Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-13-24
Good Morning Dinar Recaps,
STABLECOIN FIRM TETHER PLOWS PROFITS INTO COMMODITY TRADE FINANCE
On Friday Tether, known as the operator of the largest stablecoin, reported its investment division completed its first trade finance transaction in October. It involved providing finance for 670,000 barrels of Middle Eastern crude oil worth around $45 million.
The credit granted was from Tether Investments, a company with $7 billion in equity funded by the profits of the stablecoin firm. Hence, it does not involve the use of stablecoin reserves. However, the Tether stablecoin was used for the payment.
“With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures,” said Paolo Ardoino, CEO of Tether.
“This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance.”
Tether‘s main stablecoin has a current market capitalization of more than $124 billion.
Tether comes out of the shadows
For years there were doubts about whether the Tether stablecoin was fully backed. The company makes out that these concerns are unwarranted.
However, the New York Attorney General found that Tether misrepresented the status of the stablecoin reserves during 2018 and 2019 and banned the stablecoin from the state as part of a settlement.
During that time, Tether lent $625 million of its reserves (around a third of the total) to sister company Bitfinex exchange, which would have been insolvent without the funds. With the subsequent Bitcoin rally, Bitfinex managed to recover.
However, since Tether recently became enormously profitable earning $7 billion during the first nine months of 2024, that breach of ethics and trust seems to have been forgotten.
In another positive piece of news for Tether, the co-head of Donald Trump’s transition team is Howard Lutnick, the CEO of Cantor Fitzgerald. And Cantor looks after the $100 billion plus in Treasuries and repos that form part of Tether’s stablecoin reserves, making it an important client.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
BREAKING: CARDANO FOUNDER TEASES POTENTIAL PARTNERSHIP WITH RIPPLE
Cardano founder Charles Hoskinson hints at a Ripple partnership, praising CEO Brad Garlinghouse amid calls for crypto unity and regulatory clarity.
▪️Hoskinson praises Ripple's Garlinghouse, hinting at a potential Cardano-Ripple partnership amid regulatory calls for industry unity.
▪️Nerayoff criticizes Hoskinson's Ripple remarks, accusing him of political motivations and rewriting past controversies.
▪️Ripple-Cardano potential partnership aims to bolster market positions amid regulatory challenges.
Cardano founder Charles Hoskinson has hinted at a potential collaboration with Ripple, sparking excitement across the crypto community.
In a recent post on X (formerly Twitter), Hoskinson praised Ripple CEO Brad Garlinghouse, calling him a “great CEO” and describing their interaction as “extremely collaborative.” This public exchange has fueled speculation that Cardano and Ripple might explore a strategic partnership.
Will Cardano Founder Partner With Ripple CEO?
Cardano founder Charles Hoskinson’s recent comments align with growing calls for collaboration in the cryptocurrency industry.
In his post, the Ripple CEO Brad Garlinghouse was in agreement with this saying that it was time for the crypto community to ‘unite’ to push for a ‘level playing field’ as well as clear regulation.
He pointed out that the market should have obvious “rules of the road” to create a level playing field for all crypto assets and companies “A rising tide lifts all boats,” Garlinghouse wrote, positing that a unified crypto industry would be beneficial to the whole system.
This message of unity comes at a time when regulatory pressures and market challenges continue to affect the crypto sector. Ripple, in particular, has been embroiled in a long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), a case that many believe could set an important precedent for the industry.
With Hoskinson’s endorsement and Garlinghouse’s call for collaboration, the potential Ripple-Cardano partnership might aim to strengthen both companies’ positions in the market and support regulatory reform efforts.
Steven Nerayoff Blast Cardano Founder Stance
Cardano founder Charles Hoskinson’s positive remarks about Garlinghouse and Ripple reflect a shift from his previously critical stance on XRP and its community. However, not everyone in the crypto community is enthusiastic about this potential partnership.
Steven Nerayoff, a figure in the blockchain space, has accused Charles Hoskinson of engaging in “damage control” rather than genuine support for Ripple and the XRP community.
He referenced years of perceived hostility from Hoskinson towards Ripple and questioned the timing of Hoskinson’s recent support.
According to Nerayoff, Hoskinson’s remarks signal a “sudden patriotic pivot” that he claims lacks authenticity, suggesting that Hoskinson is motivated by self-interest rather than a true desire to support the industry. He stated,
“Your hollow ‘apology’ to the XRP Community falls flat,”
“Your sudden patriotic pivot and vague ‘Trump Team’ hints reek of desperation,” Nerayoff stated. He argued that Hoskinson’s recent comments are part of a broader effort to “mislead” the public about his role in the crypto community, particularly around key issues like regulation and industry growth.
Accusations of Undermining and Creating Conflict
Nerayoff did not shy away from confrontation and accused Hoskinson of trying to undermine him and Ripple for the past few years. He accused Hoskinson of creating conflict within the crypto industry and spreading “false narratives” to elevate his own projects.
Nerayoff claimed that Hoskinson’s actions have been divisive, and that he has contributed little to the blockchain space other than “pumping his own bags” and fostering animosity.
“You made great efforts to discredit me…Yet it was you who sought my help to make crypto legal,” Nerayoff said, pointing to his early work such as the development of the token utility model and ICO structure which helped to facilitate Ethereum’s growth. He further called Hoskinson as a person who is “free-riding” and a “false prophet” in the blockchain ecosystem.
Charles Hoskinson Highlights Vision for Unity
Hoskinson responded to Nerayoff’s accusations directly, dismissing them in a follow-up post.
“All right, Steve, you just proved everything everyone says about you is true. Best of luck in life,
Concurrently, just hours after expressing admiration for Garlinghouse, he tweeted, “You know what’s unstoppable? When the entire crypto space comes together and unifies to take the industry to the next level.” He continued, “We won’t stop for a rest until there are a billion blockchain users.”
Moreover, Pro XRP lawyer John Deaton has commended the potential collaboration citing a bright future should this milestone be accomplished.
In addition, Ripple CEO Brad Garlinghouse has recently expressed optimism about Ripple’s future, despite the prolonged legal battle with the SEC. In his post, he acknowledged the challenges that Ripple and the XRP community have faced, describing the journey as “frustrating” but expressing hope for “light at the end of the tunnel.”
@ Newshounds News™
Source: CoinGape
~~~~~~~~~
🌱IS MY MONEY SAFE? WHAT IS GOING ON WITH THE DOLLAR? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps