Tether cryptocurrency executives face bank fraud investigation, company defends as an U.S. justice department investigation into the stablecoin tether studies whether some executives at the cryptocurrency issuing company have committed bank fraud, Bloomberg reports.

According to information from the US media, the justice investigates whether tether concealed from banks that the transactions he carried out were linked to the cryptocurrency exchange.

The tether is a stable currency (stablecoin) that, unlike other currencies, is tied to a real-world asset. In this case, tether is pegged to the US dollar and therefore, one tether equals one dollar.

Currently, tether is the third largest cryptocurrency in the world, with a market capitalization around 52.5 billion euros, according to information from CoinMarketCap.

Tether cryptocurrency executives face bank fraud investigation

Its stability allows it to be used to exchange other currencies such as bitcoin. Bloomberg estimates, in fact, that more than half of bitcoin exchanges in the world take place with tether.

Bloomberg's article details that it originated in 2004 precisely to streamline cryptocurrency exchange in the face of banks ' distrust of these assets.

The problem is that tether's issuing company, Tether Holdings Limited, still needed banks to deposit their money and process their customers ' transactions-and it is at this point that the courts investigate whether there was bank fraud.

Tether cryptocurrency executives face bank fraud investigation

Tether has not taken long to respond to the information published by Bloomberg, and in a statement on its website has assured that "the allegations made by anonymous sources are from years ago and are designed to generate clicks".

Blaming the media for recycling past allegations to disguise them as news, Tether Holdings maintains an open dialogue with regulatory institutions, including the U.S. department of justice.

"We continue to operate as usual, and we are focused on the best way to serve our customers," the company statement said.

Tether cryptocurrency executives face bank fraud investigation

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RCI Bank and Services (Renault Group) acquires Bipi, European leader in car underwriting

RCI Bank and Services, a bank belonging to the Renault Group, has announced its entry into the car subscription market through the acquisition of 100% of Bipi, a European leader in this sector.

This move is framed within the strategy set by the Renault Group and its mobility division Mobilize, for the development of loyalty offers, and allows RCI Bank and Services to enter a growing mobility segment.

As reported in the press release, shared on Tuesday 27, Bipi's co-founders and management team, as well as strategic supply partners, will continue to lead the company and seek its expansion into new European markets.

Founded in 2018 in Spain, Bipi operates in this country, France and Italy, and has 120 employees and more than 10,000 subscribers.

Bipi offers a 100% digital and "turnkey" car subscription model, from the subscription to the return of the vehicle, all included in a single monthly payment and with a duration of between one and 36 months.

Bipi's technology will allow Mobilize to develop flexible subscription services in a simple and accessible way that responds to the expectations of its customers, who are looking for different forms of mobility, in their personal or professional environment. With Bipi, RCI Bank and Services will be able to complete its catalog with these offers, along with those of flexible leasing and loyalty products already offered by the group, reads the statement.

"We are very happy and excited with this new stage for the entire Bipi team. With RCI Bank and Services supporting the team financially and strategically, we will grow and consolidate our current markets and accelerate growth and expansion to new countries in Europe, " says Hans Christ, cofounder and CEO of Bipi.

In February, Bipi closed a € 16.5 million funding round to expand into Italy, consolidate its presence in France and grow its team to around 150 people this year.

"While international vehicle sales are really worrying, with falls of between 40 and 60%, we are growing more than ever," said Hans Christ, in an interview.

Car subscription models have seen more than 100% annual growth in the last 5 years, according to consultancy McKinsey, and could account for around 10% of all new car sales in the US. UU. and Europe for 2025-2026, according to business consulting firm Frost & Sullivan.