2 years ago
The stablecoin supplier denied the allegations that began to aboveground successful respect to its vulnerability to the now-collapsed Signature Bank.
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After a Bloomberg article alleged vulnerability betwixt stablecoin supplier Tether and the now-collapsed Signature Bank, rumors began to circulate regarding the engagement betwixt the 2 companies.
However Tether instantly reached retired to clarify the claims made successful the archetypal article. In an email sent to Cointelegraph among different outlets, Tether gave an authoritative effect to the concern successful which it said it wants to “unequivocally re-iterate that it has nary vulnerability to Silvergate, Silicon Valley Bank and Signature Bank.”
The stablecoin issuer went connected to item a conception of the nonfiction that pointed retired nary contented of a collaboration betwixt Tether and Signature Bank, and that it “failed” to explicate that determination was nary relationship acceptable up.
Cointelegraph reached retired to Tether for further clarification connected the situation.
Initial claims successful the nonfiction said that Tether was gaining entree to the United States banking strategy done Signature by encouraging users to nonstop U.S. dollars via Signature’s Signet to its Bahamian spouse Capital Union Bank.
These claims from Bloomberg surfaced contempt the information that Tether main exertion serviceman Paolo Ardoino took to Twitter connected March 12 to clarify that the institution had zero exposure to Signature Bank. On March 2 and 10 helium tweeted that the institution had nary vulnerability to Silvergate and Silicon Valley Bank (SVB), respectively.
Related: Tether CTO connected USDC depeg: ‘Bitcoin maxis were close each along’ | PBW 2023
At the caller Paris Blockchain Week 2023 event, Ardoino told Cointelegraph that Tether has astir $1.7 cardinal successful excess reserves. He continued to telephone USDT (USDT) 1 of the “safest assets to clasp successful the world” successful the aftermath of the banking crisis.
This comes aft Tether came backmost astatine the Wall Street Journal’s ‘stale allegations’ connected March 3 that the institution faked documents to unfastened slope accounts. The study alleged that Tether faked income invoices, transactions and hid down 3rd parties to person opportunities to unfastened slope accounts it couldn’t person otherwise.
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