Tether (USDT) – Page 2 – Billionaire365

BitMEX Sustains Its Older Hypothesis That Noble Bank of Puerto Rico Protects Tether (USDT) Funds

After handling the thesis that the Puerto Rican bank Noble Bank represented Tether (USDT) central reserve entity, the BitMEX cryptocurrency exchange platform added new information to its hypothesis. Through a report, BitMEX stated that the local financial regulator had changed the name of Tether’s fund from “Cash in banks” to “Deposits, market investments and other balances that earn interest.”

Since its launch, the Tether (USDT) has generated controversy

Tether (USDT) is a cryptocurrency that, at least in theory, is backed by reserves in US Dollars. That is to say, Tether (USDT) tokens are issued with the support of fiat money with the intention of maintaining their fixed value. Its official website even has a transparency section that shows the community its financial balance of physical reserves and how many USDT are in circulation.

Between November 2016 and November 2017, Tether (USDT) market capitalization increased by 100%, drawing the attention of investors and cryptocurrency analysts. Some even began to suspect manipulation due to the close involvement of the Bitfinex cryptocurrency exchange platform.

BitMEX stated that Noble Bank of Puerto Rico protects Tether (USDT) funds

BitMEX prepared a study in which it is mentioned that cash deposits in Puerto Rico, through the International Financial Institutions (IFI), would be related to the growth of Tether (USDT).

Following our research on Tether and after financial information for the first quarter of 2018 was released, more evidence has been provided regarding the impact of Tether. In addition, a source close to Tether has confirmed that the speculation in our initial report is correct.

BitMEX

Another investigation, this time by the Bloomberg chain, reported in May that “three people with knowledge of the matter reported that Noble Bank International, based in San Juan, Puerto Rico, took over Bitfinex’s banking activities last year,” which would confirm the argument raised in principle by BitMEX.

The cryptocurrency exchange platform said that during the first quarter of 2018 bank deposits in the IFI, including Noble Bank, reached $3.5 billion, representing an increase of about 7% during the first three months of the year.

It is important to mention that BitMEX’s allegations are based on independent research, are not intended to be conclusive and are limited to hypotheses that have not been officially confirmed or rejected by Noble Bank.

Anna Galvez

Tether (USDT) Backed By US Dollars Reserves, A New Report Reveals

According to Ethereum World News, a report carried out by Freeh Sporkin & Sullivan LLP (FSS) states that Tether (USDT) is adequately backed by real USD reserves. The FSS audit report is the result of an examination of the USDT balance carried out on a random date and a comprehensive review of the pertinent details of Tether Ltd’s bank accounts.

FSS confirmed that Tether (USDT) is backed by US Dollar reserves

Freeh Sporkin & Sullivan LLP (FSS) is a law firm based in Washington, DC. The firm was given complete access to all the banking details and documentation for their audit report on Tether (USDT) and Tether Ltd.

Accordingly, on June 1st, the FSS reported that Tether’s bank accounts totaled $2,545,067,236.82. At the same date, the number of USDT on the market was $2,538,090,823.52. The survey then said that Tether’s total assets were more than the fully-backed USDT in circulation.

Despite speculation, we have consistently stated that Tether is backed by USD reserves at or above the outstanding Tether at any given time, and we are pleased to have independent verification of this to answer some of the questions raised by the public.

Jan Ludovicus van der Velde, CEO of Tether Ltd.

The report that confirms that Tether (USDT) is indeed backed by US Dollars reserves is excellent news for Tether Ltd.

This is excellent news from Tether Ltd, as every digital asset has been subject to considerable controversy recently due to recent investigations carried out by members of the finance department at the University of Texas (Austin), and who postulated that Tether (USDT) would have been employed to prop up the price of Bitcoin (BTC) through BTC downturn periods.

Now, the Freeh Sporkin & Sullivan LLP (FSS) report only solves out a part of the issues surrounding Tether Ltd and its Tether (USDT) cryptocurrency. Namely, the report confirms that Tether (USDT) is backed by US Dollar reserves.

Anna Galvez