BRICS Tether, a new digital stablecoin that’s 100% asset backed, announces it will allocate as much as 20% of its profits and capital to Bitcoin to support its growth and liquidity.
With over 1 trillion withdrawn by US bank customers since March 2023, as they flee the collapsing U.S banks and 30 Countries are now wanting to join the BRICS nations with their plans for a new world reserve currency, the announcement by BRICSTether to support Bitcoin is a major sign that Bitcoin will have a significant role to play in the shift away from the use of the USD.
USDTether also just announced it will invest 15% of its profits into Bitcoin, another boost for the controversial cryptocurrency.
BRICSTether, a newly launched 100% asset backed digital stable coin,to be an alternative to the USD, and USDT was moved forward to meet the urgent demand of depositors fleeing,not just US banks,but entire nations now are now moving to settle trades outside the USD, ever since the US weaponised its currency and sanction the $300 billion in Russia’s foreign reserves.
PayPal’s also just announced a record $1 billion in crypto transactions for Q1, up 30% and USDT announcement that they will invest 15% of their profits into Bitcoin is good for the industry says BRICSTether spokesperson.
PayPal’s record $1 billion in crypto transactions for Q1, up 30% is good for the industry, as is USDT committing 15% of its profits of over $3 billion annually to Bitcoin,said one of its spokesperson via a recent release.
BRICSTether.com has also announced it’s plans to launch a mobile payment app,similar to PayPal and WeChat, to increase mainstream adoption of cryptocurrencies.Strike also just announced the launch of its mobile payments app for fiat to crypto.
BRICSTether is paying holders 10% per annum if they hold it for a minimum of 12 months, or 5% pa,if held for 90days.
It’s listed on several exchanges already, in Azbit.com and Coinsbit.io and plans listing on larger exchanges this year.
It’s considering El Salvador to gain its licensing and possible head quarters, as many crypto companies are.
They said they are also open to partnering with companies like We Chat and AliPay, and also PayPal.
With many wanting to get their money out of USD and what many fear in more collapsing US banks, a 100% asset backed stablecoin not exposed to the U.S. banks like USDT and USDC are, that pays 10% pa,is very attractive to many, especially those new to crypto, that are concerned about Bitcoin’s volatility
US Presidential Nominee Vikek Ramaswamy, also stated at the Bitcoin Miami Conference recently, that if elected he will reform the Federal Reserve and put it in its place,and ensure alternative currencies and innovations are allowed to exist and compete as alternative systems to the failing US Federal Reserve system.
The BRICS nations now see crypto currency as necessary evil to provide alternatives to the US financial system, and BricsTether.com plans to be a dominant player for not just the 5 BRICS nations but also the 30 plus countries that wish to join.
