Posted on 10/07/2021 11:16:12 AM PDT by DUMBGRUNT
Tether recently settled a $1 trillion lawsuit revolving around the unbacked issuance of the stablecoin. Senator Cynthia Lummis has stated that any regulatory framework for stablecoins will require full cash-backing, similar to money market mutual funds. Tether loaned $1 billion to Celsius Network, a crypto lending firm that has come under the ire of financial regulators several times.
Tether's $69 billion reserves raise questions from regulators
Tether was under investigation for issuing stablecoins backed without cash reserves. Tether's $69 billion worth of stablecoins (issued, authorized or both) are supposed to be backed by USD. However, no entity can validate the $69 billion reserve
(Excerpt) Read more at fxstreet.com ...
A long and detailed article on this topic at the unlinkable B----berg
Really, and what is the US dollar backed by hmmm?🤔
Surprise, surprise NOT. Buying coins from these guys is no different than buying a “genuine” Rolex on some city street corner.
“and what is the US dollar backed by hmmm?”
About 28% of the US land area is owned by the Federal Gov!
It has some value if biden hasn’t yet given it fake former slaves?
Tether on the other hand has its verifiable(?) assets in Evergrande land.
Not to worry, the official Chinese economy grew 7.9% last year and grow out of any and all problems.
Except for the problem of extracting your funds from China.
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