Tether confirm only 74% of coins are backed by fiat reserves
The controversy surrounding Tether continues. What was previously claimed to be a 1-1 fully backed stablecoin is quickly turning into a fractional reserve at best. The damning revelation confirmed in an affidavit written by Tether lawyer Stuart Hoegner, will not come as a surprise to many.
"Tether has cash and cash equivalents (short term securities) on hand totalling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers"
There have always been suspicions surrounding the validity of Tether's fiat backing, especially after they expanded their definition of backing to include "various similar assets", without truly revealing what these were.
The document further confirms that user funds are not at risk, and Tether's price (at time of writing) is currently at $1.049, signalling some (perhaps unexpected) strength and confidence. Perhaps it is better to reveal the true fiat backing level than to remain exposed to speculation. However, with alternative stablecoin TUSD recently revealing full 1-1 fiat backing for their coins, the outlook for USDT going forward will be under increased scrutiny by the day.
Tether image licensed via Shutterstock
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