The banking industry is facing significant challenges and has proven incapable of keeping up with evolving global financial markets, something the Wall Street Journal has disregarded countless times in pursuit of tarnishing the reputation of true innovators like Tether.
Traditional financial institutions are not addressing the needs of their customers in a way that is detrimental to a thriving economy and few have taken the time to examine this further. Rather they are spending time scrutinizing Tether, who, in the interest of its customers, has accrued more than $3.3 billion in excess reserves to effectively reduce secure loan exposure as net result.
Anyone with a minimum understanding of financial markets would see how a company having $3.3 billion in excess equity and on track to make a yearly profit of $4 billion is in all effects offsetting the secured loans and retaining such profits within the company balance sheet. Tether is still committed to removing the secured loans from its reserves.
This demonstrates the need for a more nuanced understanding of how stablecoins function and dispels any misconceptions regarding Tether's security. Or one might wonder if this is merely an attempt to manipulate tabloid-style reporting to appease their “friends” entrenched in the old guard.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.