BLOOMBERG: USDT EMISSION IS SECURED BY DOLLARS

Recently, Bloomberg has published Tether bank data, according to which the company’s account in Puerto Rican “Noble Bank” was 2.2 billion dollars on January 31, 2018, which corresponded to the volume of USDT issue.

There have been a lot of rumors in the network that the Tether stablecoin is not fully supported by dollar assets.

According to Bloomberg’s sources, which are aware about the company’s affairs, the information was disclosed in part because of the investigations of Tether’s regulators regarding the Bitcoin manipulation case.

It is also noteworthy that the law firm Freeh, Sporkin & Sullivan LLP (FSS), established by former federal judges as well confirmed that Tether’s assets are fully backed by dollars, on June 1, 2018.

At the end of November, Tether also announced the launch of a modernized platform, with which USDT owners will be able to directly withdraw stablecoins to Fiat again.

Recall that the US financial regulator CFTF, together with the Department of Justice, is conducting an investigation regarding Tether and the Bitfinex exchange: officials are interested in the possible impact of stablecoin on the Bitcoin rate at the end of 2017, as well as the way to issue new USDT tokens and Tether’s connection with Bitfinex. The CFTC investigation regarding Bitfinex and USDT became known in January of this year, when, due to the popularity of Tether users repeatedly suspected that Tether was issuing tokens that were not backed by the US currency.

In October, Tether burned 500 million USDT tokens, but the crypto community suspected that the company faced a shortage of foreign exchange reserves and thus tried to maintain a stable USDT rate.

 

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