Looming Legal Issues and Transparency Questions Fail to Dent Tether’s Momentum
Tether has never been more popular. A quick look at Coinmarketcap data underscores this point, with 24-hour trading volume in USDT (US dollar-denominated Tether) exceeding both Bitcoin and Ethereum combined. Users of the Legacy Stablecoin Show No Sign of Relenting A slow-rolling lawsuit brought by the New York attorney-general against Tether parent-company iFinex for fraud and market manipulation, among numerous other critiques, isn’t even close to defusing trader interest in the most popular stablecoin. The Competition Grows Legs While, of course, there are competing stablecoins,....
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Tether’s general counsel said a full audit is coming in months. There will be an official audit of the world’s most popular stablecoin Tether within months according to the project’s general counsel.An audit for the world’s third-largest digital asset has been awaited for several years and increased regulatory pressure appears to have accelerated the process.In a rare mainstream media interview on CNBC, Tether CTO Paolo Ardoino and general counsel Stu Hoegner were asked some pressing questions on the subject of USDT’s backing and transparency.Hoegner responded to the question by saying:“We....
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Wall Street Journal's Jean Eaglesham and Vicky Ge Huang suggested that such a “thin cushion of equity” could cause mayhem in the market if Tether’s liabilities were to outweigh its assets. An article in the Wall Street Journal (WSJ) has claimed that Tether’s balance sheet is in a position that even a 0.3% drop in value of its reserve assets could “render Tether technically insolvent.”In an Aug. 27 report, WSJ journalists Jean Eaglesham and Vicky Ge Huang focused on the cloudy nature of Tether’s USDT reserves and its long-awaited audit that has been in the works since 2017. Eaglesham and....