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Tether Bank Statements ‘Suggest’ Company Has Full Fiat Reserves: Bloomberg

The rumors surrounding Tether and its USDT stablecoin continue to swirl with reports of fresh evidence proving reserves.

Cryptocurrency stablecoin Tether (USDT) really does have fiat reserves equal to the value of tokens in circulation, Bloomberg claimed in a report today, Dec. 18.

Citing “bank statements” it had “reviewed,” the publication became the latest source to add fuel to the controversy surrounding Tether, which has raged online since a series of legal tussles and banking reshuffles began last year.

According to the statements, Tether, which issues and notionally backs up each unit of USDT with $1, had a combined fiat bank balance equal to or even higher than circulating USDT from September 2017 to July 2018, the latest month for which information was available.

Tether also made $6.6 million in interest in the first half of 2018, Bloomberg claimed.

Designed to be pegged at 1:1 with USD, USDT has…

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2018-12-18 15:05:00

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Written by Cointelegraph

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