![]() An investigation from the New York attorney general’s office concluded that claim was a “lie” and Tether was barred from operating in New York and fined $18m.ĭespite the crypto crash, the UK government says it continues to support the sector, and singled out stablecoins as an area needing regulatory encouragement. It is a different claim from the one it made when it launched its business: that every Tether was backed by US dollars held in reserve. The company claims that every Tether is backed one to one by assets held in reserve, which is how it maintains its stability. Get drafted to an NHL team in Be A pro Mode. Score a goal by flipping the puck back against the grain from the backhand toe drag in any mode. No bank in the world could process the withdrawal of 12% of its outstanding liabilities within a week.” Deflect a shot with the Defensive Skill Stick in any mode. In early June, the company put out a statement boasting: “Tether recently faced redemption requests for $10bn of USD₮ redemptions within a single week and was able to fulfil all requests in full with ease $10bn of redemptions represented more than 12% of outstanding USD₮ tokens. Tether ‘slargest token, the USD tether, has fallen by more than $8bn in just over a week as holders race to cash out into safer assets, and the total value circulating has dropped by nearly $20bn since the peak.ĭespite the falls, Tether says its business has never been more stable, and points to the speed with which the billions were withdrawn as evidence of its firm foundations. ![]() The sector as a whole has contracted from almost $3tn of trading tokens to less than $1tn, and the flagship cryptocurrency, bitcoin, has fallen from a high of $69,000 to less than $20,000. Score the hottest hockey apparel & gifts, including custom NHL gifts. The launch of the GBPT token comes at an inauspicious time for cryptocurrencies. is your official NHL online store with the largest selection of NHL licensed merchandise, jerseys, hockey clothing & hockey gear for men, women and kids. “Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins,” added Ardoino, who is also CTO of the cryptocurrency exchange Bitfinex, a dual role shared by the two companies’ chief executives, chief operating officers, chief financial officers and general counsels. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer,” said Paolo Ardoino, Tether’s chief technology officer. “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets.
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