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Share link:In this post: The migration to Usdt0 on Arbitrum begins this Wednesday, and will continue until February 5. USDT0 uses LayerZero to control the new cross-compatible asset. The stablecoin also launched on Kraken’s L2, Ink, and will come soon to Berachain and MegaETH.
Arbitrum, one of the L2 chains with the biggest supply of Tether (USDT) will swap out its assets for the new USDT0 standard. The stablecoin is being unrolled on multiple chains to achieve better compatibility.
Arbitrum is among the chains switching to the new USDT0 standard, which aims to make the stablecoin more compatible for movements between chains. Arbitrum carried over $1.3B bridged USDT, in its mix of over $5.5B in other stablecoins.
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European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”