BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

“Why Doesn’t Tether Publish USDT Reserves” : Founder Responds

“Why Doesn’t Tether Publish USDT Reserves” : Founder Responds
According to a recent report , Tether, the issuer of the USDT stablecoin, has been increasingly lending its own coins to customers rather than selling them for cash. Further,  it also states that, the crypto giant has failed to disclose its stablecoin-issued loans and raised concerns about why Tether doesn’t publish its full USDT reserves for transparency.
Tether Responds To USDT Charges
The filing for Chapter 11 bankruptcy earlier this month by one of the largest cryptocurrency exchanges, FTX , has given rise to these fears. It’s believed that the subsequent market decline might have dented and diluted Tether’s collateral.
Weighing in on the situation, Tether’s cofounder, Reeve Collins, responded to the allegations on CNBC’s latest  episode of SquawkBox.
In defense, Reeve states that, the company published its proof-of-reserves on the official website and that anyone could check them out and validate them. Additionally, Tether undergoes audits every few months for government authorities to understand how the funds are being managed and invested.
Read More: Tether Discloses Asset Reserves Figures
According to Reeves, in the last 8 years, in Tether’s operational history, “it always redeemed every token for exactly $1”. He further went on to state that:
“I sold the company at the end of 2015, and the principles continue to operate that and in my opinion, to the absolute best of their ability, [along] with the best risk mitigation tactics in the industry. It has withstood the test of time.”
Reeves believes that even though these questions have been answered already, they are “okay” and with time the industry is going to be “more and more transparent, due to the failures of FTX and BlockFi”.
Tether’s Uncertainty After FTX Fiasco
The regulators and Tether have a long history of conflict. Even during the Terra Luna crisis and the 3AC-led market collapse, doubts about Tether’s reserves began to surface.
Read More: Everything About 3AC’s Insolvency Risks & What Happened
The FTX bankruptcy has once again rekindled concerns about the top stablecoin by market capitalization, particularly in light of information concerning the function of the FTX token FTT that has shown the firm’s excessive leverage.
That said, USDT also lost its dollar peg briefly following the contagion.
Read More: FTX-Tether Connection: Involvement Of Banks Raises Questions
The post “Why Doesn’t Tether Publish USDT Reserves” : Founder Responds appeared first on CoinGape .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ “Why Doesn’t Tether Publish USDT Reserves” : Founder Responds


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script