party loans that followed the loss of access to hundreds of millions of dollars stored at an unlicensed money transmitter accused of money laundering for the Colombian cartels. The rise and fall of Crypto Capital Corp, crypto’s premiere shadow bank Dante Disparte, chief ...

A sixth Binance executive has announced their resignation, adding to the troubled crypto exchange’s woes. On Monday, it was confirmed that Mayur Kamat, Binance ’s global head of product, would be leaving after just over 16 months.  Explaining his departure, Kamat told The Block, “I have worked closely with product leads to ensure a seamless transition. It is also a good time for me personally to take some time off after 20 years of non-stop product work.” He thanked Binance, its chief exec Changpeng Zhao (CZ), and the leadership team for “an experience of a lifetime.” Binance’s troubles reportedly spurred executive resignations Five other executives have quit working at Binance recently: Asia-Pacific head Leon Foong (resigned August 31) Compliance executive Steven Christie (resigned July 7) Chief strategy officer Patrick Hillmann (resigned July 6) General counsel Hon Ng (resigned July 6) US-based chief business officer Yibo Ling (resigned July 6) According to F...

The total crypto market valuation has been stagnant in the $1.1 trillion to $1.2 trillion bracket of late, with prices of most top assets noting merely 1% to 2% movements on the weekly. Bitcoin’s YTD earnings continue to be positive, owing to 2023’s bullish start. As analyzed in an article yesterday, investors fetched the most returns in January and March. Notably, the banking turmoil ended up being a blessing in disguise for Bitcoin and helped it climb up in both valuation and dominance. Chalking out the same, a recent K33 Research report underlined, “The Bitcoin dominance has increased by 6% year to date and currently sits at 48%, with a majority of the increased dominance originating from the March banking turmoil.” Despite the rise, BTC’s dominance is still sitting “miles below” the dominance of 2019 to 2020, as illustrated below. Source: K33 Research Also Read: Bitcoin To Break 2023’s Bullish Streak In May? Stablecoins step up According to the report, rotation fro...