Wednesday, October 4, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News FUD

Will This Move By Tether Finally Put All FUDs To Rest?

news by news
December 13, 2022
in FUD, News, tether
0
Will This Move By Tether Finally Put All FUDs To Rest?
0
SHARES
23
VIEWS
Share on FacebookShare on Twitter

READ ALSO

FTX’s $500 Million Bet on Anthropic Pays Off Amid Google’s Interest

Ripple Secures An MPI License In Singapore, Here’s Why It Matters

Tether FUD

With mounting concerns over Tether’s growing number of secured loans and it being a reason for the stablecoin issuer’s eventual demise, Tether came out with an official announcement later today. The crypto firm is now planning to minimize its loan exposure to zero by the year 2023.

Tether’s 2023 Goal

According to its announcement, the internal team at Tether is prioritizing transparency, accountability and operational eminence to safeguard itself from any calamity. Unlike the growing number of crypto firms going bankrupt or on the brink of facing bankruptcy risks due to high leverage, widespread fraud, and poor risk management, Tether plans to continue its 8-year long legacy forward.

Read More: Why Doesn’t Tether Publish USDT Reserves” : Founder Responds

After The Wall Street Journal reported that the stablecoin operator’s growing list of loans would make it impossible for it to repay redemptions in the event of a crisis, Tether announced that it would remove all secured loans from its backing in 2023.

In response to the most recent attack on Tether, the company states that,

Tether is professionally & conservatively managed and this will be demonstrated once again by successfully winding down the lending business without losses

Read More: Tether CTO Criticizes Coinbase For Asking Users Convert USDT To USDC

Additionally, the announcement further states that “The secured loans held in the reserves are overcollateralized and covered by extremely liquid assets”.

$6.1 Billion In Loans

According to the firm, as of September 30, its loans totaled $6.1 billion, or 9% of Tether’s total assets. In the third quarter, the group’s consolidated total assets even exceeded $68 billion.

Tether previously asserted that it would ensure that borrowers were provided highly liquid collateral for these loans, but now the operator apparently intends to do away with them entirely.

Tether FUD followed By Binance

The news comes after the collapse of the crypto exchange FTX, and the more recent rumor surrounding Binance’s partial reserves leading to a lingering fear among the crypto community.

Tether also recently introduced the Chinese Yuan (CNHT) to its growing family of stablecoins which includes USDT, EURT and MXNT.

The post Will This Move By Tether Finally Put All FUDs To Rest? appeared first on CoinGape.

Related Posts

24/7 Cryptocurrency News

FTX’s $500 Million Bet on Anthropic Pays Off Amid Google’s Interest

October 4, 2023
24/7 Cryptocurrency News

Ripple Secures An MPI License In Singapore, Here’s Why It Matters

October 4, 2023
24/7 Cryptocurrency News

OpenSea Studio Goes Live for Creators to Easily Launch and Manage NFT Projects

October 4, 2023
24/7 Cryptocurrency News

XRP Price Jumps 5% After Court Denies SEC’s Interlocutory Motion, Next Target $1?

October 4, 2023
24/7 Cryptocurrency News

XRP Lawsuit Trial Date Locked In April 2024; Any Further Change?

October 4, 2023
24/7 Cryptocurrency News

Breaking: Judge Denies US SEC Motion To File Appeal In XRP Lawsuit

October 4, 2023
Next Post
FTX Hearing: CEO John Ray Claims “Embezzlement” Root Cause Of FTX Collapse

FTX Hearing: CEO John Ray Claims “Embezzlement” Root Cause Of FTX Collapse

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

What Is Debt Default?: How US Economy Risks Could Impact Crypto Market?

What Is Debt Default?: How US Economy Risks Could Impact Crypto Market?

February 6, 2023
U.S. Supreme Court’s First Crypto Hearing Gets Heated Confrontation On Coinbase Lawsuits

U.S. Supreme Court’s First Crypto Hearing Gets Heated Confrontation On Coinbase Lawsuits

March 21, 2023

Cardano Project Catalyst Wraps Up Fund 10, Here are Key Takeaways

September 21, 2023

Debt Ceiling Deal Or Not, Bitcoin To Remain Bullish; Here’s Why | Coingape

May 22, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In