Will the US Default on Its Debt? Circle Ditches Treasuries and Tether Buys BTC
The Breakdown
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Cryptocurrency and the US Government
Tether announced that they will be allocating up to 15% of net-realized profits moving forward into purchasing Bitcoin. Tether now has $82 billion worth of USD stablecoins in circulation, which according to their attestations are fully backed. Less than $500 million was held in bank deposits at the end of Q1, representing a $5 billion withdrawal from the prior quarter. It's even sane if Coinbase and Uniswap hadn't outlasted so many giant regulated US banks.
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