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Crypto News

Tether Stablecoin Stability Rating Reduced to ‘Weak’ at S&P

The ability of Tether’s USDT stablecoin to maintain its peg to the US dollar has been downgraded to the lowest rating by S&P Global Ratings, which warned that a drop in Bitcoin’s value could leave the stablecoin undercollateralized.

The token was awarded a stability rating of 「weak」 by analysts at the ratings firm on Wednesday, down from 「constrained」 previously. S&P said its assessment 「reflects the rise in exposure to high-risk assets in USDT’s reserves over the past year,」 including Bitcoin, gold, secured loans and corporate bonds, as well as limited disclosure.

Crypto Firm With Ties to Trumps Purges CEO Amid Legal Turmoil

A small company tied to a Trump family crypto project announced Wednesday that it dismissed members of its senior leadership following recent disclosures about longer-standing legal problems.

Las Vegas-based Alt5 Sigma Corp. severed ties with its acting chief executive officer Jonathan Hugh, according to a Wednesday filing, which said the decision was not related to specific misconduct. The filing said the company also parted ways with its chief operating officer, Ron Pitters, and appointed replacements for both men without detailing any reason for the moves.

Senate Targets Dec. 8 for Crypto Market Structure Bill Markup as Bipartisan Talks Gain Momentum

According to Fox reporter Eleanor Terrett, a lawmaker told her that preparations were being made to hold a review in the week of December 8. This is an indication that talks are progressing again, months after they had stalled.

The office of Senator Tim Scott has not said anything regarding the timeline. Nonetheless, this date coincides with the timing when Scott wants a vote to pass the crypto market bill next month. As the top Republican on the Senate Banking committee, Scott has been making efforts for the bill to be reviewed before the end of the year.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $21.12 million. The total net asset value of Bitcoin spot ETFs is $117.66 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.56%.

The Bitcoin spot ETF with the highest net inflow on Nov. 26 was iShares Bitcoin Trust , with a net inflow of $42.82 million. Followed by ARK 21Shares Bitcoin ETF, with a net inflow of 5.97 million, according to SoSoValue.