Ukraine Asks Tether To Stop All Transactions With Russians: Report

Ukraine asks Tether to stop all transactions with Russians and the vice prime minister made similar requests with a number of other western countries and exchanges so let’s read more today in our latest Tether news today.

The vice prime minister of the country asked many countries and companies to help Ukraine battle the ongoing war with Russia. Appealing to both Tether and its Chief Technology Officer Paolo Ardoino on Twitter, Ukraine’s Vice Prime Minister Mykhailo Fedorov urged the company to stop dealing with Russian users.

While not responding directly to Fedorov, Tether noted:

“Tether conducts constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions.”

The policy seems to be in line with what crypto exchanges like Kraken and Coinbase were demanded to do as well and both declined the requests to cut off all Russian accounts but then promised to not allow any skirting of sanctions that were imposed by the west. Since the Russian invasion in late February, the people in Ukraine have been paying a huge premium over the value of Tether’s UDST to which it is supposed to be pegged 1:1 on the local crypto Kuna.

As recently reported, Fir Tree Capital is a $4 billion hedge fund and it is shoring Tether as the biggest stabelcoin on the market which is facing heavy regulatory scrutiny. According to the clients of the company, Fir Tree constructed a way to short Tether in an asymmetric trade which means the risk is minimized and the potential to generate profit remains high.

Tether on the other hand says it doesn’t own any commercial paper linked to Evergrande but Fir Tree expects some of the commercial paper Tether does own will still lose value. The investors said this could cause a drop in the reserves held by Tether. Tether’s biggest assurance opinion showed a 21% decrease in the commercial paper holdings in the past financial quarter.
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Back in May, Tether released a breakdown of the reserve for the first time since 2014 the company also said that about 76% of the Stablecoin reserves are held in cash or cash equivalents.

Also, The city of Lugano is the economic capital of Switzerland and it will adopt cryptocurrencies for tax payments as a part of the new collaboration with Tether’s USDT stablecoin. Tether Operations Limited that powers USDT is the world’s biggest stablecoin by market cap and it signed a partnership with the city according to a statement.