GM fellow Asterials. Today we have some bullish news about Bitcoin and some favourite news about your favourite memecoin Doge! (hopefully)

Here is the outline for today🔥

• 📈Tether says it will buy Bitcoin for Stablecoin Reserves

• 💰XRP buys Metaco for $250M

• 🐕Dogecoin transactions skyrocket.

Tether says it will buy Bitcoin for Stablecoin Reserves

💰 Tether's Growing Profits and BTC Holdings

In the first quarter of 2023, Tether reported a whopping $1.48 billion in net profits. Alongside this impressive figure, the company disclosed holding $1.5 billion worth of Bitcoin (BTC).

These substantial profits and BTC holdings have set the stage for Tether's new investment initiative.

📈 A Strategic Move: Buying BTC with Realized Profits

Tether has revealed its plan to regularly purchase Bitcoin for its stablecoin reserves using realized profits.

This strategic move aims to strengthen and diversify Tether's reserves while leveraging the potential appreciation of BTC's value.

Remarkably, Tether intends to allocate up to 15% of its realized profits from investments for the purpose of acquiring BTC. What's more, these purchases will be added to the reserve surplus without relying on third-party custodians.

🏦 A Balanced Reserve Portfolio

Tether's reserve portfolio comprises various assets. Currently, the company holds $1.5 billion worth of BTC and $3.4 billion in gold.

The remaining 85% of the reserves is held in cash and cash-like assets, including U.S. Treasury bonds. By investing in BTC, Tether aims to strike a balance between stable assets and the potential growth offered by the world's largest cryptocurrency.

💡 Investing in Innovation

Beyond its stablecoin reserves, Tether is also actively involved in investing in other sectors.

The company focuses on developing communication systems, energy infrastructure, and bitcoin mining initiatives, among other smaller investments. This forward-thinking approach positions Tether as an active player in fostering innovation within the crypto space.

❗ Transparency and Criticism

As one of the most prominent stablecoins, Tether has faced scrutiny and criticism within the crypto industry regarding its transparency and investment decisions.

However, the stablecoin has emerged as a reliable haven during times of regional banking crises, thanks to its perceived independence from U.S.-based banks.

With Tether's commitment to diversifying its stablecoin reserves and seizing the potential of Bitcoin, the crypto landscape continues to evolve.

XRP buys Metaco for $250M

💰 Ripple Expands with the Acquisition of Metaco

Ripple has successfully acquired Metaco, a Swiss-based crypto custody provider, for a whopping $250 million.

This strategic move enables Ripple to broaden its offerings by incorporating advanced technology for the custody, issuance, and settlement of tokenized assets.

📈 Unlocking New Possibilities in the Crypto Economy

Metaco specializes in offering secure custody infrastructure, empowering institutions to explore new business models within the crypto economy.

With this acquisition, Ripple gains access to Metaco's expertise and infrastructure, which will fuel the development of innovative solutions.

🔒 Continuity and Independence

Metaco will continue to operate as an independent business unit, maintaining its autonomy under the leadership of CEO and founder Adrien Treccani.

This strategic decision ensures continuity and leverages the existing knowledge and experience of Metaco's talented team.

💸 Financing the Acquisition

To finalize the acquisition, Ripple utilized a combination of cash and equity. This financing approach demonstrates Ripple's commitment to driving innovation and expanding its capabilities in the blockchain and digital asset space.

🚫 Navigating Legal Challenges

It's worth noting that Ripple and its executives faced a lawsuit from the U.S. Securities and Exchange Commission (SEC) in 2020, concerning the alleged unregistered sale of XRP tokens.

Ripple CEO Brad Garlinghouse estimated that the legal battle would cost the company approximately $200 million. Despite this legal challenge, Ripple remains focused on its mission to revolutionize the blockchain industry.

🤝 Ripple Becomes Sole Shareholder

As a result of the acquisition, Ripple now holds the entirety of Metaco's shares, solidifying its position as the sole shareholder. This strategic move allows Ripple to fully integrate Metaco's capabilities and drive innovation in the crypto custody space.

Dogecoin Transactions Skyrocket, Fueled by Ordinals—Yet Core DOGE Developer Remains Cautious

🚀 Dogecoin Activity Hits Record High

In a remarkable surge, Dogecoin's daily transactions have soared to an all-time high of 719,000, surpassing even Bitcoin's daily transaction volume. The Dogecoin network is buzzing with activity and attracting significant attention.

🔥 The Rise of Doginals

This surge in Dogecoin activity is fueled by the creation of "Doginals." These tokens, similar to non-fungible tokens (NFTs), have gained popularity and are made possible through the implementation of the DRC-20 standard on the Dogecoin blockchain.

🐶 Developer Skepticism

Despite the excitement, a core Dogecoin developer has expressed skepticism about the sustainability of this surge. The developer raises concerns about potential under-engineering and a lack of careful consideration in the implementation of this new feature.

🌐 The Meme Coin Mania Continues

The surging popularity of meme coins, such as Dogecoin, highlights the ongoing trend of meme coin mania in 2023. These digital assets continue to captivate the interest and enthusiasm of cryptocurrency enthusiasts worldwide.

While Dogecoin's transaction activity reaches new heights, it is important to note the caution expressed by a core Dogecoin developer. As the Dogecoin network evolves and grows, it will be fascinating to see how it navigates these challenges and sustains its momentum.

Bonus News 🤗

• Ledger Bolsters Cosmos Integration, Sets Sights on Onboarding 20 New Projects - Even after the Ledger Recover they are still expanding!

• Investors Follow Pepecoin Whales to Ride Meme Coin Frenzy Amidst a Sluggish Market. - Memecoins are not taking a break, should you join in?

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.