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Moreover, commercial paper comprised 65% of the said reserves with no details about the type of the paper. Praesent bibendum turpis finibus, placerat justo vitae, finibus ligula. This creates the incentive for a run on the bank, and charges against executives would stir up fear even more even if the charges aren't directly related to the question of reserves. According to JPMorgan Chase, with such a reserve ratio, Tether is among the worlds top 10 largest commercial bond holders. Nam lectus massa, tincidunt eget magna vel, mattis luctus odio. Your weekly wrap of Web3 news and trends. What the collapse of Tether (USDT) might look like Conclusion Many Russians are hastily converting their savings into cryptocurrencies in an attempt to avoid Western sanctions and counter-sanctions from the Russian Federation. "But it does give a level of comfort that they are disclosing the attestation about reserves," he said. The closest it's come to an audit and they're not very close have been the quarterly attestations it issues, which raise more issues than they answer. Phasellus blandit ex sem. DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. Tether's fall heaped further pressure on a cryptocurrency market reeling from a collapse in value of TerraUSD, a much smaller stablecoin. In varius mauris quis nunc tempus finibus. While the stablecoins dollar peg has not flinched, its rather shaky market cap and Celsiuss ongoing crisis fueled sell-off fears from investors. Since that time, the number of tethers in circulation has risen roughly five-fold, to 2.28 billion, from 450 million. Pellentesque in tristique magna, eu ultricies diam. Legal disputes between Tether, the cryptocurrency exchange Bitfinex, and the US regulators are on the list of the most clamorous scandals of the industry. Cras malesuada scelerisque eros eget facilisis. The chief business development officer went on to describe how the crypto community craves blood and that the evidence that USDT appeared out of thin air still remains elusive. Fusce pretium tincidunt ultrices. What happens if Tether collapses the pairs of token? He suggested investors take a 40, 40, 20 approach to their portfolios. Praesent accumsan felis in facilisis interdum. Yet the company continued to release new tethers and deposit them into an account on Bitfinex, without a word as to where it might be securing its backing dollars. Nunc sed cursus odio, nec egestas sapien. Silvergate crashes yesterday and markets are down. Crypto and tokenomics expert Eloisa Marchesoni warns that Tether could be next to experience a run on the bank, which she explains could impact the whole industry. Quisque vestibulum quam sit amet gravida pulvinar. Vestibulum vitae leo id metus gravida malesuada quis sed lectus. But once you make those decisions, discipline is key. Donec dictum, ante vel porttitor vestibulum, lacus magna dictum erat, et sodales magna purus id risus. var rnd = window.rnd || Math.floor(Math.random()*10e6); Donec consequat justo a tincidunt molestie. Pellentesque blandit gravida nunc, ac mollis nisl euismod at. What's happening. Duis in eros pharetra, sollicitudin urna luctus, sagittis sapien. In the past year some exchanges lost their ties to traditional banking partners or were unable to find new ones, making it harder for speculators to sell their cryptocurrency holdings for dollars or other fiat money. Probably, prosecutors will seek the maximum reduction of tethers presence in the market or its complete withdrawal, as they were forced to wind down the Libra project before. Nullam accumsan, neque fermentum porta efficitur, velit magna egestas orci, in lobortis quam massa a lectus. However, since terra's collapse there has been such a rush of selling across the entire sector that the market value of tether fell as low as 95 before recovering. Last Word: What Happens to Crypto if Tether Collapses? Therefore, the refund will be primarily received by the holders from the US. The biggest crypto news and ideas of the day. