An Existential Threat to Crypto Has Been Resolved

Amidst an expected, and welcome correction there is light

Tether, the first major stablecoin pegged to USD has always been an existential threat to crypto.

Why?

The organization that runs Tether has never opened their books to prove that they backed all their issued USDT stablecoins with deposits.

Over the past few years, myself and nearly everyone else has seen this as a core threat to crypto.

If Tether wasn’t “tethered”, then we’d have some big big problems.

Today, Tether and the Bitfinex exchange reached an agreement with the NY State Attorney General for a settlement of 18.5 Million and a “no wrongdoing” admission.

This case has gone on for 2.5 years and over 2,500,000 documents were shared.

Even with this crazy correction today (fancy timing,eh?), this is a very heavy weight lifted from the shoulders of all crypto and enables further confidence in the space for all involved.

Tether @Tether_to

No finding that Tether ever issued without backing or to impact crypto prices. This settlement shows our commitment to the future of the industry, and to transparency with quarterly disclosures of @Tether_to reserves going forward. 2/3

February 23rd 2021

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