OTC’s Weekly Retrospect 27/05-02/06/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. Tether’s Market Cap Reaches New High, Exceeding $83.2B
2. Winklevoss twins’ crypto exchange Gemini to seek UAE crypto license
3. Bybit follows Binance in departure from Canadian market
4. Hong Kong and UAE central banks collab on crypto rules, fintech development
5. ‘The Bitcoin Standard’ author becomes economic adviser to El Salvador

Story Summaries;

1. Tether, the issuer of the widely used Tether (USDT) stablecoin, has announced a new all-time high in its market cap, exceeding the previous record of $83.2 billion set in May 2022. Paolo Ardoino, Tether’s CTO, attributes this milestone to the increasing demand for financial freedom and the unique advantages offered by Tether tokens. According to Ardoino, Tether provides a financial refuge for the unbanked and helps individuals in emerging markets preserve their buying power, even when their national currency is being devalued.
2. The Winklevoss-owned crypto exchange Gemini has announced that it has begun the process of acquiring a crypto service license for customers in the United Arab Emirates (UAE). In a May 31 blog post, Gemini cited increased enthusiasm for cryptocurrencies among citizens and positive conversations with regulators of the UAE as the reason for pursuing the license.
3. Bybit has become the latest crypto exchange to depart the Canadian market, with the company following in Binance’s footsteps in the wake of regulatory developments. “Bybit has made the difficult but necessary decision to pause the availability of our products and services,” the company said in a Tuesday blog post. “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada.”
4. On May 30, the Hong Kong Monetary Authority (HKMA) said it met with its counterparts at the Central Bank of the United Arab Emirates (CBUAE), with the two agreeing to “strengthen cooperation” on “virtual asset regulations and developments.” The two central banks also pledged to facilitate discussions on “joint fintech development initiatives and knowledge-sharing efforts” with each region’s respective innovation hubs.
5. On May 30, the Office announced that the Austrian economist had joined the team as its advisor for matters related to various economic policies. Dr. Ammous’ now-famous book was first published in April 2018. It analyzes the transition between solid stores of value to inflated assets and fiat currencies, traces the history of money and aims to show how civilizations have changed with their monetary systems.

And that’s all for last week’s news! Wishing you a great week ahead!