The world’s largest stablecoin issuer, Tether, will stop lending out funds from its reserves.
Tether’s decision comes in response to the Wall Street Journal’s recent attack on its allegedly unreliable reserves.
Tether refers to the reports about its reserves as rumors.
The stablecoin issuer said its secured loans are over-collateralized and covered by liquid assets.
Tether, the world’s largest issuer of stablecoin, has resolved to stop lending out funds from its reserves in 2023. The firm’s press statement reiterated that the halted practice is critical to restoring faith in the crypto market.
This decision by Tether comes as a reaction to a recent mainstream backlash by Wall Street Journal over its alleged unreliable reserves.
In an early December report, the Wall Street Journal called out the stablecoin issuer for always lending out its stablecoin assets instead of selling them upfront. Further, the report claims the stablecoins issuer may not have enough li
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