Tether — the company behind the leading stablecoin in terms of total market cap (USDT) — has publicly denied rumors of backing Asian Commerical Paper and more.
- The decline in the cryptocurrency markets continues, but Tether – one of the most prominent players in the industry – has refuted some of the rumors that have spread.
Tether is aware of widespread rumors that its commercial paper portfolio is 85% backed by Chinese or Asian commercial paper and is trading at a 30% discount. These rumors are completely false and are likely to be circulated to cause further panic and further profit in an already tight market.
- According to the official Press releasethe company confirmed that its current commercial paper portfolio has been reduced to 11 billion and will be further reduced to 8.4 billion by the end of this month.
- All of these declines will occur “without repeating losses.”
- The expiring commercial paper will then be converted into short-term US Treasury bonds.
- Another thing mentioned in the press release was that Tether is virtually unaffected by degrees Celsius.
Tether currently has no connection to Celsius other than a small investment made from Tether shares in the company.
- The company has vehemently denied claims that it has debt obligations to Three Arrows Capital, another fund rumored to be in trouble.
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Credit : cryptopotato.com