This update covers the latest events in the crypto market, focusing on Tether, Fireblocks, and Ethereum. Significant investments and market changes are discussed.
Tether's Investments in Gold and AI Solutions
According to the Financial Times, Tether is considering using part of its crypto earnings to acquire stakes in gold-mining firms. In June, Tether Investments paid $105 million for a minority stake in Elemental Altus, and last week, they increased their investment by $100 million as Elemental merged with EMX.
These steps may help Tether reduce risks associated with the volatile crypto market and build confidence in stablecoin issuers. Moreover, Tether plans to integrate its AI platform QVAC AI with the messaging app Keet, enhancing secure communications and transaction capabilities.
Fireblocks Launches Payment Network
Fireblocks has introduced a new payment network connecting over 40 stablecoin providers across 100 countries. This initiative aims to streamline the integration process for financial institutions, allowing them to access stablecoin providers through unified APIs. Given the increase in transaction volumes for stablecoins, this network seeks to address issues related to fragmented provider landscapes and varying compliance standards.
Ethereum ETF Withdrawals and Other Developments
On September 5, there was a significant outflow from Ethereum-linked ETFs, totaling over $444 million. The primary driver was BlackRock’s ETHA, which accounted for nearly 70% of the withdrawals. Additionally, DeFi Development Corp increased its holdings in SOL to over 2 million tokens, reflecting growing interest in Solana and its liquidity potential. In other news, Pi Network’s co-founder confirmed participation in the Token2049 conference, raising optimism within the community.
Overall, this week has seen numerous significant events that may impact the future of the crypto market. Tether is diversifying its assets, Fireblocks is simplifying access to stablecoins, and Ethereum ETFs are revealing investor sentiment fluctuations.
