Tether USDt

<h2 id="header-0">Tether’s Cryptic Investments in Chinese Securities</h2><p>According to documents divulged by the New York Attorney General, Tether, a significant stablecoin issuer, once had an investment in Chinese securities. This is despite its persistent denial of such claims. These securities were issued by notable corporations such as China Construction Bank Corp. and Agricultural Bank of China Ltd.</p><h2 id="header-1">Rumors and Denials Surrounding Tether’s Investments</h2><p>Rumors about Tether’s backing of its stablecoin with Chinese securities were rife at one point. Amid the speculation, Tether remained reticent, explicitly denying in September 2021 that it held commercial paper from the beleaguered Chinese real estate giant, Evergrande.</p><p>In July, Tether proclaimed that it was devoid of any Chinese commercial paper at that particular moment. Nonetheless, it kept mum about its past dealings. Simultaneously, it chastised critics who consistently disseminated false information about its commercial paper holdings, dismissing their claims as erroneous.</p><h2 id="header-2">Freedom of Information Request Unveils Tether’s Past</h2><p>The illuminating documents were made public due to a freedom of information request. They comprise part of the data accumulated by the New York Attorney General in its thorough investigation into Tether, culminating in a 2021 settlement and an $18.5 million penalty.</p><h2 id="header-3">Tether’s Current Position on Commercial Paper</h2><p><a href="https://tether.to/en/" rel="noopener noreferrer nofollow">Tether</a>, currently, insists that it has entirely expunged commercial paper from USDT’s backing, in a move to restore transparency and trust in its <a href="https://blockchainreporter.net/tag/stablecoins/" rel="noopener noreferrer nofollow">stablecoin</a>.</p>

Tether's Stablecoin Previously Supported by Chinese Securities: Revelations

Table of Contents

BlockchainReporter

Other articles published on Jun 16, 2023

Bitcoin Exchange Binance Will Exit From This Country Due To Its Licensing!

Binance to exit Netherlands after failing to obtain registration

Riding the Wave: Top 9 Crypto Futures Trading Platforms to Watch in 2023

Ethereum whales are aggressively buying the dip

BlackRock Files Bitcoin Spot ETF Application, Taps Coinbase

Prometheum's SEC Compliance Confession: A Congressional Spotlight

Join our free newsletter for daily crypto updates!