Kiffmeister’s #Fintech Daily Digest (04/23/2021)*

Coinbase lists tether, the world’s dodgiest stablecoin

“Coinbase… [will be] listing tether (USDT), the world’s dodgiest stablecoin. Tethers… are a stand-in for real dollars, used mainly on offshore crypto exchanges that can’t get proper banking… Coinbase only supports ERC-20 USDT, a reference to the nearly 24 billion tethers that live on the Ethereum blockchain. (Another 26 billion are on Tron, with a smattering on Omni, Algorand, EOS, Liquid, SLP, and Solana.) At the moment, you can only transfer USDT onto Coinbase; you cannot move tethers off the exchange.” For more on what all of this means see Amy Castor’s excellent summary here

DAOs Are Now Officially Recognized as a New Type of LLC in Wyoming

The U.S. state of Wyoming has officially recognized decentralized autonomous organizations (DAOs) as a new type of limited liability company, or LLC. DAOs are governed by the terms of smart contracts, without the hierarchical control structure seen in traditional companies. The new law solves several important legal issues, such as joint-and-several liability for all participants in a DAO, provided it is considered a partnership by court. 

Algorand pledges carbon-negative blockchain

Algorand plans to achieve a carbon-negative network by implementing a “sustainability oracle” in partnership with ClimateTrade in a move that could make blockchain adoption more environmentally friendly. The partnership enables Algorand to notarize its on-chain carbon footprint and then lock the equivalent amount of carbon credits into a so-called green treasury. 

*For those interested in intra-day updates and news that didn’t make the Daily Digest cut, please check out my Diigo fintech bookmarks here: