On March 24, according to disclosures by Bloomberg, stablecoin issuer Tether Holdings SA had previously planned to raise $20 billion in funds, but this plan has now been suspended. The company is awaiting the results of its first comprehensive financial audit and may restart fundraising after the audit is completed. Sources familiar with the matter revealed that throughout the financing process, potential investors and bankers have been urging Tether to increase financial transparency. However, one of these sources indicated that some potential investors remain prepared to support the company even before the audit results are released.
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Tether Halts $20 Billion Funding Plan Pending Audit, Bloomberg Reports
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On March 24, according to CoinDesk, cryptocurrency industry practitioners on Monday saw the latest provisions regarding stablecoin yields in the revised version of the Senate's "Digital Asset Market Clarity Act" for the first time during a closed-door review meeting on Capitol Hill in Washington. The initial impression was that the relevant language was too narrow and lacked clarity. This new provision was released last Friday by Senators Angela Alsobrooks and Thom Tillis. According to a person familiar with the current draft, the new provision will prohibit earning yields solely from holding stablecoins, while restricting any practices that equate such programs with bank deposits, and imposing further limitations on other potentially permissible activities. The specific mechanism for determining activity-based stablecoin rewards remains unclear. This compromise stems from the lobbying battle between the crypto and banking industries. The banking industry insists that stablecoin rewards should not resemble interest-bearing bank deposits, arguing that such competing products could harm the banking sector and stifle lending. The final compromise allows for reward programs based on user stablecoin activities but prohibits balance-based rewards. This closed-door review aims to push the Senate Banking Committee to schedule a hearing, a significant step for the bill towards a full Senate vote. Similar versions of the "Clarity Act" have passed the House of Representatives in previous years, and another version has also passed the Senate Agriculture Committee's markup process. The bill's progress still faces other obstacles: all parties still need to reach an agreement on the DeFi regulatory framework, and Democrats are simultaneously insisting on including provisions that prohibit senior government officials from seeking personal gain from the cryptocurrency industry, a clause clearly targeting President Trump. (Dongxin News Agency) -
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