Tether

Exor, the Agnelli family’s investment company, has unanimously rejected Tether’s €1 billion bid to acquire Juventus, maintaining full control over the Italian football club.

Stablecoin issuer Tether has submitted a $1 billion cash offer to acquire Juventus football club, targeting the 65.4% majority stake owned by Exor. The bid has reportedly been rejected, highlighting Tether’s expansion beyond crypto and raising regulatory questions.

S&P and HSBC have issued new warnings about Tether (USDT), the world’s largest stablecoin. They cite concerns over the quality and liquidity of its reserves, raising the risk of a potential de-pegging event that could impact the entire crypto market.

S&P Global Ratings has downgraded Tether’s USDT to its lowest stability level, citing insufficient reserves to cover a major Bitcoin price drop and a growing portfolio of risky assets.

The European Central Bank has issued a stark warning about the risks posed by the rapidly growing stablecoin market, citing potential capital flight from eurozone banks and the threat of a ‘digital bank run’ that could trigger a global financial crisis. However, industry figures counter that stablecoins, with their full reserve requirements, could actually enhance financial stability.