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31 July 2021

Tether promises an audit in 'months' as Paxos claims USDT is not a real stablecoin

Tether promises an audit in 'months' as Paxos claims USDT is not a real stablecoin


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He stated that Tether is backed one-to-one with its reserves but admitted that those reserves were not all US dollars.

Circle released its own reserves disclosure report on July 21, revealing that 61% of USDC’s reserves were held in cash and cash equivalents with the rest in commercial paper accounts, treasuries, and bonds.

Paxos revealed that 96% of its own stablecoin reserves are cash or cash equivalents

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