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The report stated that TradeBlock would start the procedures to cease services on May 31.
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Recent reports revealed that the venture capital conglomerate Digital Currency Group (DCG) has decided to shut down its institutional trading platform TradeBlock which provided trading and brokerage services to investors.
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The decision is a result of the difficult market conditions that followed the long crypto winter and the fall of crypto giants.
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On May 12, Gurbacs stated that the significance of gold has been steadily rising for Tether Limited. By holding a substantial reserve of $3.4 billion in this valuable metal, the platform has emerged as a dominant force in the realm of precious metals.
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Gurbacs stressed the importance of responsibly distributing USD-backed stablecoins, particularly in Emerging Markets, emphasizing that such action aligns with the national interest of the United States. Furthermore, Gurbacs suggested that Tether deserves recognition from the U.S., as it continues to purchase U.S. dollars while others are moving away from the currency.
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If Tether was a country, it would be the 25th largest holder of U.S. treasuries. It is in the U.S. national interest to responsibly distribute USD-backed stablecoins, especially in Emerging Markets.
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