Bloomberg report suggests Tether has the necessary fiat collateral - The Block
January 08, 2019 10:05 PM Discuss The question of whether Tether, the largest stablecoin by market capitalization, has the billions in USD to back up its cryptocurrency is something that has long hung over the nascent crypto industry. Those concerns might be "unfounded," a Bloomberg News report finds. Reviewing statements outlining the cash in the company's accounts over four months, Bloomberg found Tether essentially had a dollar for every USDT on the market. The authenticity of the documents was confirmed by a government official. "For example, one statement shows $2.2 billion was in Tether's account at Puerto Rico's Noble Bank Ltd. on Jan. 31. That same day, 2.195 billion Tethers existed, according to data compiled by Coinmarketcap.com," the report noted.
Share this content on social media: See www.theblockcrypto.com for more similar content.
Aggregated news and features about bloomberg reports Titles, images and descriptions not entered by Crypto.BI are Copyright(C) their original authors, all rights reserved.
Work & Learn