On the planet of crypto, FUD stands for concern, uncertainty and doubt. It’s typically evoked deliberately to attract unfavorable consideration to a specific venture or enterprise. One in all crypto’s most enduring legacies has been the fixed FUD surrounding Tether, whose USDT stablecoin instructions a market capitalization of almost $68 billion. Whether or not intentional or not, The Wall Road Journal ran a narrative this week claiming that Tether was on the sting of technical insolvency and that it wouldn’t take a lot to push the stablecoin issuer into monetary peril. After all, Tether didn’t take it mendacity down and instantly issued a response to what it thought of to be a “disinformation” marketing campaign by the Journal.

No matter which aspect of the talk you’re on, it’s turning into clear that there’s a sturdy media bias towards Tether. In reality, the Journal ran a narrative a number of months in the past claiming that extra hedge funds had been betting towards the stablecoin across the identical time that the crypto market as an entire was plunging.

This week’s Crypto Biz e-newsletter dissects the Tether controversy and offers you the most recent data on the state of enterprise capital and nonfungible tokens (NFTs).

Tether responds to Wall Road Journal ‘disinformation’

In an article revealed on Saturday, The Wall Road Journal claimed that even a 0.3% decline in Tether’s property may deem the stablecoin issuer “technically bancrupt.” The Journal was referring to Tether’s most up-to-date disclosure on its web site, which confirmed that property solely narrowly exceeded its liabilities. Tether clapped again and accused the Journal of participating in pointless FUD. “The article seeks to discredit the work that Tether has put into clear and trustworthy communication to the general public,” Tether mentioned. “Maybe the WSJ has confused Tether with a few of its opponents.” In case you’re involved about Tether FUD, don’t sweat it. The stablecoin issuer has been continuously attacked by mainstream media since at the least 2017.

Plenty of milking pic.twitter.com/ZBJnmvai9f

— Paolo Ardoino (@paoloardoino) August 29, 2022

‘Every thing’s on sale:’ Reddit founder, Galaxy and Genesis execs increase large cash

For all of the discuss crypto winter, enterprise capital continues to flood the blockchain business. This week, Reddit co-founder Alexis Ohanian introduced that his enterprise agency Seven Seven Six is wanting is elevating $177.6 million to spend money on varied crypto and blockchain startups. “That is the very best time to purchase when you’re actually lengthy on the business. It’s on sale. Every thing is on sale,” mentioned Katelin Holloway, Seven Seven Six’s founding associate. If latest historical past is any indication, Seven Seven Six will doubtless achieve success in assembly its funding goal. Anticipate extra large funding tales from the world of blockchain.

Meta proclaims Fb and Instagram customers can submit NFTs from digital wallets

Mark Zuckerberg’s Meta couldn’t launch its personal stablecoin, however the social media big remains to be embracing blockchain expertise in different methods. Efficient instantly, Fb’s roughly 2.9 billion customers will be capable of share NFTs by connecting their digital wallets on to the social media app. The announcement got here lower than a month after Meta enabled Instagram NFT integration in over 100 international locations. It’s not solely clear how Meta will earn cash off its NFT integration. Buyers in all probability hope NFTs don’t burn a gap in Zuckerberg’s pocket like his firm’s Metaverse division (yikes).

We’re introducing the flexibility to submit digital collectibles throughout @facebook and @instagram. Now you can join your digital pockets to both app to share your #NFTs on each.

What NFT are you excited to share? https://t.co/wa2wkWfI7p pic.twitter.com/SlpwAuY02c

— Meta Newsroom (@MetaNewsroom) August 29, 2022

‘Most of crypto remains to be junk’ and lacks use case — JPMorgan blockchain head

After bashing Bitcoin (BTC) for years, JPMorgan has spun out a devoted division for digital property — a transparent signal that the key banks acknowledge the sector’s long-term worth proposition. Umar Farooq, who heads JPMorgan’s digital asset division, lately advised a panel that almost all crypto tasks are “junk” and never value pursuing as investments. “I imply, excluding, I’d say, a number of dozen tokens, every little thing else that has been talked about is both noise or, frankly, is simply gonna go away,” he advised the Financial Authority of Singapore’s Inexperienced Pictures Seminar. I believe most buyers would agree that almost all crypto tasks don’t have a future. The issue is agreeing on which tasks exterior of Bitcoin and Ether (ETH) aren’t junk.

Don’t miss it! Crypto market dump — Is it over or the beginning of the subsequent mega crash?

Crypto winter is beginning to appear like a crypto deep freeze as Bitcoin, Ether and altcoins all plunged this week. Have we seen a definitive backside in crypto costs, or is there extra ache on the best way this fall? On this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to discuss the place crypto costs may very well be headed subsequent. You’ll be able to watch the complete replay under.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.