- Tethe stands strong against rumors regarding Chinese Commercial Paper
- Tether commits to reduce the Commercial paper count to zero
- Several countries seems to rundown in the race to introduce stablecoins
Tether Fights Back!
No industry can survive when the users or the investors start following the rumors spreading out in the market. And when we talk about the global cryptocurrency market, falsely spreading information is affecting the market in the worst ways possible.
One such news is coming directly from Tether, issuer of the USDT stablecoins. Due to some escalating falsities that Tether’s portfolio holds the Chinese commercial paper as a part of security. Tether warned the industry investors and the market movers that this may affect the way more than the cyber threats.
In one of Tether’s new articles they began with, “ The escalation in false information is the biggest threat that exists in the crypto industry. It is the same as cyber threats including hacks or frauds. These falsities will not only affect the company but each and every individual connected to the cryptocurrency ecosystem.”
Way Out to Success
Tether made it crystal clear to the skeptics that they are completely wrong about the commercial paper holding of the company. Moreover, they cleared the fact that the total Commercial Paper exposure will be slashed from 30 Billion in July, 2021 to 3.7 Billion as of now. Tether is strategizing to reduce this number to 200 Million by the end of August this year. The ultimate goal seems to conclude the Commercial Paper count to zero by the end of this year.
Also Read: Philippine Central Bank Governor in favour of Cryptocurrency
Final Thoughts!
Without a doubt, critics have never left the Tether to breathe in an undisputed space. However, they always came up stronger in maintaining a stronghold reserve for running a stablecoin like the USDT. Tether is now making promised commitments to reduce the commercial paper to the crypto community. Tether began offering quarterly reports to New York after last year’s settlement over allegations hiding loss of funds and lying about reserves.
With such falsities happening across the cryptocurrency landscape several countries are in plans to introduce the stablecoin including the United States, the UK, and Japan. However, these stablecoins will be backed by certains rules such as the regulators must be rigid and transparent about the assets backing the tokens.
Source: https://www.thecoinrepublic.com/2022/07/28/tether-fights-back-usdt-reserves-hold-no-chinese-papers/