Portfolio company Tradeblock reviews rumors swirling around Tether's USD backing, the potential impact of interest rates on Circle's stable coin consortium, and the recent entry of University endowments into the asset class.
First reported by The Information, an unnamed source has claimed that the endowments of Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology (MIT), and the University of North Carolina have all made investments into digital currency funds. This comes on the heels of reports last week that Yale University’s endowment has invested with Paradigm, the digital currency fund which was started by Coinbase co-founder Fred Ehrsam. Harvard, Yale, and Stanford endowments are the three largest endowments respectively in the US, representing in aggregate more than $80 billion. This comes at a time of increased institutional interest in digital currencies, as nearly 20% of new investment funds in 2018 were found to be digital currency funds.