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Tether to Provide Additional Information on Their Trades; Coin98 Launches Stablecoin CUSD

Daily Market Wrap

  • Crypto market cap: 922.02 Billion, down 3.84%

  • BTC price stands at USD 18,995, down 1.21%

  • ETH price stands at USD 1,338, down 0.97%

  • Top gainer: XRP (XRP), up 6.92%

  • Top loser: Cosmos (ATOM), down 7.85%

News of the Day

Why it matters:

  • As part of the lawsuit alleging that Tether has conspired to issue USDT as part of a campaign to inflate the price of Bitcoin, a U.S. Judge has requested Tether to produce all finance records and statements, including “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements”

  • Tether is to provide records with timestamps of their trades and transfer of cryptocurrencies for this lawsuit, while concurrently having another investigation into their reserves.

  • Allegations which arose in 2019 of Bitfinex and Tether using deceptive market-manipulation practices between 2017-2018 reportedly brought USD1.4 trillion in damages

Crypto Daily Spotlight

Brief Introduction: Coin98 is an all in one DeFi platform, providing services ranging from being a decentralised exchange, offering wallet managing and coin launching, to providing financing and auditing. The Coin98 ecosystem includes Finance, Labs, Ventures, Network, Token and Dollar. C98 is the DeFi platform’s native utility token and operates the Coin98 ecosystem.

Why it matters:

  • Coin98 Labs has announced the launch of $CUSD, which will be fully backed by cash or cash equivalents and decentralised

  • The reason for the launch is to meet cross-chain liquidity demand in DeFi and is to be used as a building block in C98’s ecosystem

  • CUSD will be deployed on major blockchains, namely: Ethereum, Binance, Solana

Daily Sector Tracker

Daily News Roundup

  1. Trading App Robinhood Markets Adds USDC to Its Crypto Lineup

  2. NFT Marketplace OpenSea to Support Ethereum Roll-Up Arbitrum

  3. Push to Cut Ethereum Network Fees Opens Funds-Draining Bug in Scaling Tool Arbitrum

  4. Hacked Crypto Market Maker Wintermute Has $200M in Outstanding DeFi Debt

  5. Binance and FTX Lead $50M Race to Purchase Voyager's Assets

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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