The company that created the USDT token, Tether, has amassed $2.5 billion in excess reserves and intends to buy Bitcoin with 15% of its realized net operating profits. Interest rates on the company’s portfolio of U.S. Treasury bills and other investments, such as gold, are generated by these reserves. The choice made by Tether to keep these extra reserves shows how seriously it takes the stability of its stablecoin product. Tether has declared its intention to use up to 15% of its net operating profits as part of its excess reserves to buy Bitcoin. Bitcoin is praised for being decentralized and rare, and is the pinnacle of a reliable and secure monetary system.For the first quarter of the year, Tether reported a net profit of $1.5 billion, including $3.3 billion in precious metals. Tether also offers a stablecoin called Tether Gold (XAUT) that is backed by gold. News Sorce

To assist in resolving the BRC-20 problems with Bitcoin, Lightning Labs has made available an updated version of the Taproot Assets Protocol. With the introduction of the BRC-20 token standard by anonymous developer “Domo” on March 8, the protocol is intended to operate “maximally off-chain” in order to prevent network congestion, a regrettable characteristic of the Bitcoin network. The majority of BRC-20 tokens developed so far mint tokens, transfer them, and deploy token contracts using ordinary inscriptions of JSON data. Following a trademark infringement lawsuit brought by blockchain development company Tari Labs against Lightning Labs, the software’s name had to be changed. News Sorce

The failure of several ecosystem goliaths in 2022 was what sparked the crypto bank runs, which resulted in large withdrawals and a liquidity shortage. Several significant factors and catalysts that accelerated the crisis were identified in a recent research report from the Federal Reserve Bank of Chicago (FRBC). These included the collapse of Terra and the fall of Three Arrows Capital in July 2022. The most significant information in this text is that BlockFi provided $1 billion, Voyager Digital provided $350 million and 15,250 Bitcoin, Celsius provided $75 million, and Celsius and Voyager Digital experienced outflows of 10% and 39% as a result of their exposure to the bankrupt 3AC. Additionally, over 37% of customer funds were lost during the FTX collapse in November 2022, with large accounts with investments totaling over $500,000 losing money at the fastest rates. The real culprits were cryptocurrency lending companies that promised high returns through risky investments but provided neither security nor failure insurance. News Sorce

Judge Torres rejected the SEC’s request to have all of the Hinman documents pertaining to a speech by former SEC director William Hinman from June 2018 sealed. The records ought to be included because they are “judicial records subject to a strong presumption of public access.” Brad Garlinghouse, the CEO of Ripple, referred to it as “another win for transparency” and predicted that a decision would be made by this summer. A victory for Ripple would be a major development for the crypto market as a whole and a setback for the SEC’s excessive regulation. News Sorce

Tarmex, a prominent digital asset exchange, has today announced the addition of Bone ShibaSwap (BONE) and Baby DogeCoin (BABYDOGE) to its platform. BONE is a ShibaSwap platform governance token that lets token holders participate in decision-making and gain rewards. Baby Doge Coin is a deflationary coin with a built-in smart staking system to reward owners. The Tarmex listing is expected to increase liquidity and potentially drive more price activity for these tokens. News Sorce