Tether Confirmed Almost $500 Million Reserves
Tether, one of the oldest and most popular stablecoins, continues to argue that cryptocurrency is not a scam, and all USDT tokens are provided with USD cash. According to the Bloomberg, at least for four months, Tether’s reserves fully covered the tokens in the circulation. Allegedly, Bloomberg journalists got acquainted with the Tether bank statements and discovered that from September 2017, the company held $452.9 million in bank accounts in financial institutions Noble Bank, Puerto Rico and Bank of Montreal.
At the end of September last year, there were 435 million USDT tokens in circulation. This means the reserves even covered more than necessary. According to Bloomberg, in the other months, reserves also fully backed tokens.
Tether has repeatedly promised to conduct a regular audit of its own reserves to confirm the tokens are fully backed by the US dollar. But the company did not succeed, because of what investors began to look closely to other stablecoins.