Tether claims zero lending exposure to Three Arrows Capital and Celsius and publicly denied rumors about the Asian Commercial Paper backing so let’s read more today in our latest Tether news.
Tether, the company behind the USDT stablecoin dismantled rumors about the Asian Commercial Paper backing and more. The downturn in the markets continued but Tether one of the biggest players in the marekt debunked some of the rumors. The company is aware of these rumors being spread that its commercial paper portfolio is 85% backed by hte Chinese or Asian commercial papers and was traded at a 30% discount. The rumors are false and will likely continue spreading and induce further panic to generate more profit from the currently stressed market.
Tether claims zero lending exposure to Celsius as well and the company reiterated its current portfolio of commercial papers which was reduced to 11 billion and will furthermore reduce to 8.4 billion by the end of the month. Following this, the commercial papers that expire will be rolled into US Treasuries with a short maturity. Another thing is that Tether has zero exposure to Celsius apart from a small investment made out of the Tether equity in the company.
The company refuted the claims that it has a lending exposure to Three Arrows Capital which is also rumored to be in distress.
As recently reported, Stablecoin operator Tether launches USDT on Tezos and announced it will be expanding the list of blockchain networks that support its flagship stablecoin USDT to the Tezos network in order to create smart contracts and dapps. With the addition of Tezos, the USDT ecosystem is available on1 2 various networks like Tron, Solana, Ethereum, ALGO, and now most recently, Polygon.
Tezos is powered by XTZ which is the network’s native cryptocurrency that was created via a process called baking. In most aspects, this process is similar to what is called staking on other PoS networks where all holders have the ability to stake their coins and get rewards for signing and publishing blocks. Launched in 2018, Tezos is referred to as the first self-amending blockchain that leverages a unique on-chain governance mechansim to automatically integrate new features without the need for hard forks whcih is an often a preferred method to deploy functionality that includes a different set of rules and requires many upgrades, making the blocks and transactions incompatible with a new version of the protocol.
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