Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

Stablecoins are not exclusively backed by USD, states Tether’s new terms of service

The long-standing debate about the backing of Tether’s USDT tokens has emerged again, after the company made alterations to its terms of service. It now states that the reserves backing USDT comprise of “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties,” reported Bitcoin news.
Even though Tether dominates the stablecoin market in terms of market share and market capitalization, it is facing increasing competition from newer stablecoin projects. These newer coins have been able to provide evidence of U.S. dollar backing since their launch, reported the publication.
Tether reversed the previous assertion that all the USDT tokens were backed one-to-one with USD reserves, as a part of its terms of service update. The home of the dominating stablecoin now reads,
“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”
The legal page of the company also noted that the composition of the reserves to back the Tether Tokens was within the sole control and discretion of Tether. It further added,
“Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens, and Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves.”
On one hand, Tether reversed its claim of backing all outstanding USDT by USD. On the other hand, competing stablecoins have provided regular attestation reports, confirming fiat backing.
Trueusd [TUSD] provided between one and three attestation reports each month, since its launch in March 2018. According to its recent report, the company’s 201,727,658 outstanding TUSD tokens were then backed by $202,621,765 dollars, held in Trueusd’s bank accounts.
According to data provided by Bitcoin news, Circle published its fourth monthly attestation report concerning USD reserve for its USDC token. The report stated that as of January 31, 2019, the outstanding  307,7903,924 USDC tokens were backed by $307,848,312 held in custody accounts.
Paxos, after launching in September 2018, also provided monthly attestation reports. Its recent report, dated 29 February 2019, asserted that 109,543,189.7 PAX tokens were backed by a USD reserve “at least equal to or greater than “$109,543,189.70.”
The post Stablecoins are not exclusively backed by USD, states Tether’s new terms of service appeared first on AMBCrypto.
Source: AMB Crypto

New ERC-20 Stablecoin Generates up to 45% Profit to Crypto Investors

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New ERC-20 Stablecoin Generates up to 45% Profit to Crypto Investors
Allowing investors to get a 45% bonus during the additional sales stage, USDDex aims to attract the crypto community to active participation in the project. 
New ERC-20 Stablecoin Generates up to 45% Profit to Crypto Investors

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Source: CoinSpeaker

Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This

CoinSpeaker
Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This
The crypt-community awakened with the revelation that the USDT is not really backed by the dollar and commentators allege that it could in future pull an exit scam stunt.
Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This

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Source: CoinSpeaker

Bitcoin (BTC) Set For $4,500 With Tether (USDT) Reserve Doubts

Bitcoin prices stable and bullish
Suspicion around Tether reserves will likely benefit Bitcoin
Participation levels low but could increase as demand picks up

Tether is making headlines thanks to their latest update touching on their reserves. While Bitcoin prices are unresponsive, it is likely that BTC will react as investors get edgy liquidating their USDT.

Bitcoin Price Analysis
Fundamentals
By rolling a service with the express purpose of sheltering crypto traders during times of uncertainty, investors as well as traders expect better from Tether. On many occasions, the state of its liquidity has been questioned because it states that it is a stable coin pegged to fiat. However, what is worrisome is the latest beguiling update where the firm, while acting as a crypto haven, appears to be diversifying its reserves and acting like a trusted third party or a bank.
In reality, the stable coin operates in a fragile ecosystem and drawing its value as an IOU or a debt. The assurance is just because every USDT holder can redeem each currency for a dollar or Euro.  Questions are now directed at Tether’s ability as an issuing firm to redeem every coin in circulation for fiat. The situation has been made worse given the firm’s association with banks with dubious and patch track records, the lack of bank audit and their association with BitFinex subpoenaed by the DoJ that they USDT to fraudulently drive crypto asset up during the last bull leg of late 2017.
Candlestick Arrangements

