Tether (USDT) Price Prediction

Voyager Digital's native coin voyager (VGX) surged Thursday after CoinDesk reported that leading digital assets exchange Binance's U.S. arm is relaunching a bid to purchase the bankrupt crypto lending platform. VGX jumped more than 55% to $0.45, the highest level since Oct. 21, according to CoinDesk data. The token is still down 85% this year. Voyager's previous sale, completed in September, saw FTX beat out Binance and Wave Financial. U.S.-based Voyager reopened the bidding process after Sam Bankman-Fried's crypto exchange FTX collapsed last week. Voyager filed for Chapter 11 bankruptcy protection in early July, citing more than 100,000 creditors and between $1 billion and $10 billion in assets and liabilities. Many crypto lenders, which had doled out large loans to the now-defunct hedge fund Three Arrows Capital, have suspended withdrawals and filed for bankruptcy in the past three months.

Binance.US, the American arm of the world’s largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to a person familiar with the plans.A previous auction, which was completed around the end of last September, saw the now defunct FTX emerging as the “white knight,” winning out against rivals Wave Financial and Binance. At the time, CoinDesk had also reported that Binance's bid for the U.S.-based Voyager had been shut out due to national security concerns.Following FTX’s announcement last week to file for bankruptcy, Voyager said it had reopened the bidding process for the company, and is in active discussions with alternative bidders. Wave Financial and trading platform Cross Tower are reported to be in the running.Voyager did not return requests for comment by press time.Thomas Braziel, managing partner at investment firm 507 Capital said matters are complicated by the fact Voyager is going to have a claim against the FTX estate for breach of contract.“The problem is that the claim is only going to be against FTX US,” said Braziel in an interview. “I worry a lot of the collateral is going to be held in trust. So any cause of action they have could end up being behind all the customers. And the problem is that if customers aren’t going to be made whole, then what’s your unsecured claim going to be worth? It’s going to be worth bupkis.”Earlier this week, Binance CEO Changpeng “CZ” Zhao said his exchange is setting up an industry recovery fund to help rebuild the industry.“Binance is not looking to be the ‘white knight’ of crypto,” said Binance chief communications officer Patrick Hillmann in a message to CoinDesk. “There are no Luke Skywalkers or Darth Vaders in business. This is a company, with the most to lose as its market leader, looking around to see where we can help bolster the industry through a black swan event.”

Stablecoin issuer Tether has cut its commercial paper holding to less than $50 million, Tether CTO Paolo Ardoino said in a tweet.As of September 30, the company increased its holding of U.S. Treasuries to 58.1% of its total portfolio from 43.5% of its total portfolio as of June 30.Commercial papers are short-term unsecured debt issued by companies, where the value of the papers is dependant on the issuing company. Commerical papers are less stable than other debt instruments, like U.S. government treasuries.Tether had earlier said that it will bring its commercial paper holdings to zero by the end of the year on the back of growing concerns over the stability of its ecosystem and its stablecoin USDT.In May, the company held $20.1 billion of commercial papers, which it reduced to $8.5 billion by June 30.The USDT issuer had also appointed a new auditor BDO Italia to take over its regular attestation reports. Recently, the firm was ordered by a New York-court judge to produce financial records relating to the backing of USDT.