Tether (USDT) ends controversy and reveals its cash reserves
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Answer Tether (USDT) ends controversy and reveals its cash reserves
Tether (USDT), otherwise known as Digital Dollar, has revealed that a bank located in the Bahamas has been auditing the company regularly over the past few months and has announced financial results.
Tether’s statement included that on their balance sheet they had nearly $2 billion in bank reserves, more than the market value of the USDT token.
The Tether team reported today that it has partnered with Deltec, a bank and financial services provider in the Bahamas. The relationship was formed after the bank reviewed the project financially, and the process took several months.
The company also released a statement from its partner Deltec, which stated that the Tether account contained more than $1.8 billion. This is more than the market capitalization of Tether (USDT), which is worth $1.77 billion.Read:Cryptocurrency LUNA Beats Binance Blockchain With $20 Billion Total Locked Value
Tether reported that its partner Deltec has researched all aspects of the project. This included regulatory compliance and background checks for the company’s shareholders.
USDT . digital currency
Tether is known as the Digital Dollar and its symbol (USDT), because it is a stable currency and its price is linked to the price of the US dollar 1: 1. The project says that new digital currencies are printed in the form of USDT when the paper dollar is deposited in its reserve account.
The USDT cryptocurrency allows users to maintain their investment portfolio and stay away from price fluctuations and gives them quick access to cryptocurrencies through various cryptocurrency exchanges.
Recently, several stablecoins have emerged intending to compete with USDT after negative news spread about Tether until recently. As many critics claim that the company does not actually own the cash dollar that backs Tether (USDT), making it useless – as they describe it -.
These fears reached their peak last month, when the value of Tether (USDT) fell to levels of $0.85 per USDT, causing some to question the currency’s future.Read:Full-time cryptocurrency trader gets 20 months in prison
The future of tether and its digital currency (USDT)
According to its website, Deltec claims to be a high quality banking institution that aims to enhance the capital of its clients. Since its establishment more than 70 years ago, it has been providing private financial services.Read:The top 10 Ethereum addresses hold over 19 million ETH… what does it mean?
It is worth noting that Tether has previously dealt with an American law firm (Freeh, Sporkin & Sullivan LLP) to verify its bank reserves, and the law firm announced that the cash reserve matches the number of USDT cryptocurrencies.
And now with this latest announcement and revelations to its financial partner Deltec, will the doubts and negative news about Tether stop? Share your opinion in the comments or in main telegram group.
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