RABIT Weekly News (W3 December 2022)

Dec 16, 2022 • 1 min read

Tether announced that they are adding offshore Chinese yuan in market capitalization. With the addition of yuan, Tether is now expected to support all four stablecoins pegged to the U.S. dollar, euro, peso, and yuan.
Binance revealed the proof-of-reserves. By disclosing documents, Binance claimed that proof of reserves is data that proves that it has funds that can cover customer assets one-on-one. However, it is pointed out that the financial structure is opaque.
The office of the comptroller of the currency (OCC) emphasized that banks must be cautious and have adequate controls before they engage in cryptocurrency as the crypto industry is not mature yet. They judged that vulnerabilities in risk management exist due to frequent hacking, server suspension, and FTX incidents that happened this year.

Sign up for more like this.