Bitfinex Shareholder Claims Tether Backed with $3B

According to investor and shareholder Zhao Dong, he saw the balance of the Tether and Bitfinex bank account
06 February 2018   869

Zhao Dong, a well-known Chinese investor and shareholder of Bitfinex, claims to have seen with his own eyes the balance of the Tether and Bitfinex bank account during a recent meeting with Bitfinex Financial Director Giancarlo Devasini. This is reported by Bitcoin.com.

Lao Mao (CEO, Big One) (and I) just had a look at the USD account of Tether and Bitfinex in Giancarlo’s (Boss of BFX, CFO) room, in which Tether’s account holds 1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number of the two accounts is around 3 billion USD, which is beyond the current circulated supply of USDT. This debunks all rumors around USDT.
 

Zhao Dong

Shareholder, Bitfinex

The chief executive officer of Big.one published a blog post following the trip, in which an interview between Mr. Devasini and one of Lao Mao’s associates is made public. 

The Bitfinex team has aroud 50 people. The Tether team does not work for money. As early as bitcoin investors, the team has a sense of responsibility and mission. Tether can no longer be limited to the US dollar. Company can use the euro, the Japanese yen and other fiat currencies.
 

Giancarlo Devasini
CFO, Bitfinex

He also noted that the company does not intend to disclose all the details of its relations with banks, which is supposedly a reciprocal measure of pressure from the US banking industry, which in every possible way interferes with Tether's activities.

From the interview, Mao concluded that "we can trust Tether and USDT."

The mood of Mao relative to the Tether tokens has recently changed markedly. In November of last year, he urged the exchange to not integrate couples with USDT.

In addition, the authors of the report criticized Tether and Birfinex for lack of transparency in their relations with banks, and specifically Tether - for the fact that the issuer presented audits of the auditor Friedman LLP as full-fledged audits, although they were not.

Huobi & OKEx to List USDT-TRON

Both exchanges note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins
22 March 2019   100

Huobi Global and OKEx in two separate statements announced their intention to support the USDT, which is preparing to be launched on the Tron blockchain in the second quarter.

At the beginning of the month, Tron and Tether announced a partnership aimed at launching USDT in the TRC-20 format, which complies with the technical standard of the Tron blockchain. The new token is intended for use in all decentralized applications in the Tron ecosystem and is designed to increase its liquidity.

Huobi Global and OKEx note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins. Both exchanges will support USDT in three formats: on the Bitcoin blockchain via the Omni protocol, on the Ethereum blockchain in the ERC-20 format and on the Tron blockchain.