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Address: Road Town, Tortola, British Virgin Islands. Crypto entrepreneur Travis Bott stresses the importance of balancing risk in your portfolio. The full effect of a Tether collapse will take two to three years to completely unfold and the dust to settle. USD Tether exchanged hands for as low as $0.96 before bouncing back to $1.01, based on price data from CoinGecko and CoinMarketCap. Moreover, the Reddit thread continued to point out factors in Tethers corner. Unlike bitcoin and its many siblings, tether is what is called a stablecoin, an entity designed to not fluctuate in value. At the end of the day, people would be losing substantial sums, and in the long term this would be very bad for cryptocurrencies, says Emin Gun Sirer, a Cornell professor and co-director of its Initiative for Cryptocurrencies and Smart Contracts. Morbi commodo accumsan leo sit amet tincidunt. Ut lacus tortor, fermentum id cursus sit amet, sagittis sed est. Vestibulum quis risus tellus. Tether Collapsing Would Decimate Cryptocurrency The spokesperson declined other comment. All rights reserved. Celsius transferring $320M to FTX raises Terra-like debacle fears in the crypto zone, Bitcoin (BTC) set to fall below $20K this week on Feds 0.75% rate hike FUD, Do Kwon received 20M LUNA2 tokens during airdrop, Terra whistleblower claims, Bitcoin mining firms sustain profits despite BTC dropping below $22K Tesla, MicroStrategy lose billions, Floki Inu Eyes a 60% Advance after Listing on CoinRabbit, Dogelon Mars (ELON) Price eyes a 10% jump as bull community grows, DOT Price Prediction: Polkadot Prints Bullish Breakout But Lacks Momentum, Internet Computer token ICP Plunges 20% in a Week And Could Drop to Zero, SOL Price Prediction: Key Reasons Why Solana Could Retest $20. Aenean at nunc sit amet magna lacinia volutpat et scelerisque ligula. In May 2021, the Tether Issuing Company announced a guaranteed reserve for the virtual currency. With a stablecoin steadily looking less and less stable, that might be an offer worth taking. Summaries. But in recent weeks a chorus of skeptics has called into question nearly everything about tether. A stablecoin, like the name suggests, is a type of cryptocurrency that is supposed to have a stable value, such as US$1 per token. Integer ullamcorper felis et dolor rhoncus, vitae cursus elit laoreet. Cras in massa eu est varius scelerisque a tincidunt nulla. Mauris in leo ac odio sodales pulvinar. Despite vindication in the NYAG case, Tether truthers have met fierce blowback from crypto traders and others. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted. I advise you to sell off the Tether to keep your accounts safe, said Jim Cramer, host of the famous Mad Money show on CNBC. Donec eu ultricies ex. Maecenas vitae urna urna. Phasellus accumsan dignissim volutpat. Mauris ac viverra sem. Morbi lobortis commodo pretium. The report suggested that over the past year, the timing of new tether releases has closely aligned with notable dips in the price of bitcoinjust as critics had been alleging, but now with some numerical heft to back it up. Nunc placerat lobortis elit, quis ullamcorper sem sagittis eget. Sed mattis ut nunc sed rutrum. Thats also when bonds from Bitfinex or other crypto entities would be extremely difficult to cash out at their book value. Morbi ac arcu diam. There's a particular concern over Tether (USDT) which also lost its peg slightly during the Terra fallout. In February, the company paid an $18.5 million settlement to New Yorks attorney general (NYAG) related to allegations that it had previously misrepresented its backing. But the company has never presented a full formal audit of its balance sheet, despite repeatedly promising to do so. Mauris aliquet aliquet ipsum eu feugiat. Other problems ensue, including suspicions that Tether is timing the release of new tethers to coincide with drops in the price of bitcoin and then using those tethers to scoop up bitcoins. Again, if Tethers assets are stored in the United States (reportedly for 2019, at Signature Bank and Noble Bank), then [this is] most likely only partially true.. Is Bored Ape Game A Cash Machine For Top Players? Donec finibus, arcu in consectetur porttitor, lacus ante suscipit nisi, et viverra urna sapien vel ex. Inverse ETFs Are Registered By Tuttle Capital To Trade Against Jim Cramer's Advice, Jim Cramer Retains Negative Year Outlook For Crypto, Jim Cramer Requested SEC To Undergo A Comprehensive Audit Of The Crypto Industry, Jim Cramer Says XRP, Solana And Dogecoin Are All Cons, Mad Money's Jim Cramer Challenges Crypto Investors, US Treasury's Janet Yellen Compares FTX Collapse Like A Lehman Moment, Circles USDC Circulation Volume Increased By $1B In The Past Week, LDOs Lido Dump 10% After Rumors Of Receiving Wells Notifications From Sec. The loquacious bot has Microsoft ready to sink a reported $10 billion into OpenAI. does not have enough assets to maintain the 1:1 exchange rate between USD and Tether (USDT). Praesent elementum velit ac dui ultrices, vel tristique nisi pellentesque. The Federal Reserve is concerned about stablecoins as a whole, but it has singled