Following the collapse of Terra and its ecosystem, there is a considerable reduction of confidence in stablecoins, especially Tether. Most participants in the crypto space have increased doubts about the level of stability with stablecoins. While many are treading more caution on most projects, some have made a complete back-out. That’s why the pressure has risen on some of the top stablecoins. Investors have been demanding more transparency in the reserves that back them up. Tether USDT is the leading stablecoin and has received several demands to disclose its reserve to the public. Related Reading: Investor Sentiment Falls As Crypto Market Sheds $100 Billion In a recent development, Tether has finally revealed the details of its reverse to the public. The firm did so on Friday during the announcement of its collaboration with BDO Italia, a public accounting company. The statement from the backing firm for the stablecoin indicated that Tether has up to $66.4 billion as its reserves. Also, the company mentioned that it has cut down its backing, which was holdings commercial paper against its report for the previous quarter. Currently, the firm stated that it is maintaining more of its holdings as cash and bank deposits which had risen by 32% within the quarter under review. The company cited its plan of eliminating commercial papers as part of its reserves. It said within the last quarter; that the stablecoin reduced its...
SEC Hosts First-Ever Crypto Roundtable Today
