Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => USDT Forum => Topic started by: MrSpasybo on March 31, 2021, 01:02:52 AM
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Tether’s reserves for its USDT stablecoin exceed the amount required to redeem the digital asset tokens, according to auditing firm Moore Cayman.
The report goes on to state that Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens as consolidated total liabilities amount to $35.2 billion, while consolidated total assets amount to “at least” $35.3 billion.
“Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins,” Tether Holdings wrote.
Source: Tether stablecoin is fully backed, says new assurance report (https://cointelegraph.com/news/tether-stablecoin-is-fully-backed-says-new-assurance-report)
So after the proof of the reserve 1 USDT = 0.7 USD incident in 2017-2018, we know for the first time that 1 USDT > 1 USD ^^
USDT is not only a stable coin for investors to protect assets during price volatility or the safest way for newcomers to enter crypto market, USDT also provides the function of ensuring value for the entire crypto market. In addition, we can see BTC price & market fluctuate according to USDT's capitalization growth, even before, many experts say that at the moment, if the value of USDT is not guaranteed, the whole market will panic and maybe 30% of the total market cap might be evaporated.
Not surprisingly, along with the news about Visa accepting payments in USDC, the audit results for USDT are also a big driver for the crypto market to recover.
What do you think about USDT, its role and decentralization? Are we being manipulated by Tether by continuously printing more USDT?