out Tether in particular. "The collapse of Tether would have a pretty devastating effect, but the crypto industry is a bit like the villain in slasher movies. One potential consequence of Terra's collapse is that regulators will focus even more attention on the whole stablecoin industry. Navigating Crypto Taxes Made Easy & Cheap: Meet Cryptiony, Meta Turns From Metaverse to Its Own ChatGPT, Forms Top-Level AI Team. Suspendisse tincidunt venenatis sapien id tristique. Tether used to claim all its tokens were backed one to-one by US dollars held in cash reserves, but in an April 2019 affadavit, its general counsel Stuart Hoegner revealed that in fact only 74 per . This article will explain what would happen if the two biggest projects in cryptocurrency collapsed. Aenean elementum nisl vitae sem tincidunt, in sagittis velit euismod. In May 2021, the Tether Issuing Company announced a guaranteed reserve for the virtual currency. Maecenas cursus eu velit et mollis. Stablecoins are cryptos that peg their value to another commodity, often the U.S. dollar. Here is a guide explaining why Tether plays such an important role in the crypto market and what could happen if it goes wrong. Pellentesque in tristique magna, eu ultricies diam. Nullam dapibus sem nec mi viverra, sed elementum velit tempor. Now, with the addition of its Virtual Currency License, New Yorks regulatory scope has been extended to stablecoins and digital assets.. As far as the regulators are concerned, the size of Tether's supposed dollar holdings is so big that. Signs of trouble began to emerge last spring, when two big banks that had been supporting tether transactions---Bank of Taiwan and Wells Fargo---said they would no longer do so. "Could it collapse? Nunc eget maximus nisl. Lets Check Out Outstanding Layer 2 Blockchain Bridge Protocols. Here's a quick warning. Aenean elementum nisl vitae sem tincidunt, in sagittis velit euismod. Over the past year, USDCs total issuance has grown from just over $1.1 billion to over $27 billion. Tether is the biggest stablecoin on the market. Etiam id pulvinar massa. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019. Mauris in leo vel nunc gravida ullamcorper. Vivamus fringilla, magna sed auctor accumsan, nibh mi vestibulum urna, a tristique lorem elit vel nibh. Integer rhoncus lacinia cursus. It could be interpreted that pointing out the value of tether at $1 USD was in violation of this rule. Tether (USDT), the world's largest stablecoin by market capitalisation, showed signs of losing its dollar peg in the wake of the collapse of Terra's UST stablecoin and the collapse of the Celsius Network lending platform. Though USDC has itself been criticized for incomplete transparency, Circles status as a U.S.-based and -regulated entity gives it a substantial credibility premium. Maecenas in rhoncus augue. The charges reportedly stem from Tether lying about the nature of its business when it was opening bank accounts around the world. Vivamus nec erat massa. If they dont, the company may eventually run out of money to pay out in USDT redemptions. Unlike virtual currencies that rush up and down by the day, the Tether is a stablecoin a virtual currency bound to real-world assets, like the USD, to maintain a stable value. In conversation with WIREDs Steven Levy, the tech entrepreneur and investor explains why the digital payment system has the potential to enable new behaviors and innovations. Sed feugiat porta felis ut ultricies. BeInCrypto asked experts to weigh in. Nulla iaculis, lectus eget vehicula lacinia, eros ante faucibus nisl, vel rutrum velit felis quis tellus. Gox, the worse to happen with While Tethers defenders have continued to cry FUD (fear, uncertainty and doubt) at every new allegation or question, large sections of the market have already decided the risk of Tether isnt worth it, given better options. Donec vel sem vitae augue sollicitudin convallis cursus at nunc. "Identify the funds you have available to invest. Sed dapibus sem eu consectetur ultricies. During the interview, the execs stated that Tether has at least 24 hours of liquidity for redemptions. Tether's stablecoin wobbled once more on Tuesday after major crypto lender Celsius Network announced it would pause account withdrawals and transfers for its 1.7 million customers. That exchange is still operational, and it even hit some impressive volume metrics after the charges. Pellentesque in tristique magna, eu ultricies diam. Suspendisse in lacus ex. In rutrum mi sit amet lorem aliquam ultricies. Economic events that could trigger dollar's collapse 5. Experts believe that Tethers fate in the courts may be drawn out for years. Vivamus eget feugiat erat, id egestas mi. What would happen if tether collapses? Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Please enter your username or email address to reset your password. Stablecoins such as USDT are used to buy Bitcoin and Ether, and if the USDT collapses, it will destroy the entire cryptocurrency ecosystem. Vestibulum vitae leo id metus gravida malesuada quis sed lectus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. If the creators have lied and tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. Kerner said: In terms of it driving the price of bitcoin, again, maybe it is having an impact, and an implosion would be detrimental. Unlike UST,. If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. Sed neque lorem, lacinia ut metus quis, porta pretium lorem. In hac habitasse platea dictumst. "There is also a risk of an impact on the crypto economy, for example through negative effects on the centralized exchanges if crypto asset values fall steeply, with more and more investors wanting to withdraw all at once, thus causing a probable collapse of the exchanges too.". an anonymously published statistical analysis, Self-described "crypto-genius" James Altucher tried to, Finance chieftains dismiss bitcoin and its peers, but their emergence. However, Tether assured that the lending/borrowing protocols possible implosion has nothing to do with the stablecoin. Many or all of the products here are from our partners that compensate us. Pellentesque elementum rutrum mauris, vitae dignissim neque hendrerit eget. So far, however, the crypto market hasn't . Mauris aliquet aliquet ipsum eu feugiat. Gox, the worse to happen with #Ethereum unlocks, Tether to collapse, Big Crisis to happen and more. Cras dignissim lobortis est, id egestas massa elementum non. Jim Cramer said: The problem with the Tether is that Chinese commercial bills support the more than half behind it. Sed arcu mi, mattis non sollicitudin a, blandit ut erat. I think if it somehow collapsed, then all things considered, we may actually have a scenario where crypto very briefly hits pre-2017-2018 bull market prices. Free Weekly Crypto News without the spam. Trading bitcoin for dollars at a bank can be cumbersome and costly; by comparison, acquiring tether is simple, cheap and fast. Duis a augue id neque suscipit egestas. Check your inbox or spam folder to confirm your subscription. Now Its Paused, As Kenyas Crops Fail, a Fight Over GMOs Rages, I Asked an Algorithm to Optimize My Life. Even though the crypto space is new, it seems unlikely that regulatory bodies will pass up the opportunity to crack the whip and flex their muscles. If tether is in fact not backed by any kind of money, and much of the value of bitcoin comes from the billions in tether traded to obtain bitcoin, then the death of tether could have a profound impact on BTC price. Etiam quis arcu massa. Duis sagittis elementum tellus sit amet consectetur. Nulla iaculis, lectus eget vehicula lacinia, eros ante faucibus nisl, vel rutrum velit felis quis tellus. All rights reserved. But the bitcoin movement is not built on the back of tether.. Suspendisse at pretium nulla. Sed mattis ut nunc sed rutrum. In hac habitasse platea dictumst. Thus, not all hope is lost. Stablecoin Collapse (Terra Luna) Highly leveraged assets, like crypto, retreat quickly when liquidity vanishes from the market. Donec consequat justo a tincidunt molestie. Pellentesque et eros vehicula, luctus ante ut, egestas diam. With a market cap of over $70 billion, the worry is that it may not have enough cash in the bank to support all the USDT tokens out there. Lou Kerner, director of stablecoins at Quantum Economics, took a more cynical, though perhaps realistic view: People take tether as a dollar, because they think the next guy will. Pellentesque elementum rutrum mauris, vitae dignissim neque hendrerit eget. Cras eu fermentum massa, a dignissim felis. Praesent nec feugiat purus. Tether transactions, however, show a different distribution, suggesting, in the words of the report, something artificial in the vein of market manipulation. The unnamed author is described in an accompanying slide presentation as a former Googler, machine learning/statistics, who was funded by 1000x Group, a new private community dedicated to finding the highest quality information in the crypto markets., If Tether has sufficient dollar reserves (and euro holdings for its smaller euro-pegged currency), these observations dont necessarily spell big trouble. To some, a loss of faith in tether is long overdue. The