USDT Are Backed by USD, Tether Says

Chief Compliance Officer of Tether Ltd. also said the company's assets always exceeded financial liabilities
16 October 2018   346

Chief Compliance Officer of Tether Ltd. Leonardo Real stated that all USDT tokens are secured by fiat reserves, and the company's assets always exceeded financial liabilities. It is reported by CoinDesk, citing representatives of the issuer.

Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities. In June 2018, a report from Freeh Sporkin & Sullivan, LLP (FSS), based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves.
 

Leonardo Real

Chief Compliance Officer, Tether Ltd

Reel also stressed that the report of the law firm Freeh Sporkin & Sullivan, LLP (FSS) of June said that all tokens are provided with dollars in bank accounts.

However, FSS indicated in the report that the procedures performed by it “are not intended to provide guarantees and should not be confused with an audit”, since the work was carried out “without observing auditing and accounting standards”.

On Monday, October 15, the USDT price dropped to a 18-month low at $ 0.92. At the time of writing, the price has recovered and is about $ 0.97.

Ex-Tether Top Manager to Launch Stablecoin Clearinghouse

Stablehouse.io will help to exchange stablecoins at a liquid market price with a fixed fee
06 February 2019   144

The XBTO crypto-financial platform together with ex-Bitfinex and Tether manager Philip Potter are working on creating a clearing service for stablecoins, Stablehouse.io. It is reported by CoinDesk.

The service will allow to exchange stablecoins at a liquid market price with a fixed commission. USDT, GUSD, PAX, TUSD, USDC and DAI will be supported.

The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another. Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access and liquidity, creating enhanced confidence for investors, developers and merchants.
 

Philippe Bekhazi
Founder, XBTO

Together with him, David Namdar, a founding partner of Galaxy Digital and SolidX Partners, will join the advisory board of the company, as well as the lead strategist of Blockstream Samson Moe.

In the near future, the founders of Stablehouse intend to obtain a license from the Bermuda Monetary Authority.