Kiffmeister’s Fintech Daily Digest (05/16/2020)

Trolly McTrollface’s theory on what’s backing Tether — loans to Bitcoin miners, backed by bitcoins.
Bitcoin miners need cash to pay their electricity bills. They could sell their rewards on exchanges which someone would have to buy, to prevent BTC from crashing. Tether and Bitfinex have real money from those who trade on its exchange, but why would they buy miners’ BTC, when they can loan them the money instead? And if a miner defaults, it’s not Tether the company that takes the hit, but USDT holders. Maybe that’s the real reason why Tether/Bitfinex don’t want an audit. Not because USDTs aren’t backed, but because they’re backed by miners’ BTC. And because Tether controls the miners, they also control Bitcoin.

Majority of TON Investors Reportedly Choose to Quit for 72% Refund
Prior to abandoning its involvement in the Telegram Open Network and GRAM token, Telegram offered TON investors in its 2018 $1.7 billion initial coin offering an immediate 72% refund, or a 110% refund  in 12 months. However, the majority of TON investors purportedly decided to get their money back as soon as possible, choosing the 72% option.

New S$6 Million Grant Scheme to Support Singapore FinTech Firms
The Monetary Authority of Singapore, Singapore FinTech Association, AMTD Group and AMTD Foundation announced the launch of a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant to support Singapore-based FinTech firms amid the challenging business climate caused by the COVID-19 pandemic.

Monetary Authority of Singapore Posts Responses to Consultation Regarding Derivatives Contracts and Payment Tokens
Respondents to the Monetary Authority of Singapore’s November 2019 consultation were broadly supportive of its proposals on regulating payment token derivatives offered by an “Approved Exchange” as well as to not regulate at non-approved exchanges. The MAS said regulating non-approved exchanges would confer “misplaced confidence” – especially for retail investors.

BITSTAMPS is rolling out a limited-edition line of individually certified Lambo stamps
BITSTAMPS is a new blockchain-based digital stamp platform. A set of stamps based on Lamborghini cars has just launched. Each digital stamp is tokenized and tracked on blockchain.