1 year ago
Tether (USDT) said it would region its secured loans successful its reserves by 2023, according to a Dec. 13 blog post.
A Dec. 1 Wall Street Journal study said Tether’s secured indebtedness was 9% (roughly $6.1 billion) of its full assets arsenic of Sept. 30. The study added that the stablecoin issuer mightiness not person capable liquid assets to wage redemptions if determination was a situation due to the fact that of these loans.
However, Tether countered this claim, saying the “secured loans held successful its reserves are overcollateralized and covered by highly liquid assets.”
“Tether is professionally and conservatively managed and this volition beryllium demonstrated erstwhile again by successfully winding down the lending concern without losses (since each loans are over-collateralized by liquid assets). “
Meanwhile, Tether said it would proceed to amusement resilience adjacent successful the look of uncertainty careless of mainstream media’s click-bait headlines, communicative fabrications, and concocted disinformation.
Tether had cut its commercialized insubstantial to zero successful October pursuing unit from the assemblage astir the prime of these reserves.
Tether’s USDT is the largest stablecoin by marketplace cap. The fiat-backed stablecoin accounts for astir 75% of stablecoin’s trading volume, according to CryptoSlate data.
The station Tether to trim secured loans to zero by 2023 appeared archetypal connected CryptoSlate.
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