Tether’s Transparency And Trust Amidst Crypto Controversies: $86.1B In Assets Tether

Tether’s Transparency And Trust Amidst Crypto Controversies: $86.1B In Assets Tether, a prominent stablecoin issuer, has unveiled a transparency report showcasing its robust liquidity position. As per the report, Tether presently boasts liquidity reserves of approximately $3.3 billion. The recent data, dated August 24, discloses the company’s overall assets at $86.1 billion against liabilities of $82.8 billion, yielding a reserve ratio exceeding 100%. Within its realm, the Solana ecosystem emerges as the forerunner, with a pre-authorized issuance value of $1.057 billion. Ethereum trails closely with pre-authorization amounts of $617 million. Regrettably, the same liquidity cushion isn’t extended to other stablecoins under Tether’s umbrella. The report indicates that these non-US dollar-pegged stablecoins lack sufficient balances to uphold a 1-1 peg during turbulent periods. Coinbase, a major crypto trading platform, is slated to halt trading of three stablecoins, including Tether, effective August 31. This move arrives despite the stablecoin’s transparency report countering prevailing concerns about liquidity and asset backing. The company’s history is marked by controversies, particularly surrounding its backing and transparency. Its claim of $1 backing per USDT unit was debunked, leading to an $18 million fine by the New York Attorney General and mandatory reports on actual reserves.