Friday, February 23, 2024
4 C
New Jersey

Tether claims that USDT is overvalued

Must read

Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Tether Holdings, the issuer of love no stablecoin track the price of USD, now claiming to be all USDT in Trading is supportedin excess of 81% cash And cash equivalent” without exposure to commercial paper.

The cord is ascending

In a blog published on On February 16, Tether Holdings reiterates its safety of they stablecoin When US regulators seem to be knocking on Crypto projects, in particular stablecoin exporters.

All USDT in Tether Holding asserts that trading is over-identical. Outside of they cash Reserves, Tether Holdings has raised $39 billion in United States Treasury bonds. The rest is related to money market funds, reverse repurchase agreements, and cash And bank Deposits that can be easily recovered for cash on demand.

by keeping their reserves in Treasury bills and other liquid securities, Tether Holdings has been reassuring community It is highly liquid as it can process redemption requests of any size. In 2022 alone, the USDT issuer recovered over $22 billion.

Moreover, the source mentions that despite the crisis of 2022, hmm also made over 700 million dollars in net As a result, its excess reserves rose to $982 million.

USDT dominates stablecoin market

After the New York Department of Financial Services Order (NYDFS) directs Paxos, the issuer of BUSD to stop minting new icons and focus on Redemption, the US dollar bank was slipping in market Capitalization.

like of February 16, BUSD is down to eight in the market leaderboard cover with circulating supply of $13,853,012,963. BUSD fell from the circulating supply of $16,104,828,484 in the past Two weeks on February 1, losing over $2.5 billion. Over the past Three days, he was there clear drop in in BUSD market hat.

USDT orders are now larger market shareexceeds 50%. There are 69,785,731,025 USDT in Trade across major blockchains and sidechains, including Ethereum, Tron, Polygon, and Arbitrum. Notably, the average USDT trading the size up over 60%, rising to $58,591,117,003 on Feb 16th.

until with Earn USDT market sharehe was not there official review on cord reserves. However, they are constantly issue Certification reports. the latest By BDO it has been shown that every coin is adequately supported since Tether assets exceeded its obligations.

More articles

Leave a Reply

Latest article