Tether Secretly Changes USDT Stablecoin Policy
The cryptocurrency project Tether, issuing the USDT stablecoins, updated the information on the official website regarding the backing of the stable tokens with US dollars.
It is reported that each USDT is now pegged to a reserve fund consisting of traditional fiat funds, cash equivalents, and, sometimes, other types of financial instruments, as well as the expected return on loans that the company has provided to third parties. The authors pointed out that despite this, the stablecoins are provided with US dollars in a 1:1 ratio.
Tether has repeatedly been mentioned in the active discussions of the crypto community because of the lack of confidence of the sphere participants in statements about the full backing of the USDT reserve with USD. However, journalists from Bloomberg have disproved some of the accusations against Tether.
The changes on the Tether website were also noticed by users of the Reddit forum. According to the participant under the name Toyake, on the basis of the information from the site, it can be now officially declared that the company's stablecoin is not provided with USD at 100%.
The Block journalists claim that the changes in the wording could occur due to an investigation by the US Department of Justice and the Commodity Futures Trading Commission (CTFC), which started in late autumn 2018.
As previously reported, the Tron crypto platform and Tether stablecoin project will launch the USDT in the Tron network as part of a new partnership agreement.