Read in the Digest:
- Tether Plans to Reduce Commercial Debt Holding, Launches USDT on the Kusama Network
- CEO Praises Pro-Crypto France as Binance Opens its Web 3.0 Space
- Ava Labs Raises $350 Million at $5.25 Billion Valuation, AVAX Rallies 7%
- Luna Foundation Guard Buys Additional $100M in BTC, Closes in On Tesla’s Stash
USDT Launches on the Kusama Network, Tether Plans to Reduce Commercial Debt Holding
Tether Operations Limited has announced that Tether (USDT), the largest of the dollar-pegged stablecoins, is now available on the Polkadot network after launching on Kusama, the canary network for Polkadot.
The launch makes Kusama the tenth blockchain to support USDT. Tether promises a “smooth interoperable experience” as it integrates with Kusama. The launch will also prepare the way for the launch of USDT on the more conservative Polkadot chain.
Paolo Ardoino, Tether’s chief technology officer, has also revealed that the company will continue to reduce its commercial debt holdings. The issuers of the USDT stablecoin, capped at $82.6 billion, had commercial paper holdings of 30% in Q4 2021.
Despite cutting its commercial paper holdings by 21% in Q4 2021, Ardoino stated that the company wasn’t done yet, and would continue reducing its commercial paper over time. He made Tether’s stance known at the Paris Blockchain Week Summit
Flipsider:
- Despite regulators making it difficult for crypto firms to gain banking licenses, Circle CEO Jeremy Allaire has reaffirmed that the company will apply for a U.S. Crypto Bank Charter in the ‘near future.’
Why You Should Care
The move is part of Tether’s promise to offer multi-chain accessibility, and Tether executives believe that it will help the development of decentralized applications.
CEO Praises Pro-Crypto France as Binance Opens its Web 3.0 Space
The founder and CEO of Binance, Changpeng Zhao, has dished out praises to France for its “pro-crypto” regulations, just as the world’s biggest cryptocurrency exchange looks to make Paris its European base.
On April 13, at the Paris Blockchain Week Summit, Zhao, popularly known as CZ, said, “France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”
Binance also announced a 100 million euro ($108 million) investment in the exchange partners with France’s STATION F, the largest startup campus in the world. The investment is part of Binance’s increasing push for Web 3 development.
Binance will provide support from the BNB Chain, NFT Labs, and Binance Labs teams to startups to develop their ideas and potential collaborations with Binance partners.
Flipsider:
- Binance has made similar Web 3 moves in India, with CZ calling the Asian country a natural frontrunner in Web3 startups.
Why You Should Care
As Binance looks to increase the adoption of Web 3, France could serve as a hub for the exchange to operate. At the Summit, CZ opined that the Stock exchange building in Paris is “progressive enough to let a crypto exchange hang a banner.”
Ava Labs Raises $350 Million at $5.25 Billion Valuation, AVAX Rallies 7%
Ava Labs, the main developer of the Avalanche blockchain, is set to take its place among the most valuable crypto startups in an upcoming funding round that would give it a $5.25 billion valuation.
According to reports, Ava Labs, which has its headquarters in New York, is raising $350 million in a funding round that will take the startup’s valuation to $5.25 billion.
The report of Ava Labs raising funds has caused AVAX, the native token of the Avalanche blockchain, to jump by more than 7%, setting a new 4-day high of $81.74. AVAX now trades at $79.732 and is ranked as the 10th largest crypto with a $21.4 billion market cap
The 24 hours price chart of Avalanche (AVAX). Source: Tradingview
With over $11.5 billion worth of total value locked (TVL), Avalanche is ranked as the fourth-largest defi chain after Ethereum, Terra, and BNB Chain.
Flipsider:
- The Luna Foundation Guard (LFG) recently added $100 million in AVAX to its UST reserves, citing Avalanche’s “user familiarity” as the reason.
Why You Should Care
Avalanche looks to use the fund to increase its appeal and compete with other smart contract chains such as Ethereum and Solana.
Luna Foundation Guard Buys Additional $100M in BTC, Closes in On Tesla’s Stash
Within weeks of announcing its plan to back its UST stablecoin with Bitcoin worth $10 billion, the Luna Foundation Guard (LFG) set out to vigorously acquire BTC.
On Wednesday, April 11, the LFG announced adding another $100 million in bitcoin (BTC) to its wallet reserves. Three days before its 2,508.94 BTC purchase, the LFG added a whooping 4,130 BTCs to its reserves.
The LFG Bitcoin Balance as of April 14.
The LFG’s reserves now contain 42,407 BTC, worth approximately $1.74 billion, making it the eighteenth largest BTC wallet. The LFG’s bitcoin reserve is now only 495 BTC, shy of Tesla’s bitcoin treasury, which holds 42,902 BTC.
Top 100 Richest Bitcoin Addresses. Source: Bitinfocharts
Flipsider:
- The Luna Foundation Guard has moved to diversify its UST forex reserves, purchasing $100 million in Avalanche (AVAX).
Why You Should Care
Luna is backing its UST stablecoin with Bitcoin and other assets to defend the Terra ecosystem against intense volatility and contractions in UST demand.
