JPMorgan "Tether Lacks Compliance and Transparency... Fears Negative Impact on Industry"
According to The Block, JPMorgan released a report stating that "Tether's dominance (market capitalization) has increased over the past year. This trend is likely to have a negative impact on the stablecoin and cryptocurrency industry." "Tether lacks regulatory compliance and transparency," said JPMorgan analyst Nikolaos Panigirtzoglou, adding that Tether rival Circle has been actively preparing for upcoming stablecoin regulations by recently filing for a U.S. IPO. "JPMorgan is being hypocritical," countered Tether CEO Paolo Ardoino.
Despite JPMorgan's concerns, however, the market is enthusiastic about crypto ETFs. "BlackRock's bitcoin spot ETF, IBIT, is on track to become the first ETF to trade more than the grayscale GBTC for the first time since Feb. 1," Bloomberg analyst James Seifart told X. According to his data, IBIT had $3.01 billion in daily trading volume on U.S. exchanges on Feb. 1, while GBTC had $2.9 billion. On the same day, total daily volume for the BTC spot ETF was $9.24 billion. "Today is the first day since the launch of the BTC spot ETFs that we have seen daily trading volume below $1 billion," Seifat added.
