Leading stablecoin issuer Tether has announced it eliminated its commercial paper holdings from its reserves, replacing them with U.S. Treasury bills. Per the firm, the move “demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market.”

Binance Pool has announced the launch of a $500 million lending project for private and public Bitcoin miners. The miners will need to pledge security in the form of physical or digital assets to get a loan.

Decentralized cryptocurrency exchange Uniswap has announced its latest raise of $165 million in a Series B funding round led by Polychain Capital.

Top stories in the Crypto Roundup today:

• Tether Eliminates Commercial Paper Holdings From Reserves
• Binance Pool Launches $500 Million Fund to Support Bitcoin Miners
• Decentralized Exchange Uniswap Raises $165 Million in Funding Round
• Crypto Market Movers – QNT, HT, DESO

Tether Eliminates Commercial Paper Holdings From Reserves

Leading stablecoin issuer Tether has announced it eliminated its commercial paper holdings from its reserves, replacing them with U.S. Treasury bills. Per the firm, the move “demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market.”

As of September 30, the company’s U.S. Treasury holdings accounted for 58.1% of its total portfolio, up from 43.5% in June, according to Tether’s Chief Technology Officer Paolo Ardoino. Tether did not specify the current portfolio percentage allocated to U.S. T-bills.

Commercial paper is a form of short-term unsecured debt companies issue, where the value of the paper depends on the issuer. Commercial paper is less stable and secure than U.S. Treasury bunds.

Tether had announced it would bring its commercial paper holdings to zero by the end of the year in response to growing concerns over the stability of Tether and its USDT stablecoin.

Binance Pool Launches $500 Million Fund to Support Bitcoin Miners

Binance Pool has announced the launch of a $500 million lending project for private and public Bitcoin miners. The miners will need to pledge security in the form of physical or digital assets to get a loan.

According to Binance Pool, eligible miners will be able to get loans with 18 to 24-month terms, with interest rates ranging from 5% to 10%.

Binance isn’t the only firm looking to support the cryptocurrency mining industry. Jihan Wu, the founder of cryptocurrency mining hardware manufacturer Bitmain, is also setting up a $250 million fund to purchase distressed assets from mining firms.

Decentralized Exchange Uniswap Raises $165 Million in Funding Round

Decentralized cryptocurrency exchange Uniswap has announced its latest raise of $165 million in a Series B funding round led by Polychain Capital.

Polychain Capital was joined by other investors including a16z crypto, Paradigm, SV Angel, and Variant. The round gave Uniswap a $1.6 billion valuation. The protocol’s founder, Hayden Adams, noted that he was excited to annonce the results of the raise, and touted the Uniswap Foundation. He said:

“The governance community recently voted to create the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years.”

Since launch, Uniswap has supported $1.2 trillion in trading volume, Adams said.

Crypto Market Movers – QNT, HT, DESO

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Huobi Token (HT) - The Huobi token allows users to receive a discount for any fees on the Huobi exchange. It’s described as a “blockchain-powered loyalty point system,” and is the only token Huobi officially launched.

Quant (QNT) - Quant is a cryptocurrency project that launched in June 2018 that aims to connect blockchains and networks on a global scale without sacrificing efficiency. It aims to allow applications to operate on multiple blockchains through the creation of the first blockchain operating system.

Decentralized Social (DESO) – Decentralized Social is a layer-1 blockchain built from the ground up to scale decentralized social applications to billions of users. Its price surged as the project is looking to partially integrate Circle’s widespread USDC stablecoin.

State of the Crypto by Top Tier Exchange Volume

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