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Arthur Hayes, former CEO of Bitmex and CIO of Maelstrom, predicted that major banks like JPMorgan will overshadow Tether and other stablecoin companies once they are permitted to issue fiat-backed stablecoins. During an episode of Laura Shin’s Unchained podcast, Hayes outlined Tether’s successful business strategy, which involves taking dollars, investing them in treasury bills, and earning profits from the interest rate spread. This model has allowed Tether to achieve significant status in the crypto market, primarily due to the absence of a similar offering from the U.S. banking system. He highlighted that T ether owners generate substantial free cash flow annually, estimating it to be around $4 or $5 billion. However, Hayes emphasized that the current operational model of centralized stablecoins, which relies heavily on banking services for fund custody and clearing, is not sustainable. You might also like: Arthur Hayes dumps Solana for Ether, cites divine...

An unconfirmed report suggests Taurus will provide crypto custodial services to Spanish fin-serv giant Banco Santander. Spanish fin-serv giant Banco Santander has reportedly selected digital asset management firm Taurus to safeguard its Swiss clients’ Bitcoin (BTC) and Ether (ETH). On Nov. 20, Santander Private Banking International’s Swiss private banking unit rolled out a new Bitcoin and Ether trading service for clients with Swiss accounts. A Santander spokesperson told Cointelegraph that clients will get access to crypto investment services only after requesting it through relationship managers. A CoinDesk report citing ‘a person familiar with the arrangement’ stated that the bank has appointed crypto custody firm Taurus for the safekeeping of the crypto assets. Cointelegraph reached out for confirmation from Santander, which declined to comment, saying: “Unfortunately, it’s a no comment. We don’t comment on providers or possible providers.” On Sept 14, Taurus partnered with Ge...

In this year’s review, the FDIC evaluates the potential implications and challenges of integrating crypto activities into the traditional US banking framework. In its 2023 annual risk review, the US Federal Deposit Insurance Corporation (FDIC) dedicated a comprehensive section to the implications of cryptocurrency activities on the national banking infrastructure. The FDIC’s primary functions include insuring deposits and supervising financial institutions in the US. The backdrop for this attention was the eventful year 2022 for the crypto sector. Prominent players in the industry, such as Terraform Labs, BlockFi, Celsius, Three Arrows Capital, and FTX, faced financial setbacks. These challenges reverberated in the banking sector, influencing institutions like Silvergate and Silicon Valley Bank. While the cryptocurrency market is recognized for its rapid evolution, it inherently carries certain complexities. The FDIC highlighted some potential issues, including frau...