Tether Reveals Plans to Shrink Short-term Debts in USDT Reserves Below 30%.
14 Apr 2022, 08:00
Tether Reveals Plans to Shrink Short-term Debts in USDT Reserves Below 30%
Tether, the crypto startup behind the world’s largest stablecoin by market cap and traded volume, said it has plans to shrink the existing short-term corporate debts in its USDT reserves. The company’s Chief Technology Officer Paolo Ardoino explained that the process is scheduled to happen in phases and reduction will continue until Tether is satisfied with the results.
Indeed, the announcement comes amid growing concerns regarding the specific assets backing the USDT stablecoin and the companies providing these assets.