Tether, stablecoin issuer, denied on June 15 that its portfolio of commercial paper is 85% supported by Chinese or Asian trading papers.
Tether announced the following:
“Completely bogus, and most likely circulated to further instil fear in order to profit from an already pressured market.”
Tether also denied rumours by tweeting:
Celsius stake has been terminated, according to the world’s largest stablecoin issuer USDT, after a crypto lender suspended account withdrawals on Monday due to a significant decline in the cryptocurrency market.
Tether has borrowed $ 1 billion from Celsius using bitcoin (BTC) as collateral, according to an investigation last year.
Tether also denied rumours that he had borrowed money from Three Arrows Capital, a crypto hedge fund that was one of Terra blockchain ‘s biggest investors. According to the report, the fund is facing a debt crisis after receiving an estimated $400 million.
The vague term “trade paper” has long been a source of concern in the crypto market, and the structure of USDT’s reserves is not the same. Tether reported $ 20.1 billion in a trade paper on its recent confirmation of its deposit at the end of March, down from $ 30.8 billion in June last year.
Tether chief technology officer (CTO) said by the end of the month, the amount would be reduced to $ 8.4 billion.
Read more: Stablecoin issuer Tether holds reserves in the obscure Bahamas Bank: Report
