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The company behind the tether stablecoin has increasingly been lending its own coins to customers rather than selling them for hard currency upfront, the Wall Street Journal reported. The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post lots of “extremely liquid” collateral, which could be sold for dollars if borrowers default. These loans have appeared for several quarters in the financial reports that Tether shows on its website.
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A creditor list of bankrupt crypto hedge fund Three Arrows Capital puts the interconnected nature of the industry on display, with lenders ranging from some of the biggest digital-asset firms to the wife of co-founder Kyle Davies, Bloomberg reported. At the top is Digital Currency Group Inc., the parent company of crypto brokerage Genesis, which filed a $1.2 billion claim against Three Arrows, according to people familiar with the matter who reviewed a court filing. Chen Kaili Kelly, the wife of Davies, also filed a claim of about $66 million, the filing shows.
The liquidation process of Three Arrows Capital is going to move to Singapore next, if lawyers representing the British Virgin Islands (BVI)-based liquidators are successful, the Straits Times reported Friday.