Tether withdrew nearly $4.5 billion from banks in the first quarter of 2023, resulting in a “substantial reduction” in counterparty risk. The Securities and Exchange Commission (SEC) of the United States has denied a plea to seal records of internal deliberations, which is considered as a victory for Ripple and the crypto community. Fundraising for Worldcoin and Ledger’s contentious recovery service have both been explored. Ripple has spent more than $200 million defending itself against SEC charges.
Stablecoin increased its holdings of US Treasury notes to a new high of $53 billion during the same period, and is now backed by 85% cash, cash equivalents, and short-term deposits. The Ledger wallet’s secret recovery phrase service has riled the crypto community, and the CEO of OpenAI is in “advanced talks” to raise $100 million in investment for Worldcoin. Lower interest rates in the United States will help Bitcoin and the cryptocurrency market, while Argentina’s economic turmoil has increased demand for US dollars, gold, and Bitcoin.
