Crypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. Payments giant PayPal, meanwhile, launched its own U.S. CNBC in an interview this week. U.S. government bonds and cash equivalents – that the company holds in reserve, according to Ripple. The crypto firm said its reserves would be accounted for in publicly available monthly attestation reports. It did not say which firm will audit. PayPal USD, a stablecoin backed by U.S. But Ripple CEO Brad Garlinghouse said he’s not deterred by the competition. The stablecoin will always be backed 1-to-1 by an equivalent sum of assets – U.S. Ripple is first launching its stablecoin in the U.S., but didn’t rule out offering additional regional products in non-U.S. The move would pit Ripple against stablecoin giants like Tether, which is behind the largest stablecoin USDT, and USDC issuer Circle.

Vick has also sued two hedge funds that invested in Vinco in a complaint that alleges they made “predatory loans” to the company. Vick said. “These guys planned to take down the company,” referring to Farnsworth and his allies. The movie-subscription service was acquired in 2017 by Helios and Matheson Analytics. But it was MoviePass that really moved Farnsworth into the spotlight. That case is still pending. The move attracted millions of subscribers and helped turn Helios and Matheson into a popular stock with retail traders. Farnsworth, then the CEO of the parent company, dropped the monthly subscription price, which allowed subscribers to see a movie at any theater once a day, from $50 to $10.

Argall, who had requested the data, got a panicked phone call from Farnsworth after seeing the report. He wanted to see Argall immediately at the downtown Tampa Marriott where he was staying. When Argall got there, Farnsworth’s room was a mess of empty snack wrappers and rumpled bedsheets. Farnsworth appeared furious at Argall. The email was sent to Farnsworth by the Boston-based data-analysis company Get2it, which had compiled a report for Zash on Lomotif data from May 2020 through March 2021. BI reviewed the email and data report. Get2it’s CEO, Allan Stern, refused to supply any reporting about Zash and initially declined to comment to BI on the report. Five months later, Farnsworth received yet more evidence that his “TikTok killer” was anything but that.

Early in the pandemic, TikTok’s user base was booming in the US, but the company had begun facing political scrutiny over its parent company’s ties to China. Hudson Bay bankrolled the Lomotif deal, lending Vinco $120 million in convertible notes. The app’s potential to take on TikTok was the main reason Hudson Bay took an interest in Vinco, a person familiar with Hudson Bay’s investment told BI. Farnsworth saw an opportunity. In mid-2021, Zash and Vinco bought majority control of Lomotif for $109 million.