2 years ago
Summary:
- Tether’s CTO, Paolo Ardoino, has identified a coordinated onslaught connected USDT by accepted hedge funds shorting the stablecoin.
- According to Mr. Ardoino, the onslaught involves a caller question of FUD, trolling, clowns, and more.
- Mr. Ardoino has reiterated that Tether is 100% backed by reserves.
- He besides added that Tether is phasing retired its reserve vulnerability of commercialized insubstantial successful penchant to US treasuries.
Tether’s and Bitfinex’s CTO, Paolo Ardoino, has identified a coordinated onslaught connected USDT by accepted hedge funds shorting the stablecoin. The Tether CTO points out, done a twelve-part Twitter thread that tin beryllium recovered below, that the attacks impact a caller question of FUD, troll armies, clowns, and more.
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I person been unfastened astir the attempts from immoderate hedge funds that were trying to origin further panic connected the marketplace aft TERRA/LUNA collapse.
It truly seemed from the opening a coordinated attack, with a caller question of FUD, troll armies, clowns etc. https://t.co/hhcsgHV1Ow
— Paolo Ardoino (@paoloardoino) June 27, 2022
Traditional Hedge Funds are Betting Against Tether – Wall Street Journal.
Mr. Ardoino was responding to a Wall Street Journal report pointing retired that the aforementioned hedge funds ‘have been ramping up their bets against Tether’ done Genesis Global Trading Inc., 1 of the largest crypto brokerages for nonrecreational investors.
The Wall Street Journal Report explains that the abbreviated sellers person been betting against Tether for the past 12 months, with their involvement expanding aft TeraUSD’s (UST) collapse. The aforesaid abbreviated sellers judge that ‘tether’s commercial-paper holdings are backed by debt-ridden Chinese spot developers.’
USDT is 100% Backed – Tether CTO.
It is with this inheritance that Tether’s CTO has pointed retired successful the Twitter thread that the aforesaid hedge funds judge Tether is not 100% backed, that its had vulnerability to Evergrande and that it has 85% vulnerability to Chinese commercialized paper.
Furthermore, Mr. Ardoino stated that the hedge funds besides judge Tether is ‘issued from bladed air’ and that ‘lenders were borrowing from Tether without over-collateralization.’
Mr. Ardoino reiterates that the USDT was 100% backed and Tether has remained transparent implicit the years. The institution plans to signifier retired its reserves successful the signifier of commercial paper and regenerate them wholly with US Treasuries. He said:
Despite each the nationalist 3rd enactment attestations, our collaboration with regulators, our accrued transparency efforts, our committedness to signifier retired CP vulnerability and determination into US Treasuries, our settlements, … they kept reasoning and suggesting that we, Tether, are the atrocious guys.
But arsenic we ever said, Tether had/has successful information >= 100% of the backing, ne'er failed a redemption and each USDt are redeemed astatine 1$.
Tether Has Continually Honored Redemptions of USDT to USD
Tether’s CTO besides highlighted that the institution continues to grant redemptions of USDT into USD adjacent during the toughest of times successful the crypto markets. He said:
In 48 hours Tether processed 7B successful redemptions, averaging 10% of our full assets, thing astir intolerable adjacent for banking institutions.
In much than 1 period Tether processed 16B successful redemptions (~19% of our full reserves), again proving that our operations, portfolio, banking infrastructure and squad are coagulated and conflict tested.
English (US) 