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On the eve of the US presidential election, the Bitcoin Policy Institute published a report endorsing a strategic reserve of bitcoin akin to US strategic reserves of gold, medical equipment, minerals, or petroleum. Asking whoever becomes president to ask the US Treasury Secretary to buy bitcoin, the 53-page research paper attempts to cover the pros and cons of investing in the crypto as a sovereign. The authors distinguish between bitcoin as a central bank asset held by the Federal Reserve and bitcoin as a discretionary investment of the US Treasury. The paper specifically advocates for the latter. Authors tossed around proposals like a multi-year, dollar cost-averaging purchase program — or buying enough bitcoin to equal the amount of the Treasury’s gold reserves . After these far-from-conservative examples, the authors recommended forming governance boards to plan a realistic fiscal policy. Readers might also be curious as to why the paper is asking for a strate...

Tether , the world’s largest stablecoin, has published its newest attestation, which claims that it’s making nearly $1 billion each quarter in returns from its reserves. This is apparently driven by the increase in rates for its large treasury holdings, with a claimed $56.6 billion in exposure to US treasuries. These claimed profits have allowed the company to perform the accounting trick of moving its secured loans to ‘excess reserves’ which Tether seemingly believes are not part of the reserves, despite the name. In December of last year, Tether stated that “throughout 2023, it will reduce secured loans in Tether ’s reserves to zero.” Read more: Tether executives have brushed shoulders with crime since its inception Tether’s description of its reserves now attempts to exclude secured loans it’s still engaged in by reclassifying them as ‘excess reserves,’ allowing it to maintain billions in secured loans while...

A number of stablecoins associated with Justin Sun — most notably TUSD, a US dollar derivative owned and operated by US-based tech company Archblock and Asian consortium Techteryx — have been struggling amid rumors that Prime Trust, one of its only US dollar on- and off-ramps, had paused minting and redemptions. BitGo, a cryptocurrency security and trust company, is rumored to be in talks to purchase the company. TUSD admitted to an issue on June 9, saying, “…mints via Prime Trust are paused.” It added that “TUSD minting and redemption services remain unaffected” and that its “partnerships with other banking institutions remain intact.” This would almost certainly be a reference to the other trust previously holding funds for TUSD, a Hong Kong-based entity called First Digital. However, Chinese and US users alike were complaining on Telegram and Twitter, stating that redemptions were taking longer than expected . Control of TrueUSD private keys transferred to Te...