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Tether prepares stablecoin, provided with raw materials

Bitfinex cryptocurrency shareholder Zhao Don said a subsidiary of Tether plans to release a stablecoin option that will be provided with a range of commodity assets, such as gold, oil and rubber.

Don said that the idea of issuing a Tether (USDT) tied to a commodity basket is being discussed to reduce the risks associated with storing large amounts of funds deposited in banks.

In addition to the news, Don commented on the rumors about the flagship stablecoin pegged to the US dollar and doubts that the asset was not secured by the dollar in a 1: 1 ratio.

“Tether is fully provisioned. Of the $ 4 billion available in USDT, about $ 3.35 billion is in securities, and $ 650 million is borrowed by the Bitfinex exchange. Bitfinex raised $ 1 billion through the sale of the LEO token and can repay the debt at any time (in fact, $ 100 million was already paid off last month, ”he said.

Don added:

"Even if you do not think that these $ 650 million are reserves, the total security of the US dollar is 83.75%, not 72%, as reported in fake news."

The shareholder said that the only reason Bitfinex has not yet repaid its loan is Tether’s desire, because the company first of all wants to return the funds frozen from the Crypto Capital payment processor.

In addition, attention is being paid to the possibility of lifting the monetary restrictions imposed by the office of the Attorney General of New York as part of the ongoing lawsuit.


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