A recent update by the world’s most popular and highest ranking stablecoin — Tether (USD₮) , reveals that the coin might not be fully-backed by the US dollar like it previously claimed.
Tether (USD₮) Updates its Website
This new detail was revealed via a recent update on the stablecoin’s website. The update made it known that the stablecoin’s reserve might sometimes be comprised of assets different from the US dollar. This revelation is a significant deviation from Tether’s original claim: that the stablecoin is fully backed by the US dollar.
The update on the website reads that:
“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”
Before this update, the content addressing the…