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Stablecoins Gone Wild

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CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8689 Ratings

🗓️ 16 October 2018

⏱️ 4 minutes

🧾️ Download transcript

Summary


Late Confirmation is a CoinDesk production made in collaboration with The Podglomerate.

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Transcript

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0:00.0

Instability in Stable Coins

0:02.4

Good evening, I'm Pete Rizzo, and this is late confirmation from Coin Desk, bringing

0:08.6

you the top stories from October 16th. Also on today's show, an announcement from troubled

0:14.4

crypto exchange Bitfinex and an innovative new way to unite crypto exchanges.

0:25.5

But first, the market's largest and oldest stable coin, Tether, wasn't the only crypto asset to rise or fall below its $1 value this week.

0:29.6

On the heels of Tethers decline Monday, the competing Gemini dollar soared above a dollar

0:33.9

to a high of $1.19 Tuesday.

0:40.9

Released in September, the stable coin is different from Tether in one key way.

0:46.1

It's issued by Gemini, the New York cryptocurrency exchange, backed by investors Cameron and Tyler Winklevoss, and the company has notably received approval from the New York Department

0:50.4

of Financial Services to list and issue the dollar-peg token.

0:55.6

At the time, it was stated that GUSD would provide liquidity for traders who wish to avoid delays when trading cryptocurrencies

1:00.6

for government monies. No statement has been announced from Gemini as to the reason for the issue

1:05.2

at this time. Speaking of Tether, Bitfinex, the exchange long most associated with it, also made a notable

1:13.6

announcement Tuesday. In the early morning U.S. hours, the crypto exchange announced a new process

1:19.2

for depositing fiat currency, a move that came after the platform halted services in recent days.

1:24.8

In this new process, each user will only be allowed deposits of $10,000 and more,

1:29.6

and for each new deposit, there will be a 48-hour account verification period, followed by a

1:34.3

six-to-10-day period in which the deposit could go through. Despite the announcement, the company

1:39.5

faced a trying time with users on Monday, as complaints rolled in asserting the exchange had blocked the

1:44.4

withdrawal of fiat currency, a move that stirred the specter of past crypto exchange collapses.

1:49.8

But the company did not acknowledge these delays, saying in a post that all withdrawals were

1:54.0

processed, quote, as usual, without the slightest interference, and quote.

...

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