Tether Founder Claims The Company’s USDT Reserve Is Transparent

Recent reports concerning Tether’s loans to partners have aroused investor concerns, and Tether co-founder Reeve Collins has rejected these claims.

Collins decided to intervene in the case as the backlash against Tether grew. On CNBC’s recent broadcast of SquawkBox, he finally defended the company against multiple allegations.

Tether released its evidence of reserves on the company’s official website, according to the co-founder. He said the publication was available for anybody to view and evaluate its facts.

USDT’s integrity, according to the co-founder, has been preserved throughout its operating existence. He stated that the company has never failed to redeem its coin for exactly $1 per coin.

Collins stated that even after selling Tether in 2015, the company has not departed from its operating principles. According to him, the company has endured the test of time because it has continued to apply the finest strategies in reducing operational risks.

Collins also mentioned that the company is audited on a regular basis over a few months. This technique will allow government funds to investigate the procedures that go into their investment and administration.

Tether’s USDT are the most widely adopted stablecoins, having pioneered the concept in the digital token space. A disruptor to the conventional financial system and a trailblazer in the digital use of traditional currencies, USDT support and empower growing ventures and innovation throughout the blockchain space. USDT exist as a digital token built on multiple blockchains.

Tether, the cryptocurrency exchange OKX, and the venture capital firm Sequoia Capital are among the businesses that Bankman-Fried is said to have approached for funding. It is said that he has requested at least $1 billion from each of the organizations. The sentiment was expressed in a blog post by Tether on November 9 assured the community that it has no exposure to Alameda or FTX.

In November, Tether’s CTO, Paolo Ardoino, confirmed the company has “no plans to invest or lend money to FTX/Alameda.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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