Crypto Tether prepares for SEC lawsuit

[Josemendez]

The company responsible for the stable coin USDT , Tether has made known to the public their reserves and backing for the their stable coin USDT. This came up over the concerns from investors as there were rumours that SEC is planning an attack on the coin.

In order to convince the investors , Moore Cayman, an auditing firm in the Cayman Islands reports that the company consolidated assets amounted to at least US$62,773,190,075 for the reporting period, while the company’s consolidated total liabilities were US$62,628,932,116 . $62,610,829,196 were reserves to USDT,

This will go a long way in convincing investors that the company will be able to sustain the stable coin.

 

[Mika]

As far as I understand stable coins need to have an equivalent amount of fiat reserve. If there are 200 X named stable coins in circulation and if the coin is pegged $1, the x coin needs to have $2000 as fiat reserve. Sadly, a lot of stable coins do not have this reserve. I do not know about USDT, though

 

[Lens1000]

The security and exchange commission is all out to hunt some cryptocurrencies based on regulatory orders. I am of the opinion that the SEC should try all possible ways to stop jumping on cryptocurrencies all the time . I think that their should be a medium where SEC will issue warming privately to the founder of the cryptocurrency project before issuing warmings Publicly.

 

[Shaf]

The SEC has always focused on stable coins and what they are being backed by. Being the most commonly used stable coin, this type of scrutiny and constant attacks is not good for USDT.

It's also why some people are looking at decentralized stable coins like the UST by Terra to avoid such issues from occuring.