Whenever there are concerns about Tether’s operation and hard questions asked about USDT pegging, Bitcoin tends to benefit. Back in Oct 15 2018, prices spiked when it emerged that Tether had bank related troubles.
At the time of press, Bitcoin (BTC) is dangling and ready to slide. It is immune to buyer’s stimulation, and even with optimism around the future, liquidation is on. We are yet to record sharp drops that reflect losses of Feb 24 neither have seen spikes confirming bulls of Feb 18 and Mar 5.
However, what is visible is a consolidation inside Mar 5 high low as prices trend above $3,500. From an effort versus results point of view, buyers have the upper hand.
Even with this calmness, every dip is a buying opportunity for risk-off traders aiming at $4,500. On the other hand, liquidation below $3,500 cancels this projection as bears aim at $3,000 and $1,800.
Technical Indicators
Our analysis anchors on Mar 5 double bar bull reversal pattern. Complete with average volumes—7.6k– but holding recent high lows, any sharp gain or loss driving prices above $4,000 or $3,700 with high trade volumes above 10k of Mar 5 or 36k of Feb 24 confirms gains of Feb 18 or sell off of mid-Nov 2018.
The post Bitcoin (BTC) Set For $4,500 With Tether (USDT) Reserve Doubts appeared first on NewsBTC.
Source: New feedNewsBTC.com

Tether Spotlight Once Again: Controversy Over 100% Peg to USD

Popular stablecoin Tether (USDT) – the world’s 9th largest cryptocurrency by means of market cap, has once again attracted the attention of the crypto community.
As noticed by existing Tether investors, the project has removed previous claims that the stablecoin was entirely backed by US dollars.
A new update, the date of which is unknown, to the website of Tether, has raised more than just a few eyebrows. The updated terms on the website suggest that the project’s USD holdings no longer cover the entire supply of USDT.

Did Tether just admit that they loan their cash reserves out to others, presumably Bitfinex? That's literally fractional reserve banking.https://t.co/vNCoxBrvkr
— Emin Gün Sirer (@el33th4xor) March 14, 2019

Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.
The Hurdles Continue
NewsBTC reported in May 2018 that the U.S. Department of Justice has opened a criminal investigation into cryptocurrency manipulation. Shortly afterwards, a 66-page report claimed the discovery of information, suggesting that Tether was printed and used following “market downturns,” resulting in “sizable increases in Bitcoin prices.”
The company was long under scrutiny that the stablecoin isn’t actually tied 1-to-1 to a corresponding US dollars, as it claimed. Despite Tether releasing reports from third-party auditors which confirmed the stablecoin’s supply is appropriately backed, the community remained skeptical.
In late December 2018, the concerning rumors regarding Tether’s dollar pegged, however, started to look particularly thin. Bloomberg revealed bank statements which indicated that $2.2 billion was actually present in Tether’s accounts at Noble Bank on January 31st, 2018. Information gathered from CoinMarketCap showed that roughly the same amount of Tether was existed on that date.
Nevertheless, the newest move by Tether to amend its policies seem to have sparked the lights of ambiguity once again.
Community Reacts
Needless to say, the crypto community was quick to react.
Popular cryptocurrency commentator on Twitter, I am Nomad (@IamNomad) expressed his concerns on the matter, outlining the following:
“Loans made by tether to third parties” ie tether is loaning money given to them for reserves out to make interest to third parties and counting collateral as part of their reserves… definitely not what was in the TOS. and id think Tether_to need to do a press release”
Furthermore, he stressed the ambiguity on the lack of clarification of the new update, saying:
“Without clarification “loans to third parties” and “collateral” could mean a whole mess of things. Are they being put in some 30d cash bond (ie corporate loan) to get interest or worse case lending it out on bitfinex margin pool”.

"loans made by tether to third parties" ie tether is loaning money given to them for reserves out to make intrest to third parties and counting collaterial as part of their reserves.. definitely not what was in the TOS. and id think @Tether_to need to do a press release /1 pic.twitter.com/I5jnkDCFga
— I am Nomad (@IamNomad) March 14, 2019

At the time of this writing, Tether hasn’t come up with any official statement, which the community is anticipating.
The post Tether Spotlight Once Again: Controversy Over 100% Peg to USD appeared first on NewsBTC.
Source: New feedNewsBTC.com

Tron [TRX] lists advantages of TRX-USDT over OMNI as updates continue

The Tron Foundation and Justin Sun, the Chief Executive Officer [CEO] of the organization, were in the news multiple times due to the sheer number of updates and developments from the company’s roster. Tron [TRX] recently announced its partnership with Tether [USDT] to create a new stablecoin.
In a recent post, the Foundation revealed features that would make the USDT-Tron pair better than stablecoins like OMNI. Tron tweeted,
“TRON’s partnership with @Tether_to to bring $USDT on the #TRON blockchain will make transactions faster and free, and provide more use cases. This is a significant improvement from the last generation of stable coins like Omni.”
The report showed that with respect to transaction speeds, Tron was far superior than OMNI. Transactions on the Tron network are settled immediately, whereas it takes up to 3 hours on the OMNI network. In terms of fees, transactions on Tron are free, while people using OMNI are required to pay $7 per transaction. According to Tron, USDT-Tron can be used for trading the Tron DApp House, as well as its latest acquisition, BitTorrent.
Earlier, Sun talked about Tron’s superiority over OMNI by talking about the multitude of features that are only available on Tron’s network. He stated,
“First of all, USDT Tron will offer the liquidity in Tron decentralized exchange. Second, USDT Tron will offer TRX holder, a new way of value storage. Third, USDT Tron will provide the DApp users, a new way to play DApps, which also minimize the risk of the cryptocurrency. Fourth, USDT Tron will give Tron blockchain new legitimacy and the increase the confidence of the institutional investor in that show.”
OMNI is a renting service based in San Francisco and Portland, and it made news previously, when the company introduced XRP as an option for cash outs. Thomas McLeod, the CEO of OMNI, stated,
“So there’s a world in which everything that you have you should be able to connect with other people and other people should be able to use those things as well so if you have a bike and you’re not using it someone else can use it when you’re not using it and now you can also make money on top of that.”
The post Tron [TRX] lists advantages of TRX-USDT over OMNI as updates continue appeared first on AMBCrypto.
Source: AMB Crypto

Max’s Corner 6: Breakthroughs in Cryptography

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Max’s Corner 6: Breakthroughs in Cryptography
Welcome back to Max’s Corner, brought to you by Max Hasselhoff from Bytecoin. With the RSAC taking place in San Francisco this week, we decided it would be fitting to dedicate this version of Max’s Corner to developments in cryptography.
Max’s Corner 6: Breakthroughs in Cryptography

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Source: CoinSpeaker

Tron (TRX) May Remain Under Pressure Until Q2 2019

Tron price down but bullish
Partnership with Tether is positive for TRX
Transactional levels low but stand to rise in days ahead

The collaboration between Tron and Tether should further innovation and provide extra liquidity for Tron based DEXs. Even so, it will be until Q2 2019 when this integration happens. Before then, bulls are in control, but trend confirmation depends on how fast prices close above 2.5 cents.
Tron Price Analysis
Fundamentals
That Tether Limited (USDT) and Tron are partners is a strategic as well as a game-changing decision for both companies. No doubt, both will benefit, and as innovative companies, the inclusion of a trusted stable coin creates a new opportunity for users meaning Tron as a platform and TRX as a native currency stands to reap in significant benefits.
With the announcement, the top-most beneficiary will be DEXs that run off the Tron blockchain. Add this to the milestone that Tron now has more than two million customers and week-over-week growth in the number of transactions; the launch set for Q2 2019 will be a boon for TRX as the network would have better value storage capacity.
According to the CEO of Tether, Jean-Louis van der Velde:
“This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”
Not only does this place Tron ahead of the pack, but it will be the first time two leading blockchain firms partner for the sake of the community. The crossover will undoubtedly increase liquidity as USDT would be completely compatible with Tron’s protocols and dApps.
Candlestick Arrangement

Regardless, TRX is under pressure and one of the worst performers in the top 10. At press time, the coin was down 2.2 percent from last week’s close and appears to be banding with the lower BB band.
From our previous TRX/USD price analysis, bulls have a chance as long as they maintain prices above Jan 13-14 lows at 2.1 cents. What would trigger aggressive traders into action is if prices resist lower lows, build on the three-bar bull reversal pattern of Mar 3-5 and after that close above Mar 5 highs at 2.5 cents.
If not and there is a meltdown below 2.1 cents, the bullish breakout pattern of Jan 8 would be invalid.
Technical Indicator
In recent days, Feb 24 bear bar guides our analysis. It has an average of 37 million which is way above averages of 6.5 million. Although we are net bullish, we prefer complete reversal of Feb 24 losses behind high volumes exceeding 12 million of Mar 5 and preferably 37 million.
The post Tron (TRX) May Remain Under Pressure Until Q2 2019 appeared first on NewsBTC.
Source: New feedNewsBTC.com

Tron’s Justin Sun: Tron-Tether partnership is going to leave Omni in the dust

Tron Foundation has always played a crucial role in maintaining the market sentiment in favor of their TRX token. Recently, Tron announced a partnership with Tether, the stable coin, that will launch USDT as a native token on the Tron blockchain in Q2 2019.
Justin Sun, the Chief Executive Officer [CEO] and founder of Tron foundation, shared the news and said that having Tron’s own stablecoin will benefit their ecosystem and make it easier for institutions to access the Tron blockchain. In a recent interview released by the foundation, the CEO highlighted the reasons as to why the “Tron and Tether partnership is going to leave Omni in the dust”. Omni, a platform for creating and trading custom digital assets and cryptocurrencies, has been held as a standard by Justin Sun to influence the community.
Sun explained that the pairing of Tron token with USDT [TRX/USDT] will minimize risk and volatility of the cryptocurrency market. Sun spoke about the value of USDT and added that the largest stablecoin in the industry has almost 2 billion assets on the USDT tether blockchain.
The CEO also addressed the swift and instant transactions carried out on Tron blockchain, which was also free for users. However Omni, in comparison to Tron, takes hours to complete a transaction and charges about $1 to $10 as fees. The CEO also claimed that Tron’s blockchain was smarter than Omni. Tron stated:
“TRC20 token is based on the smart contracts, so you can do lots of the deployment work on top of the USDT, which Omni blockchain cannot offer.”
The founder of the Tron foundation then moved on to talk about the benefits of TRX/USDT pair and listed four advantages:
“First of all, USDT Tron will offer the liquidity in Tron decentralized exchange. Second, USDT Tron will offer TRX holder, a new way of value storage. Third, USDT Tron will provide the DApp users, a new way to play DApps, which also minimize the risk of the cryptocurrency. Fourth, USDT Tron will give Tron blockchain new legitimacy and the increase the confidence of the institutional investor in that show.”
The CEO concluded that these benefits would be helpful for both Tether and Tron communities, giving them more opportunity in the decentralized world of finance. Along with Sun, Jean-Louis der Velde, the CEO of Tether, also aimed to further innovation within the cryptocurrency space. The CEO was quoted saying:
“We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”
The post Tron’s Justin Sun: Tron-Tether partnership is going to leave Omni in the dust appeared first on AMBCrypto.
Source: AMB Crypto

Why Has Binance Coin (BNB) Surged 150% to a Ten Month High?

The last couple of days have been quite fruitful for crypto markets. With a dump last week and a whole seven days of consolidation many expected further losses. This didn’t happen and markets rallied again, led by one or two solid performing altcoins. Binance Coin has been among them as it breaks $2 billion market cap and flips Tether to take seventh spot.
Binance Coin Boosted to Ten Month High
The last time BNB was over $15 was in early June 2018. Since then it has dumped to a low of $4.50 in mid-December before surging back to currently levels. It has been one of the top performing altcoins of 2019 and has made a staggering 150% this year alone.
BNB prices YTD. Coinmarketcap.com
This week Binance Coin has pumped 50% from under $10 to over $15 which has pushed its market cap over $2 billion for the first time since the big crypto peak in January 2018. This epic performance has enabled BNB to flip both Tron and Stellar in the market cap charts. Yesterday it also conquered Tether and has taken seventh spot.
With a further 16% gained over the past 24 hours BNB is now less than $200 million in market cap away from Bitcoin Cash. It truly is a train of the crypto world at the moment, no such bear market going on with this one. Traders on twitter are now calling a top and are looking for the pullback to take profits.

#BNB $BNB Congrats to all that took this call. Approaching first target of consolidation break. Watching Market structure, I see a potential retracement to previous local highs after target is reached for further confirmation of the big break we are all looking for.-Patience- pic.twitter.com/540lVvMPND
— Crypt J (@atradesdaily) March 6, 2019

Solid Fundamentals
Binance appears to be one of the few companies bucking the trend and feeling no ill effects from the crypto winter. Maverick boss Changpeng Zhao seems to have taken the lead over Justin Sun for twitter use as it is a constant stream of updates on his channel. He is a huge advocate for crypto adoption and there is always the fact that more Binance users equals greater profits.
The world’s largest crypto exchange by volume has recently received a boost from the government of Argentina which has agreed to invest in early stage blockchain startups backed by the venture arm of the exchange. In an announcement this week, the country’s Ministry of Production and Labor said that it will match investments of up to $50,000 into every Argentinian blockchain project that receives funding from Binance Labs. Head of Binance Labs Ella Zhang clarified;
“One clarification to the terminology ‘match investments’ means grant. It’s a pure grant initiative to support local founders. Government WON’T take any ownership or equity. We really appreciate the strong support from Argentina government to @binance & @BinanceLabs !”
There has also been progress with the Binance decentralized exchange (DEX) which launched on test net two weeks ago. Binance Coin is effectively the fuel for the exchange which allows users to have full control of their wallets and private keys.
Binance Coin seems unstoppable at the moment which is a testament to the resilience of the industry and proof that a solid project and foundation for a token will send it to the moon.
Image from Shutterstock
The post Why Has Binance Coin (BNB) Surged 150% to a Ten Month High? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Binance Coin [BNB] extends massive bull run; overtakes Tether [USDT] to take 7th spot

Binance Coin once again saw a massive green wave, pushing the coin’s price to highs not seen since the beginning of July 2018. Binance Coin [BNB] overtook the top stablecoin, Tether [USDT] after its most recent rise and was looking to take on Bitcoin Cash [BCH], which it trailed by less than $200 million in market cap, at press time.
Binance Coin was in the 12th spot, trading at $8.15 just a month ago. Since then, the coin has skyrocketed past Cardano [ADA], Bitcoin SV [BSV], TRON [TRX], Stellar Lumens [XLM] and now USDT, in an incredible rally which does not show any signs of weakening. At press time, the coin was spearheading the market rise by exhibiting a climb of 15.12 percent against the US dollar and a trading price of $15.47.
Earlier this week, the coin had risen by 24.08 percent to a whopping $13.82 within 24-hours, rising to the eighth spot on the coin ladder and is still looking bullish. With a brief drop to $13.45 prior to the recent bullish rise, BNB proponents were still buoyed by the Binance Decentralized Exchange [DEX] trading competition. Commencing at 1100 UTC, on March 6, the coin’s price surged by 18.74 percent to reach $15.65 within an 18-hour window.

Source: Trading View
In terms of market cap, the coin was valued at $2.18 billion, breaking the $2 billion barrier at 0830 UTC on March 6. Soon after, the coin pushed past USDT, which posed a market cap of $2.01 billion. Within a 7-day period, the coin’s market valuation increased by 57.61 percent, and within a 1-month period, it has shot up by a massive 102.38 percent.
Binance took the top two spots in terms of BNB trading volume via the trading pairs BNB/USDT and BNB/BTC, accounting for $102.78 million and $65.21 million.
Binance, the parent exchange previously announced a give away of $100,000 in tokens earlier this month to boost participation on their upcoming decentralized exchange [DEX]. Furthermore, only users that hold Binance Coin in their accounts will be able to participate in the competition. The exchange noted that the Binance Chain testnet will be reset on March 7, and the trading competition will soon commence, fueling the rise of the native cryptocurrency.
The post Binance Coin [BNB] extends massive bull run; overtakes Tether [USDT] to take 7th spot appeared first on AMBCrypto.
Source: AMB Crypto

TrustToken Customers Can Soon Check the Status of TrueUSD Market in Real Time

CoinSpeaker

TrustToken Customers Can Soon Check the Status of TrueUSD Market in Real Time

The new feature for TrueUSD users will be available through the real-time dashboard developed independently by Armanino. The launch is set to take place in April.

