Tether has just surpassed $45B market cap. And, it was only in January when Tether tokens ($USDt) stood at US$25 billion. This is just like another milestone has been reached. This is a good indication for the ecosystem making use of Tether.
Paolo made a statement that, “The 15th of April will be more interesting than the 14th for Bitcoin!” and users returned comments stating, And 14th will be more interesting than 13th! Let’s see…! Are they going to print more for celebrations of their progress is something we are yet to learn about.
Someone tried to remind of By 17/05/2021.: “Publication of Tether’s Reserves: On at least a quarterly basis for a period of two(2)years following the effective date of this Settlement Agreement, Tether will publish the categories of assets backing tether(e.g., cash, loans, securities, etc.), specifying the percentages of each such category, and specifying whether any such category constituting a loan or receivable or similar is to an affiliated entity, in a form substantially similar to that previously presented to the OAG.”
Settlement agreement made In the Matter of Investigation by LETITIA JAMES, Attorney General of the State of New York, ofiFINEX INC., BFXNA INC., BFXWW INC., TETHER HOLDINGS LIMITED, TETHER OPERATIONS LIMITED, TETHER Limited, Tether International Limited.
For those who are new, the agreement mentions : Tether represented to users that “Every Tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USDT is always equivalent to 1 USD.”
In late February2019,Tether changed its representation, stating on its website that “[e]very tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, ‘reserves’). Every tether is also 1-to-1 pegged to the dollar, so 1 USDT is always valued by Tether at 1 USD.”
Perhaps, this might be the reason for why Tether recently published about, “Assurance Opinion Confirms Tether_to’s Reserves Fully Backed; Company Shares as Part of Ongoing Transparency Commitment”
However, several progressive developments are continuing to happen with Tether like the launch of Tether on Solana, where users have the benefit of being able to take the benefit of the fast speeds of Solana greater than 50,000 transactions per second for as little as $0.00001 per transaction.
Also, the recent excitement is about Tether tokens launching on Kusamanetwork and Polkadot networks.
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