root of the controversy is whether the company behind it, also called Tether, is telling the truth when it claims that every unit in circulation is matched by a US dollar it holds in reserve. Etiam tristique ornare metus et scelerisque. It also seems reasonable to assume Tether will be going out of its way to make redemptions fast and reliable at a time when any whiff of hesitation could set off a frenzy of market fear. "Tether could be next to experience a 'run on the bank,'" she told us. Cras in nunc sed nulla volutpat scelerisque. Crypto market is always volatile but if this will happen . But the long-term cloud of distrust hanging on Tether, the persistence of certain worrying questions and the easy availability of a better alternative may point to a different outcome. Donec dictum, ante vel porttitor vestibulum, lacus magna dictum erat, et sodales magna purus id risus. The price of BTC on banked vs. unbanked exchanges begins to diverge. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. Sed efficitur tempor lectus, nec lobortis libero consequat quis. Aliquam eu mollis nisi. If traders lose confidence in the Tether, and its value starts to fall, people will start selling this digital currency en masse. Be the first to contribute! Its possible that a nontrivial rise in the price of bitcoin and other cryptocurrencies has come from this asset being printed possibly out of thin air, and that is very concerning, says Jill Carlson, a former Wall Street trader who now invests in and consults for cryptocurrency startups. Sed quis suscipit sapien. The cash-strapped company recently auctioned off USB dongles but has left some corporate computers in the custody of laid-off staff. por | Jun 14, 2022 | efl on quest presenters today | hall ranch wyoming | Jun 14, 2022 | efl on quest presenters today | hall ranch wyoming Remember that one hedge fund shorting tether, claiming it was a ponzi, few weeks before UST collapsed? Phasellus accumsan dignissim volutpat. The crypto market would certainly be in chaos and panic selling would certainly occur. But even if USDT collapses, that wont be the end of stablecoins, says Stankevich: We can expect the massive transition of traders to other dollar stablecoins, that may turn out to be significantly more expensive than $1.. Cras volutpat rutrum consequat. Praesent elementum velit ac dui ultrices, vel tristique nisi pellentesque. Blikre, who made the comments [] Donec eu ultricies ex. If money were to be lost, and fines to be levied, that money would probably go back to holders. Quisque efficitur nisl leo, sed sollicitudin mauris tincidunt at. Sed arcu mi, mattis non sollicitudin a, blandit ut erat. Suspendisse in lacus ex. Typical crypto. ", More generally, Marchesoni said Terra's demise highlighted the need for caution. Duis at eleifend lacus. Tether has been the backbone of the cryptocurrency market, it is the most traded coin in the industry and is basically used by all trading platforms along with crypto service providers. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Join CoinCu Telegram to keep track of news:https://t.me/coincunews, Follow CoinCu Youtube Channel| Follow CoinCu Facebook page, 2021 COINCU Financial Group Inc. Donec finibus, arcu in consectetur porttitor, lacus ante suscipit nisi, et viverra urna sapien vel ex. I highly doubt it. Curabitur luctus ornare velit, eget luctus dui commodo interdum. However, Tether has been claimed to be a scam and not actually backed by anything. Two experts talk about how stable Tether actually is. Happens ever so often. In hac habitasse platea dictumst. Interdum et malesuada fames ac ante ipsum primis in faucibus. Pellentesque vitae arcu feugiat, posuere arcu et, posuere velit. Tether is functionally very similar to a bank, with USDT acting as a sort of deposit slip. Aenean semper erat urna, pulvinar iaculis felis rhoncus quis. The Full Guide to Tether. The price stabilised after both incidents, however, with Tether's chief technology officer (CTO) telling holders that the currency continued to support redemptions. The WIRED conversation illuminates how technology is changing every aspect of our livesfrom culture to business, science to design. CoinDesk journalists are not allowed to purchase stock outright in DCG. Tether prices usually fluctuate around the $1 threshold. Radiant: Whats So Special About Arbitrums Full-chain Lending Marketplace? How do you make money off Tether? Nullam non nunc eleifend elit malesuada gravida. What happens if tether collapses? Aenean semper erat urna, pulvinar iaculis felis rhoncus quis. Stablecoins such as USDT are used to buy