Tether and Lugano City have announced a partnership to sponsor FC Lugano, a Swiss football club, using bitcoin technology to transform the city's financial infrastructure, allowing fans to purchase tickets, merchandise, food, and beverages. (Read More)
from CryptoAtoZnews
On 24 August 2023, Plan ₿, an initiative co-founded by Tether and the City of Lugano with the aim of leveraging bitcoin technology to transform the city's financial infrastructure, has announced its official sponsorship of FC Lugano. This historic Swiss football club, established in 1908, is the sole top-tier club in the Italian-speaking region of Switzerland. With Swiss Championship wins in 1938, 1941, and 1949, and Swiss Cup victories in 1931, 1968, 1993, and 2022, FC Lugano has been a significant player in the Credit Suisse Super League since 2015 and has made its mark in Swiss football history.
This collaboration signifies a notable stride in enhancing cryptocurrency representation and deepening connections with the Lugano community. "Tether, as a part of Plan ₿, is excited to join hands with FC Lugano in a journey that combines the passion of football with the innovation of cryptocurrency," remarked Paolo Ardoino, CTO of Tether. "This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally."
Tether, the issuer of USDT, a pioneer in stablecoin technology, seeks to revolutionize the global financial landscape. As the creator of the industry's most transparent and liquid stablecoin, Tether focuses on bridging the gap between traditional finance and the potential of decentralized finance. Their innovative spirit is evident in this partnership, which goes beyond conventional sponsorship.
In the foreseeable future, fans will have the option to purchase tickets, merchandise, food, and beverages within the stadium using Bitcoin, Tether USD ₮, and LVGA. This move aligns with Tether and the City of Lugano's objective to promote cryptocurrency adoption in the region, collaborating closely with the local municipality to further these initiatives. The sponsorship will also feature front-of-shirt branding during international competitions, amplifying the global visibility of Lugano’s Plan ₿.
Martin Blaser, CEO of F.C. Lugano SA, expressed his enthusiasm, stating, "We are thrilled to welcome Lugano’s Plan ₿ as an official sponsor of FC Lugano. What began with an advertising presence at the 2022 Swiss Cup final in Bern will continue over the next two years in an attractive and innovative manner for both parties."
Lugano’s Plan ₿, marked by a Memorandum of Understanding signed in March 2022, aims to integrate blockchain and Bitcoin throughout the city, impacting various facets of daily life for Lugano residents. This includes everything from small transactions with local merchants to larger endeavors like annual tax payments.
Tether Q2 2023: $72.5 Billion in US Treasuries Exposure with Profits Over $1 Billion
Tether Holdings Limited, issuer of USDT, has released its assurance opinion for Q2 of 2023, completed by BDO, a top five-ranked global independent public accounting firm. The report reaffirms the accuracy of Tether's Consolidated Reserves Report (CRR) as of June 30, 2023, and provides new insights into the company's financial standing and investment strategies.
Tether's excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion at the end of Q2. Excess reserves are the company's profits that are not distributed to shareholders and are kept on top of the 100% reserves that Tether maintains to back all outstanding tokens.
The CRR reveals Tether's indirect exposure to US Treasuries, including those held by Money Market Funds and those collateralizing its Overnight Repo. The total amount of Treasuries backing Tether's stablecoins is about $72.5 billion.
Tether's operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter. The company also disclosed a share buyback amounting to $115 million USD, a sign of consolidation.
Tether has made investments in energy-related initiatives financed from the profits of this quarter. These investments are not included in the CRR as they are not considered by Tether as an eligible reserve for the token in circulation.
Tether's reserves remain highly liquid, with 85% of its investments held in cash and cash equivalents. The CRR and BDO's independent attestation confirm that Tether's consolidated assets exceed its consolidated liabilities, with total assets amounting to at least $86,499,251,218 and total liabilities amounting to $83,200,775,340.
Paolo Ardoino, CTO of Tether, expressed pride in the reserves attestation, stating, “Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry."
The latest report from Tether emphasizes the company's commitment to transparency, risk management, and community engagement. By disclosing detailed information about its reserves, investments, and financial strategies, Tether aims to set new standards in the industry and foster trust among its users and stakeholders. The increase in excess reserves, investment in US Treasuries, and focus on energy-related initiatives reflect Tether's strategic approach to maintaining stability and driving innovation in the crypto space.
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