The stablecoin is one of the most criticized by institutions in the United States, who question the support in dollars of the tokens issued
Tether (USDT) is one of the cryptocurrencies with the highest market capitalization, but it is also one of the most attacked by institutions of the U.S, as the FED (Federal Reserve).
This digital asset, of nature stable for having your quote tied to the dollar, is issued by the company Tether Limited, sign that is under scrutiny for the risk that it will not be able to fulfill its payment promise in the event that all its users want to exchange it for dollars, which, specialists explain, is a risk that could destabilize the financial system.
“Bringing together regulators will allow us to assess the potential benefits of stablecoins while mitigating the risks they could pose to users, markets or the financial system,” said the Secretary of the Treasury, Janet Yellen, it’s a statement.
And to bring peace of mind to its users, in the last hours Tether reported increasing total assets by u $ s21,000 million in a new accounting review, stating that their tokens are fully backed by their reserves.
The accounting network Moore Cayman, firm based in the Cayman Islands, reviewed Tether’s latest Consolidated Reserve Report and determined that the company met its reserve obligations for the period ended June 30, 2021.
As reported, the total consolidated assets of Tether amounted to at least US $ 62,773,190,075 for the reporting period, while the company’s total consolidated liabilities were US $ 62,628,932,116, of which US $ 62,610,829,196 were related to USDT.
The report further revealed that cash and cash equivalents amounted to $ 53.3 billion of Tether’s total assets.
“Tame the Wild Stable Coins”
A report prepared by Investigators of the Federal Reserve Bank (Fed) and the Yale university, indicated that these types of stable assets should be regulated like banks and promote more central bank digital currencies (CBDC, for its acronym in English).
In the study, dubbed “Tame the Wild Stable Coins”It is also requested that cryptocurrencies that are linked to a currency or asset such as the dollar or gold and are not regulated, should be eliminated to avoid instability in the global payment system.
Last May, Tether revealed that only 2.9% of its reserves are held in cash, while 50% is represented by commercial paper, a form of short-term unsecured debt.
In this way, the firm is in the ‘top’ 10 of holders of commercial papers in the world, according to JP Morgan, and several of its analysts warned that a sudden loss of confidence in the stablecoin could lead to a “severe and broad impact on crypto market liquidity”.
For this reason, Eric RosengrenPresident of the Federal Reserve Bank of Boston called it one of the potential threats to financial stability.
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