As we advance into September 24, new developments in the stablecoin domain shape the crypto landscape. A notable shift is taking place within the U.S. Commodity Futures Trading Commission (CFTC) with the nomination for its chairmanship still awaiting Senate approval. Despite this, the CFTC is setting significant precedents by approving the use of stablecoins as collateral in derivative trades, sparking a wave of excitement across the crypto community. Additionally, Tether is on the brink of making a groundbreaking move.
CFTC Announcement
The CFTC, currently under the interim leadership of Caroline D. Pham, is known for her historically moderate stance towards cryptocurrencies. In an unexpected turn, even figures such as Trump, traditionally less receptive to cryptos, seem to be aligning with this positive momentum for digital currencies. It was announced today that the CFTC is poised to facilitate the use of tokenized collateral, including stablecoins, in derivative markets. This move is hailed as a significant step in modernizing collateral management for better capital efficiency.
During the Historic Crypto CEO Forum, discussions revolved around leveraging blockchain technology for enhancing capital utilization in derivative markets. Caroline D. Pham unveiled plans to foster collaboration with stakeholders to embrace the use of tokenized markets as part of the future economic landscape. She emphasized the role of such innovative steps in promoting responsible growth and expressed gratitude for the support from industry partners.
Pharm remarked, “The public has spoken: tokenized markets are here as a force of future trading. We are thrilled to initiate this project in collaboration with stakeholders, ensuring responsible innovation in the forefront.”
The GENIUS Act has paved the way for stablecoins, marking a pivotal moment for the growth and global acceptance of cryptocurrencies.
Tether’s Investment Pursuits
Tether, the company backing the world’s largest stablecoin, USDT, is uncovering new opportunities. As the month comes to a close, they plan to launch Plasma, their cryptocurrency payment network, alongside a crypto payment card, Plasma One. However, it’s Bloomberg’s report on their next big move that has the industry abuzz.
Tether is preparing to sell a 3% stake, aiming to raise a staggering $20 billion. If successful, this massive investment would propel the company’s valuation to a breathtaking half-trillion dollars. Receiving $20 billion would escalate their valuation to $666 billion, while $15 billion would set it at $500 billion. These are projected figures, and witnessing the actual investment materialize will be crucial.
