Bitcoin surpasses $28,000 after Grayscale victory; Tether works with Bahamas-based bank to process dollar transfers; Circle’s stablecoin USDC will arrive on the Base network next week!
Bitcoin, the leading cryptocurrency, managed to exceed the $ 28,000 level after a long wait.
While Grayscale won in its legal battle with the US Securities and Exchange Commission, the cryptocurrency market was also positively affected.
The SEC rejected Grayscale’s proposal to convert the Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF, and Grayscale brought the matter to the judiciary.
The court ruled that the SEC should reconsider its decision.
Bitcoin on the rise
The cryptocurrency market, which has been inactive for a long time, reactivated after the positive news. Bitcoin rise to $ 28,225 for a short time, but then experienced a small decline.
The leading cryptocurrency, Bitcoin is trading at over $27,500, according to the data provided by the Binance exchange at the time of writing.
Tether works with Bahamas-based bank to process dollar transfers
Tether started working with Britannia Bank & Trust, a private bank.
It is not clear when the two companies started working together, Bloomberg reported. Some sources stated that Tether has directed its customers to Britannia in the last few months.
A spokesperson for both Tether and Britannia Financial Group declined to comment on the matter.
Suspicions about Tether continue
Tether continues its policy of not publicizing the extent of its banking relationships. Speculation about how the British Virgin Islands-based company reached its $ 86 billion in assets has been on the cryptocurrency agenda for a long time.
Patrick Tan, general counsel of blockchain data analytics firm ChainArgos, made the following statements on the subject:
“The secrecy surrounding Tether’s banking relationships remains a significant obstacle to the development of the cryptocurrency industry. This issue prevents regulator approvals on other issues.”
Tether continues to have problems with its banking partners. Wells Fargo announced in 2017 that it stopped working with Tether.
Another partner of Tether was the bankrupt Signature Bank. Users could pay for stablecoins by sending dollars to Capital Union Bank, one of Tether’s banking partners, through Signature Bank.
Tether CTO Paolo Ardoino told Bloomberg last March that Deltec Bank & Trust Ltd. and Capital Union Bank are banking partners and Cantor Fitzgerald is the custodian of Tether’s treasury bond assets.
Circle’s stablecoin USDC will arrive on the Base network next week!
Circle CEO Jeremy Allaire announced on social media that USDC will be launched locally on the Base network next week. The new version will replace USDbC, a bridged version on the network.
When Coinbase’s Base network launched on 9 August, the native version of USDC was not available on the network. Users were therefore unable to purchase USDC on Circle Base. To resolve the issue, the Base team allowed users to bridge USDC from the Ethereum network via an official bridge.
The announcement reveals that Circle will soon launch USDC on the Base network, and there will be no need for bridging.
According to an attached blog post, the new token’s contract has already been awarded to Base. On launch day, the team will explain how existing USDbC can be converted into USDC. The team will also “work with ecosystem applications” to enable liquidity providers to “seamlessly transition” to providing liquidity to the new token, and the existing Base bridge issuing USDbC will continue to operate normally for now.
Although Circle did not announce a date for the official launch of USDC, it was stated that it will take place next week.
The Base network reached 136,000 active users the day after its launch.