According to a recent report, Tether, the issuer of the USDT stablecoin, has been increasingly lending its own coins to customers rather than selling them for cash. Further, it also states that, the crypto giant has failed to disclose its stablecoin-issued loans and raised concerns about why Tether doesn’t publish its full USDT reserves for transparency.
Tether Responds To USDT Charges
The filing for Chapter 11 bankruptcy earlier this month by one of the largest cryptocurrency exchanges, FTX, has given rise to these fears. It’s believed that the subsequent market decline might have dented and diluted Tether’s collateral.
Weighing in on the situation, Tether’s cofounder, Reeve Collins, responded to the allegations on CNBC’s latest episode of SquawkBox.
In defense, Reeve states that, the company published its proof-of-reserves on the official website and that anyone could check them out and validate them. Additionally, Tether undergoes audits every few months for government
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