The crypto market is flashing green with the world’s first cryptocurrency, Bitcoin and Ethereum regaining $20,000 and $1,600 levels respectfully. However, the global crypto market is still positioned below $1 trillion.
At the time of writing, Bitcoin is trading at $20,395 after a slight drop of 0.37% over the 24hrs.
But when it comes to stablecoins, after Terra (LUNA) collapsed along with the network’s UST stablecoin, traders have lost trust over other stablecoins like Tether.
Recently Tether has been in the news as The Wall Street Journal had claimed that the disputed stablecoin issuer, Tether could become “functionally bankrupt,” suggesting that its holdings barely cover its liabilities, even when there is only 0.3% loss in asset value.
However, the network asserted that the WSJ claims were not true and says that the report is just an agenda to bring down the network’s game as Tether is not the only one that has narrow measures.
Tether published its first ever authentication summary earlier this month, revealing that it maintains approximately 12% of its $66.4 billion in reserves.
On the other hand, The Wall Street Journal quotes that the recent documentation by Tether was signed by the firm itself. But the Network denied this assertion by mentioning that BDO International is the fifth-largest compliance company in the world and that throughout the process, its Italian subsidiary has “full access” to all documents.
Also the network takes accountability that the claim of unprofitable is false and in the last few months, it has effortlessly repaid billions of tokens.