💡 Tether shines in the limelight

Welcome to Coinsauce's Daily Newsletter 🗞️, your go-to shop for all crypto news and updates! Whether you're a bull or a bear, our titbits of the crypto market are sure to keep you informed and entertained.

Top highlights of the day 👇️

1. 💰️ Tether’s Reserves Report: 85% Cash, 2% Bitcoin, 4% Gold, and a Whole Lot of Surplus.

2. 🔻 Midlife Crypto Crisis: Robinhood and Hut8 report declining crypto revenues.

3. ⚠️ Memecoin Wars: Coinbase faces backlash from the community for criticizing $PEPE.

Tether flexes its balance sheet 😎 

In its latest attestation report, stablecoin issuer Tether reported a mind-boggling $1.5 billion net profit in Q1 2023, doubling its previous quarter's numbers. The attestation also showed a new all-time high of excess reserves at $2.44 billion, thanks partly to its diverse portfolio, which now includes bitcoin, gold, and corporate bonds.

Tether's total assets stood at $81.8 billion, with liabilities at $79.4 billion, highlighting the healthy surplus. At this point, the company’s balance sheet probably looks better than that of 75% of banks in the US 🤣 

The report suggested that USDT is backed by cash, cash equivalents, and other short-term deposits to the tune of 85%, with its bitcoin and gold reserves being only 2% and 4%, respectively.

Tether has been one of the only stablecoins remaining more or less unaffected by the brutal crypto winter. $USDT has retained its market share in the crypto stablecoin market like a boss with a market cap of $82 Billion, which is $50 Billion more than that of its second most prominent rival, $USDC! Talk about market dominance ❗️ 

Robinhood and Hut8's Q1 Crypto Woes 😥 

Robinhood’s first quarter earnings reports are in, but it’s not all sunshine and rainbows. Although the trading platform saw its overall revenue increase by a healthy 47.5% to $441 million, the platform’s crypto unit took a big hit, with its revenues falling ~30% YOY, from $54 million to $38 million 🔻 

Robinhood currently holds custody of around $12 billion worth of crypto (+50% QOQ) and has around 12 million active users (+400,000 users QOQ).

Meanwhile, bitcoin miners like Hut8 also seem to be facing the heat 🥵 , as first-quarter revenue dropped 64% to $14.16 million from the year earlier. The mining firm is in the process of merging with U.S. Bitcoin Corp, a private miner with operations in New York and Texas.

With even fundamentally sound firms going through a midlife crypto crisis, we can only hope the struggles end as we quickly approach the halving of bitcoin! Phew!

Coinbase Vs Pepe 😅

US exchange Coinbase has found itself in hot water with the Pepe community after an email newsletter described the frog-themed meme as a "hate symbol" associated with alt-right groups. $Pepe fans were not amused and took to social media to express their outrage.

$PEPE has a comically huge supply of 420 trillion tokens. The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.

After the newsletter went viral, the hashtag "deletecoinbase" started trending on Twitter, with thousands of tweets in just a few hours. Users demanded an apology from Coinbase, and some prominent influencers even threatened to delete their accounts.

Meanwhile, other exchanges like Gemini and Binance have already listed PEPE, leaving Coinbase officials in a sticky situation. Despite the drama, the meme coin fever finally seems to be cooling off, and the market cap of $PEPE has now fallen below $1 billion as the token's price plummeted 65% in a week.

So, if you are a holder of $PEPE, we would advise you not to be emotional about your bag and book profits while you can. (Not financial advice, but sound advice 😄)

Meme of the day

And that’s a wrap for today’s roundup! Thanks for joining us on Coinsauce Daily 😅 We hope you found today’s read informative. As the dynamic world of crypto keeps evolving, we promise to keep you in the loop! So until next time, keep calm and HODL on!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.