May 16, 2019

Tether invested reserves in Bitcoin

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Tether invested reserves in Bitcoin

The issuer of the token USDT invested in the first cryptocurrency and other assets. The company’s website states that not all of its stablebcoins should be fully provided with US dollars. Tether has invested part of its reserves in Bitcoin and other assets, a Bitfinex lawyer said during a lawsuit with the New York Prosecutor’s Office, which took place on May 16, writes The Block. According to a company representative, government officials want to limit its ability to invest in various tools.

“Tether really invested in tools other than Fiat and its equivalents, including Bitcoin,” said the lawyer.

He noted that a small amount was invested in the first cryptocurrency. In mid-March, the company's policy changed on the Tether website. Since then, the USDT stablebies should be supported by “reserves, which include traditional currency and cash equivalents, as well as other assets and forthcoming loans from loans that have been provided to third parties.”

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