Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Fawpac2 on January 24, 2021, 07:41:46 PM
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Tether Ltd.’s Bahamas-based bank, Deltec, said on Friday that the company’s stablecoin is fully backed by reserves, downplaying resurgent fears about the cryptocurrency’s integrity.
“Every tether is backed by a reserve and their reserve is more than what is in circulation,” Gregory Pepin, Deltec Bank CEO, said on the latest episode of the Unchained Podcast hosted by journalist Laura Shin. “We can see it first hand, so I can confirm that.”
Tether Ltd., the company behind the tether (USDT) stablecoin (which has a value linked to the U.S. dollar on a 1:1 basis), has been long accused of lacking of transparency about the coin’s backing. Indeed, a Tether lawyer said in 2019 each USDT was only about 74% backed by fiat equivalents.
Source (https://cryptonews.net/455308/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)
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what was said by Gregory Pepin as Deltec Bank CEO, in my opinion, this is too imposing because the lawyer from Tether himself said that USDT was only backed up by about 74% of the original funds.
It seems like this is really a game in my opinion because the USDT itself has been honest for the backup funds of the Tether coin but on the other hand Gregory Pepin, Deltec Bank CEO said for all about his honesty with USDT. I have no idea !
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after a long time being accused, finally everything is protected. Good news for usdt coin, however, I also really like this coin because it is quite fee efficient for sending balances
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Tether's bank Deltec says Tether is 100% fully backed where its lawyer claimed it's backed by 74% backed by fiat equivalents. This is confusing. If its fully backed but 74% are backed by fiat and the rest is vogue. Is it backed by crypto or gold not clear to me.
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Tether's bank Deltec says Tether is 100% fully backed where its lawyer claimed it's backed by 74% backed by fiat equivalents. This is confusing. If its fully backed but 74% are backed by fiat and the rest is vogue. Is it backed by crypto or gold not clear to me.
I read the information that Tether officially announced that USDT is fully backed not only by the dollar, but also by other assets, which are stocks of companies and other securities. At the same time, if you follow the growth of the USDT capitalization, it becomes clear that the demand for USDT in the cryptocurrency market is really great.