Web3 on 🔥 | 🦵 Tether fully regains its peg

GM, this is Web3 on 🔥 hope that you HODL and prosper, and here are the points of our newsletter for today:🦵 Tether fully regains its peg🕵️ Kraken is under investigation for allegedly violating sanctions🖼️ Ledger's NFT launch becomes top OpenSea project

Ambire Twitter Spaces Series

Ambire announces its new Twitter Spaces Series!  It will be hosting a new space every Wednesday, where the team will discuss all things web3, smart wallets and many more with host @megdematteo and the Ambire team. 

Whether you're a beginner or an expert, join the spaces and you might possibly find out more about the industry.  The team will be talking about what's hot and what's not, and where the tech is heading. You can find more information and join the conversation at our Twitter Spaces page.

Looking forward to seeing you there!

Tether fully regains its peg

Tether (USDT), the world's largest stablecoin by market value, has finally regained its dollar peg after over two months of instability.

The token had first broken its peg in the second week of May, when Terra's algorithmic stablecoin TerraUSD or UST collapsed. This sparked panic selling in other dollar-pegged cryptocurrencies, and Tether's peg broke as well. The token fell to as low as 92 cents on some exchanges.

However, Tether has finally found stability once again, regaining its dollar peg on July 20. This is the first time the token has been stable for over two months,  and hopefully it is a sign that the worst is finally over for the stablecoin.

Tether's stability is important for the cryptocurrency market as a whole, as it is often used to trade other cryptocurrencies. A stable Tether means that traders can buy and sell cryptocurrencies without having to worry about the volatility of the market.

So far, it seems like Tether has finally regained its footing, and the cryptocurrency market can breathe a sigh of relief. Let's hope that this stability is here to stay.

Kraken is under investigation for allegedly violating sanctions

Looks like Kraken is in hot water again. The crypto exchange is under investigation by the US government for allegedly violating sanctions rules.  This is according to a report by The New York Times, which cites five anonymous Kraken affiliates.

Apparently, the Treasury Department’s Office of Foreign Assets Control (OFAC) is looking into whether Kraken allowed residents of sanctioned countries to trade on its platform. If true, this would be a serious violation of US law.

Kraken has been in trouble with US regulators before. Last year, it was fined $1.5 million by the Commodity Futures Trading Commission for offering illegal options contracts.

So what’s next for Kraken? It remains to be seen how this latest investigation will play out. But one thing’s for sure: the exchange is no stranger to controversy.

Ledger's NFT launch becomes top OpenSea project

Ledger, hardware wallet manufacturer has successfully launched its NFT platform called [LEDGER] Market.  The French firm's new NFT marketplace is meant to serve fashion and luxury brands, charities and financial institutions.

If you're one of the lucky few who were able to snag a Ledger Genesis Pass NFT, congratulations! You're now the proud owner of a limited edition Ledger Black-on-Black Nano X. Not only that, but you also have access to certain drops and the ability to buy new Ledger hardware.

All 10,000 Genesis passes have already been minted within the first 24 hours. The collection has topped OpenSea's charts for trading volume, with 1500 ETH worth of passes changing hands so far.

Passes are currently selling for around 0.56 ETH each, which comes out to about $785.

It's good to see that the ledger community is so enthusiastic about the project. I'm sure that the team will be able to accomplish great things with all of this support.

Brought to you by Ambire Wallet - the non-custodial crypto wallet that requires only email for registration.