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The issuer of stablecoin Tether (USDT) denies a report published in the Wall Street Journal that claims its dollar-pegged crypto assets are poorly backed.
Branding the report as “a series of unsubstantiated conclusions,” Tether To tell Among the assets backing USDT are US Treasury bills (T-Bills), considered the “safest assets in the world”.
The assumption that 3-month T-Bills are an unsafe asset is completely inconsistent with the longstanding fact that U.S. Treasuries have been the safest asset in the world for decades.
While denouncing the Wall Street Journal’s biased reporting, the USDT issuer says it will apply the same reserve margins as other prominent stablecoins.
If this margin applies to other stablecoins in the market, attacking Tethers reserves further underscores the publications agenda to single out Tether and tarnish its reputation.
Tether says it remains honest and transparent in its disclosures, even though it has not conducted an audit.
Tethers disclosure has been the most honest and transparent on the market. Everyone knows we have not been audited and we know we are working towards an audit
While it is true that no international accounting standard-setter has yet issued a recognition standard for digital asset accounting (including stablecoins), this is due to regulation of regulated entities (applying partial reserves). Not defined should be considered from a capital requirement and audit perspective. and certification frameworks apply equally to any industry/business. We very much welcome these developments.
Until then, Tether will continue to provide full transparency.
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