“ Tether lends its stablecoins again “, is how The Wall Street Journal titled its article last Thursday. However, the issuer of the stablecoin USDT had declared that it would reduce its loans to zero this year. What is really about this crypto product from Tether. Paolo Ardoino clears things up.
In short
- Tether CTO Paolo Ardoino Slams Wall Street Journal Over Article Highlighting Company’s Crypto Lending Reboot
- Tether’s second quarter report suggests an increase in these loans to $5.5 billion
- This crypto product was however supposed to be reduced, or even eliminated, this year
Clarifications around Tether’s crypto loans
Often criticized for the instability problems of its cryptocurrency USDT, Tether has never given up. In this way, this crypto company was able to provide its users with innovations: crypto loans, new bitcoin mining process, other stablecoins (EURT, USDT, CNHT, MXNT and XAUT), communication, energy production, artificial intelligence, etc.
Concerning these “crypto loans”, the media echoeda change operated by Tether with respect to its commitments during 2022.
“ Tether CTO denounces WSJ article on lending restart. »
Coingape, who closely followed this cryptocurrency lending affair, stressed that Paolo Ardoino denied any involvement of the person cited by the Wall Street Journal, Alex Welch, in his presentation. The Tether CTO also took a dig at Bloomberg in his tweet.
Here is his entire intervention on (former Twitter) dated September 22.
“ The person the WSJ cites in its article is not not a Tether spokesperson and does not work at Tether, as this person has repeatedly said in correspondence with the tabloid. Pure intimidation. This is not unexpected on their part.
Bloomberg, as always, publishes articles based on unconfirmed information – heard from a friend who was using the restroom nearby, who told a guy who heard a story about Tether that is too cool for them to admit.
For them, it is too difficult to admit and accept that Tether, having excess reserves exceeding $3.3 billionand being on track to make $4 billion a year in profit, actually reduces exposure to collateralized loans.
As promised, Tether is committed to continuing until collateralized loans are removed from reserves.
But since none of their friends would take (or have ever taken) responsible action, they probably can’t understand it. »
And regarding the cryptocurrencies accepted as collateral by Tether, be aware that Ardoino cited bitcoin (BTC) in a comment.
Tether, less exposure to loans
According to Paolo Ardoino, the crypto company Tether is doing well. $83 billion in market capitalization for USDT, $3.3 billion in excess reserves, etc. Side profitsMr. Ardoino mentioned the colossal figure of 4 billion dollars per year.
Enough to enable Tether’s ambitions to quickly withdraw loans guaranteed in its reserves. And to silence the criticism against him.
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