just printing the things whenever they feel like it
sigh This is a common misconception, so fact check time...
Tether is printed on demand, but it is backed by assets.
An independent audit was done to settle a claim brought by the New York Attorney General. The audit found $35.2 billion in assets against $35.1 billion in issuance liabilities.
The case was settled with an $18 million fine and a promise of increased transparency, but ultimately the NYAG was unable to demonstrate any evidence supporting claims that Tether was unbacked.
The "issuance liabilities" included loans backed by bitcoin. If someone posts bitcoin as collateral and tethers are generated, how much money has flown into crypto?
Comments
sigh This is a common misconception, so fact check time...
Tether is printed on demand, but it is backed by assets.
An independent audit was done to settle a claim brought by the New York Attorney General. The audit found $35.2 billion in assets against $35.1 billion in issuance liabilities.
The case was settled with an $18 million fine and a promise of increased transparency, but ultimately the NYAG was unable to demonstrate any evidence supporting claims that Tether was unbacked.
The "issuance liabilities" included loans backed by bitcoin. If someone posts bitcoin as collateral and tethers are generated, how much money has flown into crypto?
https://blockworks.co/celsius-reportedly-borrowed-1b-from-te...