U.S. court rejects Tethers bid to conceal reserve records from the public Tethers Circulating Supply Reduced by $7 Billion in a Week

Tethers Circulating Supply Reduced by $7 Billion in a Week

– USDT’s circulating supply has reduced by $7 billion in the last week
– This is likely due to investor confidence being shaken after USDT briefly lost its peg to the US dollar
– Tether’s CTO has said that the company is fully backed and can handle large redemptions
– There has been criticism of Tether’s stablecoin reserve in the past, with arguments as to whether USDT is indeed backed 1:1 to the US dollar
– The company has been reducing the amount of commercial paper backing USDT in the last six months
– Other stablecoins have also depegged following the UST price plunge, causing losses for some DeFi protocols

 

 

Tether Dark Tethers Circulating Supply Reduced by $7 Billion in a Week
Tethers Circulating Supply Reduced by $7 Billion in a Week 3

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