Analysis Crypto by Thebittimes.Com

Source: Unsplash The stablecoin issuer Tether has finally eliminated its exposure to commercial papers, replacing them with much more liquid and secure US Treasury Bills. According to an announcement from Tether, the move to eliminate its commercial paper holdings and replace it with US Treasuries is part of a push to increase transparency and confidence among users of the popular USDT stablecoin. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry,” Tether said in the announcement. Source: Tether.to Members of the crypto community welcomed the news from Tether on Thursday, with for instance VanEck strategy advisor Gabor Gurbacs writing on Twitter that USDT’s backing “looks less risky to me than most bank balance sheets.” Tether...

Source: AdobeStock / Yasir Design   The number of companies in Brazil holding cryptoassets hit an all-time high in August, with bitcoin (BTC) and tether (USDT) standing at the top of the adoption list. Per the local media, Receita Federal do Brasil (RFB), or the Federal Revenue of Brazil , which is the country&rsquo ;s tax authority , recorded 12,053 organizations that declared cryptoassets on their balance sheets in August this year. In July, there were 11,360 companies recorded, making this a 6.1% rise in August. Furthermore, the highest previously recorded number (provided in the report) was 11,797 seen in June – which means that August saw a 2.2% increase in the number of these organizations since then.   Furthermore, the taxation authority stated that the most popular cryptoassets held by institutions are BTC and the stablecoin USDT. USDT saw the most value transacted, with over R$7.4 billion ($1.43 million) moved in August. It also saw 80,000...