Share this article
Stablecoin Heavyweights Circle and Tether Distance Themselves From FTX, Alameda
FTX was one of the investors in Circle's financing round of $440 million last year.
Updated May 9, 2023, 4:01 a.m. Published Nov 9, 2022, 7:22 a.m.
Circle and Tether, the firms behind stablecoins USDC and USDT, respectively, distanced themselves from crypto exchange FTX and trading firm Alameda Research as the crypto market grapples with the fallout from FTX's fall from grace.
Circle CEO Jeremy Allaire took to Twitter to explain the firm's relationship with the two companies. Allaire said Circle has never given loans to FTX or Alameda and has never received FTT as collateral. Allaire added that both Circle and FTX hold only a small portion of equity in each other.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
gm
— Jeremy Allaire (@jerallaire) November 9, 2022
1/ Lots of FUD accruing out there, so another thread to help dispel the noise.
Paolo Ardoino, chief technology officer of Tether, was even more direct.
"To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null," he tweeted.
The responses came after FTX said it had agreed to sell itself to rival Binance in a last-ditch effort to avoid collapse. This raised questions around the state of FTX's investment in other crypto firms.
Circle had completed a $440 million financing round in 2021, which involved several investors, including FTX.
The crypto industry's heavyweights have been eager to disassociate themselves from the downfall of FTX. Nasdaq-listed exchange Coinbase (COIN) said Tuesday that it has "minimal exposure" to its peer and no exposure to its native token FTT.
"There can't be a 'run on the bank,' Coinbase said in a statement, pointing to its publicly filed and audited reports show how all customer assets are fully backed.
To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null.
— Paolo Ardoino 🍐 (@paoloardoino) November 9, 2022
Maybe is time to look elsewhere.
Sorry guys. Try again. https://t.co/1bRNUGrttr
Read more: FTX Agrees to Sell Itself to Rival Binance Amid Liquidity Scare at Crypto Exchange
UPDATE (Nov. 9, 09:50 UTC): Adds response from Tether, link to the Coinbase story.
UPDATE (Nov. 9, 10:16 UTC): Changes headline, first paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pakistan, Binance Sign MOU to Explore Tokenization of $2B in State Assets: Reuters
The agreement comes as Pakistan accelerates the rollout of a formal crypto regulatory framework and explores blockchain-based distribution of government-owned assets.
What to know:
- Binance plans to tokenize up to $2 billion in bonds, treasury bills, and commodity reserves in Pakistan.
- The initiative is part of Pakistan's effort to use blockchain technology to attract foreign investment and enhance liquidity.
- Pakistan's regulatory actions align with global trends as countries like the UAE and Japan expand crypto exchange licensing rules.
Top Stories
