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Are Crypto Lending, DeFi And Stablecoins The New
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Peter Brandt said that Tether is a big-headed fart, which is why
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Caitlin Long reveals the real reason people are selling crypto Markets now can safely predict Bitcoin and crypto prices will likely exhibit high correlation with credit markets, said Long. 17821 Total views News
The founder and CEO of Avanti Financial is claiming Tether’s recent disclosure about the stablecoin s reserves may have contributed to the altcoin selloffs last week.
In a series of Saturday tweets, Caitlin Long said that Tether Holdings Limited’s breakdown of Tether’s (USDT) reserves were not invested in “short-term, lower-risk, liquid securities,” but rather credit assets of “who-knows-what quality.” The Avanti CEO claimed traders may have felt compelled to sell other cryptocurrencies to reduce their total risk exposure, given that the stablecoin ranked sixth with a $58 billion market cap has the potential to bring down other tokens amid a credit market correction.
Tetherâs reserves are fully backed, according to latest assurance opinion âThe groupâs consolidated assets exceed its consolidated liabilities,â Moore Cayman wrote of Tether Holdings Limited. 7059 Total views News
Moore Cayman, a Cayman Islands-based accounting network, has again affirmed that Tether Holdings Limitedâs USDT stablecoin tokens are fully backed by its reserves.Â
In the latest report, signed on March 31 and released Thursday, Moore Cayman confirmed that Tetherâs consolidated assets exceeded its liabilities.
âIn our opinion, the [Consolidated Reserves Report] by the management of Tether HOldings Limited group as of 31 March 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated,â the report read.
Report on Tether Stablecoin Says it is Backed One to One with the US Dollar
In a post on its site,
Tether Holdings Limited said a recent assurance opinion by
Moore Cayman confirms that “information in the company’s Consolidated Reserves Report is accurate.”
The report, a snapshot document from February 28, 2021, indicates that at that time Tether effectively held a one-to-one relationship with the US dollar. On that day, Tether held a market cap of around $35 billion.
Tether continues to be the most popular stablecoin in the crypto-sphere but the digital asset has been criticized in the past for not having a stablecoin fully backed by the US dollar.
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