Tether (USDT) Tokens Are Fully Backed by USDT, Bank Statements Reportedly Show

Citing newly-obtained bank statements, Bloomberg reported on Tuesday that Tether (USDT), which is pegged at 1:1 with USD, is fully backed by fiat reserves, dispelling recent allegations that the stablecoins issued exceed the company’s holdings.

The documents, provided by an anonymous source with access to the company’s records and confirmed by an unnamed government official, show that Tether had $2.2 billion in its Noble Bank account as of January 31, 2018. CoinMarketCap data suggest that roughly the same amount of Tethers existed on that day.

Similar matching statements for September and October 2017 also point towards a correct pegging. Th…

This article appeared first on Cryptovest

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