Connect with us

Altcoins

Tether quietly alters ‘1 USDT for 1 USD claim’ in new update on official website

Biraajmaan Tamuly

Published

on

Tether releases new update on official website; quietly alters "1 USDT for 1 USD dollar claim"
Source: Pixabay

Tether, the largest stablecoin in the cryptocurrency ecosystem, recently updated their official website to clarify how their reserves work. The stablecoin had earlier claimed that 1 USDT was backed by 1 USD in reserves, but the claim was quietly changed to the following statement on their official website:

“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 [collectively, "reserves”]. Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

According to a recent Bloomberg report, the claims that the stablecoin had billions in USD to back up its cryptocurrency was something that was in “invariable doubt” amongst crypto-enthusiasts.

However, the concerns were supposedly “unfounded” upon review of the company’s accounts over four months in 2018. It was reported that Tether essentially had a dollar for every USDT available on the cryptocurrency market.



One of the company statements showed that Tether’s account at Puerto Rico’s Noble Bank Ltd. had $2.2 billion on a particular day, while $2.195 billion Tethers were in existence, according to data compiled by Coinmarketcap.com.

Upon the announcement, a Redditor named vectortrader remarked,

“Was it ever “officially” backed 100% by USD, though? Just because they said that it was, never really meant that it was. And a sketchy one-time “audit” in place of a quarterly audit doesn’t cut in proving their reserves. People in the space would be much better off using something like DAI.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoins

Tron DApp Weekly Report: Gambling apps leads the surge in Tron DApp numbers

Namrata Shukla

Published

on

Tron DApp Weekly Report: Tron DApps number led by Gambling apps
Source: Pixabay

Tron, the eleventh largest cryptocurrency on CoinMarketCap, recently collaborated with Bitpie, a partnership that would help startups to bridge the gap in vulnerable financial systems. Tron’s token might be lagging in terms of performance in the market but, Tron DApps continued to surge.

The DApp weekly report released by the Tron Foundation reported an increase of 22 DApps in the Tron ecosystem, taking the total to 392. It noted that gambling DApps mainly contributed to this growth as 17 DApps were gambling-based. Decentralized exchanges followed suit, as 3 new DApps made their way into the Tron DApp ecosystem. The main highlight for the entire Tron community was the partnership with Opera, a mainstream browser.

Tron introduced a DApp ‘Lucky Moon,’ an entertainment-based DApp that pushes users to estimate the current time to run away from the imploding rocket with a specific reward rate. As the rocket takes-off, the reward rate keeps increasing and the player will have to escape at the right time. An extension of this game is ‘Tyrant Annihilation,’ where users need to collect seven types of equipment to kill a tyrant. The DApp might have taken inspiration from The Avengers.



The report made note of the fact that the Tron public chain received support from Aocoin wallet, a decentralized secure digital currency wallet. My Token, a software company that specializes in market information has been integrated into Tronscan and TRX market, leading the way to user traffic in DApps ecosystem.

At press time, Tron was valued at $0.0283 with a market cap of $1.89 billion. The 24-hour trading volume of the coin was noted to be $690.34 as it reported 6.36% growth over the past day. The coin grew by 8.80% over the past seven days, but fell by 0.44% in an hour.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending