Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.”
Amp is described as the new digital collateral token offering instant, verifiable assurances for any kind of value transfer. Using Amp, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.
The team of Tether published a statement in which it rejects the accusations made by WSJ, ensuring that they have a transparency-focused approach to the management of their reserves.
- Tether indicates that WSJ is based on false foundations
- Reassures again that its assets are properly backed up
- Despite the inconveniences of the past, Tether continues to enjoy wide adoption
The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. partner company Bitfinex y emisora de una de las stablecoins con mayor adopción del mercado, Tether, accused the news agency Wall Street Journal (WSJ) of promoting a smear campaign against the company and undermining its reputation by making allegations without any basis whatsoever.
Alleged smear campaign by WSJ
This was reported by the team ofTether un communiqué published today where he pointed out that the criticisms presented by WSJ The concerns regarding the use of three-month Treasury bonds as reserve assets are unfounded, given that this type of product is one of the safest in the world, being rated with the same degree of security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. as the US dollar.
Specifically,Tether rejects the idea proposed by WSJ, in which the media alleges that the company’s handling of its hedge funds threatens the stability and liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. of the stablecoin. USDT. Here the company points out that such remarks are part of a fundamental misunderstanding, and that they are able to adequately maintain the cryptocurrency’s parity with the US dollar.
In this regard, the company’s team wrote:
“The article seeks to discredit the work Tether has done in communicating transparently and honestly to the public. BDO, a highly reputable and independent Top 5 audit an audit is a process where developers inspect the underlying code and/or algorithm that compose systems and applications. firm, is not a ‘Tether accounting firm,’ as the WSJ erroneously wrote. BDO will continue to have unfettered access to any information relevant to performing its work, and Tether will continue to share its certifications, despite the media’s continued attempts to disparage its reputation….”
Baches en el camino
WhileTether has stood out for the controversy surrounding the handling of the reserves due to the problems that arose at the end of 2017, the beginning of 2018 and some legal proceedings that have already concluded, there is currently a great interest in auditing and ensuring greater transparency among the firms issuing stablecoins, especially after what happened with the currency currency is a medium of exchange that defines value. issued by the team of Earth, MTS, which lost parity with the U.S. dollar and its operating model could not prevent its collapse and the collapse of its ecosystem.
RegardingTether, in February of last year the company and the exchange Bitfinex paid the New York attorney general some $18.5 million after settling, as the entity was accused of concealing losses of corporate and client a client is software that can access and process blockchain transactions on a local computer. A common application of this is a cryptocurrency software wallet. funds.
That same year, an investigation conducted by the prosecutor’s office alleged thatTether did not have the necessary reserves to back up all of the circulating funds, pointing out aspects such as the absence of known bank accounts and public audits.
By October 2021 the CFTC multó in theTether for USD $41 million, because between 2016 and 2019 the company claimed that its assets were 100% backed by fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. assets. The regulator found that the company had only 27.6% of the funds needed to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the total tokens issued.
Ensuring greater transparency
After overcoming all these scenarios, theTether is committed to greater transparency in the management of all information associated with the handling of its bookings and now has regular reports, while constantly updating its website with information for all interested parties.
En el comunicado publicado se lee:
“… Tether continuará brindando total transparencia en referencia al principio de las Normas Internacionales de Información Financiera descrito en el Informe de Reservas Consolidadas que es, a la fecha de referencia, el informe más transparente, ya que otros limitan sus divulgaciones a afirmar que “Activo mantenidos son al menos iguales al token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. en circulación en la fecha del informe”.
CurrentlyTether has a total of USD $67,554,195,859 issued in just one year. USDT, so that this coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. ranks third among the cryptocurrencies with the largest market an area or arena, online or offline, in which commercial dealings are conducted. capitalization, being surpassed by Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y Ethereum a decentralized open-source blockchain with smart contracts functionality. in the first places.
- Tether team says it will not block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. addresses associated with Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. unless demanded by authorities
- Tether to Reduce Commercial Paper Reserves by $5 Billion in July
- Tether expands with a new sterling-linked stablecoin: GBPT
Article by Angel Di Matteo / DiarioBitcoin
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