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Want to learn how to make $62 million per employee every year? Apparently, you just need to issue a stablecoin!

Check out the article below to see how stablecoin issuer Tether is making more money than BlackRock with 25,000 fewer employees 👀

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News Stories

Markets & Macro

• Bernstein Predicts Bitcoin Price of $80-90K If Trump Wins, $30-40K If Harris Is Elected [The block] Bernstein analysts suggest that the outcome of the 2024 U.S. presidential election could significantly impact Bitcoin's price. If Donald Trump wins, they predict Bitcoin could rise to $80,000-$90,000 by Q4, driven by his crypto-friendly policies, including making the U.S. a Bitcoin mining hub and appointing a crypto-friendly SEC chair. In contrast, a victory by Kamala Harris could push Bitcoin down to $30,000-$40,000, as her campaign has not addressed crypto.

• Bitcoin ETFs Post $28.7M Inflows After Record Losing Streak [CoinDesk] Bitcoin ETFs saw $28.7 million in inflows on Monday, marking the first positive day in September after a record losing streak that began on August 27. Despite Bitcoin's recent price drop of nearly 15%, some traders remain optimistic, viewing the dip as an opportunity for long-term bullish bets. Bitcoin is currently trading around $56,500, down from its $57,000 level.

Institutions, Regulation, & Politics

• Tether Made More Money Than BlackRock Last Year [The Defiant] Stablecoin issuer Tether reported a $6.2 billion profit in 2023, surpassing BlackRock's earnings by $700 million, despite having only 120 employees compared to BlackRock's 26,000. Tether's USDT remains the leading stablecoin with a $118 billion market cap, significantly outpacing competitors. While Tether's success highlights stablecoins' strong product-market fit, questions about its reserves and token creation persist. Additionally, Tether and Tron have partnered with TRM Labs to combat illicit activity, though concerns about liquidity and difficulty transferring USDT between Tron and Ethereum have been raised.

• Coinbase Must Face Shareholder Lawsuit Over Regulatory Risk Concerns, Judge Rules [CoinDesk] A U.S. judge has ruled that Coinbase must face part of a shareholder lawsuit accusing the exchange of misleading investors about the risk of being sued by the SEC. While some claims were dismissed, the judge found that the plaintiffs made a plausible case regarding misleading statements about the improbability of SEC enforcement. The lawsuit, dating back to 2022, claims Coinbase misrepresented its regulatory risks, and follows the SEC’s June 2023 lawsuit against the exchange. Coinbase remains confident in its defense as the case proceeds.

Crypto Products & Onchain Events

• EtherFi to Launch Visa 'Cash' Card on Scroll Network [CoinDesk] EtherFi, known for its liquid restaking service, is launching a blockchain-based Visa credit card called EtherFi Cash. This card allows users to spend fiat while using their crypto assets as collateral, enabling them to hold onto crypto and earn yield while making purchases. EtherFi is partnering with Scroll, an Ethereum layer 2 network, to power the card's transactions. The card offers 3% cash back on all transactions and is compatible with mobile payment services like Apple Pay.

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