Tether Is Just Messy
It seems that people behind Tether have lost the plot. They’re doing some crazy stupid sh*t and hoping that it will remain unnoticed. In the age of social media! Yeah, well Facebook and Instagram were down for some time, but all other platforms – especially Twitter – not.
So, y’all know how Tether is called the “king” of stablecoins and all that bullsh*t. It’s also a very well known fact, that USDT is fully backed by the US dollar. It’s an essence of the whole thing. Well, apparently it’s not so. There is an update on the website which states the following:
“Every 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.”
Affiliated entities? Whoa, ok. Even more ridiculous thing: this update was made very quietly, without any announcement and comments from Tether team. Talk about transparency as the “holy grail” of the crypto universe. Yeah, right.