TrustToken Customers Can Soon Check the Status of TrueUSD Market in Real Time

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Source: CoinSpeaker

TRON Partners Tether with Big Deal of Launching New Stablecoin on Tron Blockchain

TRON once again appeared on limelight with the big announcement that it claims to benefit TRON’s entire ecosystem. The 10th largest cryptocurrency (as per market cap) has announced its partnership with Tether and officially introducing the new version of stablecoin on TRON blockchain.
It revealed with a tweet posted by TRON Foundation –According to the release, the 10th largest cryptocurrency, TRX, and the 7th largest cryptocurrency, Tether is tie up to launch a new version of USDT stablecoin on TRON blockchain. Per the announcement, the integration of new stablecoin on TRON blockchain would increase DEX liquidity. It goes as;

#TRON is partnering with @Tether_to, officially introducing USDT into the TRON #blockchain. This integration will elevate our dApp ecosystem, increase DEX liquidity, and enhance accessibility for Partners and institutional investors. $TRX $BTT https://t.co/OL6gFK1C0h
— TRON Foundation (@Tronfoundation) March 4, 2019

Soon after the TRONFoundation’s update, Justin Sun, the founder and CEO of TRON appreciates the move and assured that it would benefit TRON’s entire ecosystem. He says;
We are making big steps to achieve decentralized finance with @Tether_to . #TRON will soon have its own stablecoin! This will benefit our entire ecosystem and make it easier for institutions to access the TRON blockchain👏🏼 $TRX $BTT
Moreover, at press time, Tether has gained 0.44 percent over the past 24 hours, trading at the value $1.01 whereas TRX stands on 10th spot, declining with 2.47 percent during the last 24 hours and trading at the value $0.22251 respectively.

To further note, the new dollar pegged USDT stablecoin will be TRC-20 token as announced on March 04, 2019 (For those who don’t know, TRC-20 is a standard on TRON blockchain –much similar to rival ERC-20 token of Ethereum). It’s worth to note that the Tether is already built on bitcoin and ether blockchain as a stablecoin.
Similar to TRON’s Justin Sun, Jean Louis van der Velde, CEO of Tether encouraged the partnership and states;
“This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”
So readers, what’s in your mind, do you think that it brings a new move to the TRON and Tether or the world of stablecoin? Share your opinion.
The post TRON Partners Tether with Big Deal of Launching New Stablecoin on Tron Blockchain appeared first on Coingape.
Source: CoinGape

USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report

If we have to pick a villain in the world of cryptocurrencies and stable coins it would definitely be Tether which has never come clean on its dollar backings. On the other hand its competitor, USDC was appreciated for its transparency and independent audits. But the audits of USDC have come under the cloud, as Coinbase has hired an ex Grant Thornton employee as its compliance head raising finger on the independence of audit report
USDC releases 4th Audit report -Is it completely independent?
In a move that makes USDC a real transparent stablecoin, Circle, the company behind USDC released their fourth report on the USDC stablecoin which was signed by the leading auditor firm Grant Thornton which stated that Circle has sufficient USD reserves to back each individual token on a 1:1 basis.  According to the report that is published on February 15,2019 – 307,793,724 USDC tokens were issued and were outstanding on January 31 2019, while the company held 307,848,312 dollars in deposits, an excess of 54588-dollar reserves.
According to the report these USDC tokens are the amount of tokens which have been issued and outstanding denoted under the original USDC contract at the reported date and time.
It is clear that there has been an increased number of USDC’s in circulation by around 56 million showing a clear popularity of the coin in absence of transparency for Tether. Also, the independent scrutinization process assured that all seems to be as expected with the coin having sufficient backing of USD reserves.
While the report looks all independent and error-free, A Twitter account that tries to locate muck in crypto projects has put forward a point worth considering. The user, named ICO Scam Alert, points out to the news that came in last week of January which showed Coinbase hiring Mark Kelly, a new U.K. head of compliance with three decades of experience in the industry. If one looks at the experience of Mark Kelly, he hails from Grant Thornton- and had held a position of Technology Risk Consultant during the period of March 2008 and September 2011.
Now according to this Twitter user, the independence of the audit report has been compromised due to the

First Goldman Sachs struggles for doing @GrantThornton , the middle-tier firm, an auditor of #USDC. Then @coinbase hires a new UK compliance chief Mark Kelly, a former Grant Thornton employee.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

Now @Circle's trying to prove that this audit was independent. If #USDC's really backed by something why don't you ask for an audit someone else except your partner? #USDC is #crypto scam.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

While it looks to be a real long short that Kelly was appointed to help Circle compromise on the audit report, keeping an eye and ear open is appreciated. While the report looks sufficiently covered, Circle may want to run another audit to squash this blame.
Is USDC audit report independent or Kelly has a role in positively portraying it? Do have a look and let us know your views on the same.
The post USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report appeared first on Coingape.
Source: CoinGape