Altcoins at a Glance – Important News on USDT, GALA, BASE, ETH, and XRP

Another lackluster week for crypto as Bitcoins and the rest of the space consolidates sideways.  However, we scoured the news to bring you important tidbits about your favorite projects.   Welcome back to Altcoins at a Glance.

Tether is a Major Holder of US Debt

  • Did you know that Tether, the issuer of USDT stablecoin, is one of the biggest holders of US treasuries?
  • According to CTO Paolo Ardoino, Tether has $72.5 billion in Treasury bills.
  • This ranks Tether above sovereign countries like the United Arab Emirates, Mexico, Australia, and Spain.
  • Ardoino also mentioned that USDT is being used by citizens of other countries to protect themselves from inflation.
  • US treasuries are issued by the Department of Treasury and the proceeds are used by the government to finance its spending.  It is considered to be one of the most stable investment instruments since it is backed by the full faith and credit of the US government. 
  • This puts in focus the ability of Tether to guarantee redemption of USDT to fiat at any given time since the stablecoin is backed by highly liquid assets.
Tether Reserves

Gala Co-Founders in a Legal Skirmish

  • Gala Games, a blockchain gaming platform, is currently facing a legal battle between its co-founders, Eric Schiermeyer and Wright Thurston.
  • Schiermeyer is accusing Thurston of stealing 8.6 billion Gala tokens worth approximately $130 million.
  • While Thurston accused Schiermeyer of exercising unilateral control over the operations, assets, and profits of the company
  • The Gala token is currently trading at 0.01504, a big drop from last week’s high of 0.02.
  • Gala rose to fame for its farming simulation game Town Star. 

Coinbase’s Base TVL Added $400 Million After Aerodrome Project Launch

  • Base is a layer 2 protocol launched by Coinbase.
  • Its total value lock (TVL) is now at $400 million.
  • Half of TVL is from Aerodrome.
  • Aerodrome aims to provide a decentralized exchange (DEX) with high-speed and low-cost transactions.
  • Aerodrome was launched in August 2023 and aims to be the liquidity layer of Base.

Ethereum Smartphone Sold Out, Will Other Altcoins Launch Their Own?

  • Fifty Ethereum smartphones were sold out within 24 hours of the start of the pre-sale.
  •  The smartphones are powered by an open-source operating system called ethOS, built on Ethereum’s smart contracts.
  • Reservation tokens are needed to order one.  A buyer needs to get an NFT worth 3 ETH, which is around $5,000.
  • Its competitor the Solana smartphone has slashed prices to $599.

Bitcoin and Altcoins Accepted by the Colorado DMV

  • The Colorado Department of Motor Vehicles is not accepting crypto payments.
  • According to the senior director, “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”
  • Users who want to pay with crypto will be directed to PayPal, where they can choose Bitcoin or altcoins of their choosing.  PayPal will convert the crypto to fiat and remit it to the DMV.

Ripple Collaborates with SpaceX to Help Maui Fire Victims

  • Ripple Labs has partnered with a SpaceX affiliate to offer a payment service for the victims of the Maui wildfires.
  • The effort is in partnership with The Giving Block, a crypto donation solution provider.
  • XRP holders can now donate some of their tokens to help the victims.

Thank you for joining us in another edition of Altcoins at a Glance, where we keep you updated with the latest Altcoin news in under five minutes. See you!