Tether CEO Paolo Ardoino says the media is only interested in spreading fear about the use of cryptocurrencies and stablecoins like USDT, the largest stablecoin on the market by market cap. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Paolo Ardoino in defense of USDT
📍Tether CEO Responds to Ripple's Brad Garlinghouse's Criticism of USDT Ardoino shared a lengthy message via social media platform X (formerly Twitter) in response to recent criticism leveled at the stablecoin USDT. In his message, Ardoino highlighted the company’s efforts to fulfill the vision of creating a secure global digital financial ecosystem. He stated that Tether has been focused on the security of the crypto ecosystem in general, collaborating with global authorities to maintain order and minimize the risk of illicit activities.
Ardoino’s recent comments appear to be in response to comments Garlinghouse made on a recent podcast. The Ripple CEO claimed that the US government was behind USDT, expressing concern about potential regulatory measures the nation could impose on the largest stablecoin on the market.
Ardoino noted that mainstream media outlets have been hell-bent on spreading fear about the use of cryptocurrencies and stablecoins around the world, rather than reporting on the efforts projects are making to ensure global compliance in the crypto industry. Ardoino also said that “A uniformed CEO, leading a company under investigation by the SEC, launching a competitive stablecoin (cui prodest), is spreading fear about USDT”.
Although he did not mention Garlinghouse, Ardoino seems to be targeting him in his message, considering that Ripple is embroiled in a legal battle with the SEC and recently announced plans to launch a dollar-pegged stablecoin, like USDT.
Bitcoin and Ether ETFs see outflows in Hong Kong
📍According to the Farside Investors platform, investors withdrew nearly $40 million from Bitcoin and Ethereum ETFs listed in Hong Kong. The outflows represent the first time Asian investors have massively withdrawn their funds from the six listed Bitcoin and Ether investment vehicles that were launched on the Hong Kong Stock Exchange on April 30.
On the other hand, the firm CoinShares pointed out in its latest report that the sector of investment products based on cryptoassets remains attractive for investors. According to CoinShares, this sector seems to be regaining interest, registering its first inflows, after four consecutive weeks of fund outflows.
On report, the firm highlighted that inflows into cryptoasset investment products amounted to $130 million this week. Most of these inflows were recorded in Bitcoin-based investment products, while those based on Ethereum recorded outflows of almost $14,5 million. In this regard, CoinShares mentioned that the SEC's almost imminent rejection of Ethereum spot ETFs may be the reason behind investors' pessimism regarding this cryptocurrency.
Rumours of Chinese investors' exposure to spot ETFs debunked
📍The Hong Kong Stock Exchange (HKEX) has denied rumours about mainland Chinese investors' potential exposure to Bitcoin and Ethereum spot ETFs. According to the exchange, cryptocurrency exchange-traded funds approved for listing in Hong Kong will not be integrated into the Stock Connect system and, therefore, Chinese investors will not be able to access them through this route.
As reported by this outlet, Richard Byworth, managing partner at SyzCapital, had said that there were discussions in Hong Kong about the possible integration of cryptocurrency spot ETFs into the cross-border system, which connects the stock markets of Hong Kong and China.
However, according to CoinDesk, the HKEX has made it clear that cryptocurrency ETFs are not currently available to Chinese investors, primarily because the market-approved in-kind redemption model for these financial investment vehicles would jeopardize the effectiveness of China’s regulatory controls against money laundering and other illicit activities.
State workers reject digital yuan
📍According to the SCMP, workers are showing some rejection of the Chinese CBDC, mainly due to the lack of incentives for its use. The Hong Kong newspaper reported that Chinese state workers, who received their salaries in digital yuan as part of one of the pilot tests implemented by the People's Bank of China for the CBDC, quickly transferred their digital currencies to their bank accounts, to spend their cash balances through popular apps such as Alipay.
Workers who participated in the pilot complained that their balances do not earn interest if they are kept in the digital wallets created by the central bank for the CBDC. They also said there are few merchants where they can spend with the digital currency, the SCMP said.
A new CEO takes over the leadership of the dYdX DEX
📍Ivo Crnkovic-Rubsamen is the person who is taking over as the new CEO of the decentralized exchange. Antonio Juliano, founder and current CEO of dYdX, recently announced his resignation, indicating that Ivo is now taking over the management of the DEX.
Juliano also indicated that from now on he will dedicate himself to dYdX Trading, the company in charge of developing the DEX, as its executive president.
From his new position, Ivo will be tasked with leading the company, making decisions and guiding the team every day, as Juliano pointed out in the publication which he shared with the crypto community on May 13.
Continue reading: El Salvador creates a mempool to track its Bitcoin operations and holdings
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
