The R Roundup: $USDT Fears Sees Major Supply Decline — Issue #37
On-Chain Update⛓
The best thing about analysing the markets in every aspect is that you get to consider the macro impact of how things like fear can cause further cascading effects.
Following the $UST de-peg, the question of stablecoins being safe in the markets spread far and wide. Inevitably, there was always going to be a debate about whether $USDT would be able to maintain its stability.
Looking at the data it looks like astronomical amounts of $USDT have been leaving supply.
The circulating supply essentially has exposed that nearly USD 7.5billion worth of $USDT has been redeemed for $1 which is the famous incentive in question.
With an ATH of near USD 81.23billion, we have seen the supply drop to USD 75.7billion which has left people questioning whether the ticking time bomb of tether will finally explode.
Crypto has been standing on tethers legs with multiple liquidity pairs and billions of $USD locked however there is no doubt the question of stablecoin stability is a valid one.
Ledger Connect Coming Soon 🕸
One of the most reputable hardware wallets Ledger had recently expressed its intentions to take its product development to the next level with a browser extension.
The main intention of the browser is to allow users to connect their hardware wallets to Web3 wallets directly through a chrome extension type application.
Previously users were expecting to rely on third-party developers to allow them to connect their hardware wallets however with this application they can dive through Web3 without having to expose themselves to hacks and scams.
The Ledger team also added that “Ledger Connect” will support multiple blockchains with both $SOL & $ETH chains at launch.
For more information check out the video by Ledger explaining their new product👇
Spotify Trails NFTs🎸
If there is an industry which we could conclude is lagging with its adoption of digital assets, it would be the music industry. With an industry worth an estimated $12.2 billion in 2020, there is no doubt it could make a major impact.
It was reported earlier this week that some US users will have the ability to see NFTs from certain artists on the Spotify platform.
Allowing artists to promote their NFTs, Spotify has expressed its interest in web3 with the potential beta rollout integration of non-fungible tokens. There was a clear warning that Spotify has no intentions to sell NFTs in the form of a marketplace on the platform however, they will provide an external link which will direct users to the marketplace for purchases.
Interestingly, Spotify claimed they have no intention to take a percentage of the sales as part of the beta.
Revolut Native Token Heading For The Markets 🪙
In an emerging industry, market leaders and developers have the responsibility to drive adoption through products and services that have a wide appeal to the general public. Revolut which is a financial tech company has always emphasised its support for crypto with a range of integrations of their platform.
With the highly anticipated rollout of their native token “REVCOIN”, CEO Nik Storonsky expressed the intention for the token to be a form of ‘Tradeable Loyalty’.
Revolut also added the intention to allow users to create non-custodial wallets which would then give users their seed phrases rather than having them stored by a third party in a custodial wallet.
Storonsky’s quotes express the intention for Revolut through the products they are building:
“We want to make sure that people can just transfer crypto in the same way they do with bank accounts”
There is no doubt that the space lacks seamless decentralised products which also allow people to return to the simplicity of crypto being like banking.
Terra Stare Down The Barrel Of Prosecution 👮♂️
For back to back Issues, we have discussed the monumental impacts of the $LUNA & $UST crash that will prove to be historical however there have been some concerning updates that emphasise the extent of this event.
Following on from the coincidental dissolving of the Terraform Labs’ legal team, many reports were developing that South Korean authorities were calling for Do Kwon (Luna Founder) to attend a hearing on the collapse of $UST.
There were also reports that a specialised financial crimes unit which is known as the “Yeouido Grim Reaper” would come back into operation two years after being disbanded to investigate Terra. There were local media outlets also reporting that Do Kwon had been facing fines for alleged tax evasion.
After BILLIONS of USD were wiped out from investors in less than a week as well as the alleged claims, Do Kwon’s charisma seems to have been a key talking point in the crypto economy arguably further heightening the pressure on authorities to take action.
It was announced on the 20th of May 2022 that the Seoul Southern District Prosecutors’ Office had begun their investigation into Terraform labs. With talks of a fork of the Terra network and Lunatics spreading the slogan “#TerraIsMoreThanUST” there is no doubt that all investor and authoritative eyes are set on Do Kwon.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached to trading. At no point should this be regarded as financial advice
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