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⌐◪-◪ → Tether, the leading stablecoin provider, just minted another $1B $USDT on Ethereum — bringing its total supply to $118B.

The company has grown its market share from 55% to 75% over the past 2 years and is dominating the stablecoin market. In the last 30 days alone, Tether made an estimated $400M in revenue.

However, many continue to question Tether’s legitimacy. Recently, the consumer protection group Consumers’ Research released a report criticizing the lack of transparency around Tether’s reserves, calling it a “disaster waiting to happen.”

Consumers’ Research claims the company has many of the same issues FTX and Celsius had before their collapse — which could cost consumers billions.

The main issue? Tether’s lack of a full audit from a reputable accounting firm to verify its 1:1 dollar backing — another case of don’t trust, verify.

Is Tether legit or sus? Join Specs Chat to see what the hive mind thinks.

⌐◪-◪ → In a shocking turn of events (notice the italics there) DeGods just issued its own cryptocurrency called — drumroll please — $DEGOD.

What’s interesting is their choice of the hybrid ERC404 token standard (instead of the usual ERC20), allowing holders to easily convert their DeGod NFTs into tokens (and vice versa).

• 1 DeGod ↔ 550,000 $degod

• 1 y00t → 120,000 $degod

• 1 $dust → 36 $degod

For some reason, DeGod NFTs can be swapped for $DEGOD, but y00ts and $DUST must be burned, meaning they can't be swapped back. RIP to those who bought rare y00ts, as floor y00ts will likely be burned, decreasing the rarity of the more valuable ones.

I’m on the fence about this. The ERC404 standard has been tried (and failed) before — but maybe DeGods will crack the code.

One thing's for sure: liquidity for DeGod’s assets is about to go up, as fungible tokens are more dynamic. How that affects floor prices and sentiment is another question.

Is this bullish for DeGods or just another F.A.F.O. experiment? Join Specs Chat below to see what the hivemind thinks.

⌐◪-◪ → Circle is teaming up with Sony Block Labs to issue $USDC on Soneium, Sony’s new layer 2 blockchain. The goal is to make $USDC one of the blockchain’s primary tokens for value exchange.

While I doubt there’s anything groundbreaking tech-wise here, Sony’s massive distribution power is undeniable. Here’s a snapshot of their user base:

• PlayStation Network →116 monthly users

• PlayStation 5 → 61.7M units sold

• PlayStation Plus → 47.4M subscribers

• Sony devices → 900M devices worldwide

By integrating $USDC, Soneium will open new opportunities for creators worldwide, allowing easy creation/sale of digital assets and frictionless international payments.

From an optics standpoint, $USDC on Sony’s L2 Soneium looks much better for Circle than Tether’s $USDT on Justin Sun’s Tron.

Also, on a related note, Circle is relocating its HQ from Boston to New York’s One World Trade Center.

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