Report: Tether USDT Only 74 Percent Backed by Fiat

Tether, the company behind the USDT stablecoin, has released a document detailing its fiat holding to support the currency.

According to the report, prepared and issued by the company’s lawyers, Tether only has cash reserves to cover 74 percent of the USDT currently issued and circulating on the market–a severe dip in valuation for a ‘stablecoin’ which is supposed to be backed 1:1 with U.S. dollars.

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