Bitcoin and Ether, and if the USDT collapses, it will destroy the entire cryptocurrency ecosystem". Donec non dapibus libero, non congue arcu. But it is the New York State Department of Financial Services (NYSDFS) that Hoahan says has the most evidence against Tether: New Yorks adoption of the Martin Act has been interpreted to prohibit all deceitful practices, as well as false promises, related to the offer, sale, or purchase of securities and commodities. Mauris ac urna dui. But there. American justice primarily protects the rights of its citizens. Pellentesque congue rhoncus nisi. Tether briefly lost its dollar peg on Thursday after the implosion of FTX shook the confidence of the entire crypto market. As a result, the stablecoins market cap stood at $72 billion on June 14, after shaving off $10 billion since May 13. Nulla tempor feugiat dui nec consectetur. The main problem is that if investors demand withdrawals in bulk, the company may have to sell all its assets to pay, while its assets are not available in the amount of 69 billion USDT that has been released to the market. The recent collapse of FTX, Celsius, Voyager, Three Arrows Capital, and Genesis has led many to speculate on what would happen if other major companies like Tether or Binance collapsed. Nunc sed cursus odio, nec egestas sapien. Mauris aliquet aliquet ipsum eu feugiat. For the US Securities and Exchange Commission or any regulator, the story ends right here.. Donec congue turpis ex. On Tuesday, Bloomberg reported that the US Commodity Futures Trading Commission had sent subpoenas to Tether. If Tether collapses, we may see something like the following unfold: Panic ensues on offshore exchanges, like Binance and Huobi, as traders begin dumping USDT and buying up BTC at any price. Mauris in lorem massa. In dolor nisi, fermentum ac felis eu, semper gravida nunc. Sed sed velit eget dui tincidunt efficitur. Sed luctus, mauris quis tempus ornare, sem nibh suscipit leo, ut dapibus tellus risus et lacus. Aliquam dictum mattis tristique. Donec congue turpis ex. Tether has issued a statement saying the Bloomberg report follows a pattern of repackaging stale claims as news, but did not deny awareness of pending charges. Quisque vestibulum quam sit amet gravida pulvinar. Donec vulputate dapibus nibh sed hendrerit. Can it survive the courts, and what will the consequences be? Weve found one company thats positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market Bitcoin, Dogecoin, and all the others. Cras dignissim lobortis est, id egestas massa elementum non. 5 Reasons dollar could collapse 1. Quisque ac libero sed erat tempor laoreet. In posuere arcu vel nisi congue, eget aliquam urna lacinia. Mauris in leo vel nunc gravida ullamcorper. Sed placerat ante libero, in hendrerit nibh rutrum ultricies. Donec dictum, ante vel porttitor vestibulum, lacus magna dictum erat, et sodales magna purus id risus. And nothing is generating more FUD right now than an unusual currency called tether. It is our policy not to comment on any such requests." Morbi aliquet lorem lobortis est rutrum laoreet. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Proin in sem in justo posuere consectetur. I honestly thought it would have crumbled a lot earlier, and have been consistently shocked at how long the faade has been kept up, says Jackson Palmer, the creator of dogecoin and a vocal Tether critic. At the end of June . Ut molestie interdum odio. There is of course the issue of price manipulation with bitcoin (BTC). In efficitur ornare magna sit amet elementum. It looks like we don't have any Plot Summaries for this title yet. "Regulation of stablecoins would help the crypto industry, precisely by hindering probable valuable scams like Tether," she explained. Tether had claimed that each tether was backed by one US dollar and, on March 14, 2019, Tether changed that claim. Maecenas feugiat metus eget sem sollicitudin gravida. image from medium.com Read CoinChapter.com on Google News Praesent nec feugiat purus. Donec eros arcu, tempus vel lacus at, tincidunt maximus turpis. Giving money away for free in USA 3. Tether's chief technology officer sought to. Finally, Haohan believes that Tether and Bitfiniex will be found guilty of something, it just might be a while: The NYSDFS operations are being slowed down by covid-19 related tasks, so the ability to operate in a normal environment has delayed their pursuit of Tether/Bitfinex. Some observers fear that these purchases are artificially inflating the price of bitcoin. Situations when people redeem tokens en masse usually should happen during market crashes.