Tether Tokens (USD₮) Live on Polkadot
Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization, announced today the launch of Tether tokens (“USD₮”) on Polkadot, a decentralized, open-source blockchain platform.
Polkadot is a full-stack Web3 ecosystem built for the multichain future. It is a true multi-chain application environment where activities such as cross-chain registries and cross-chain computation are possible. Polkadot facilitates independent blockchains to exchange information and transactions in a secure and trustless way via the Polkadot Relay Chain, making it easier to create and connect decentralized applications, services, and institutions.
The addition of Tether to the Polkadot ecosystem is another milestone from the industry’s leading stablecoin as it continues to increase its presence in decentralized ecosystems. It will alleviate the potential adverse effects associated with market volatility and provide a stable currency to generate yield, and move in and out of the network.
“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “Polkadot is on a trajectory of growth and evolution this year and we believe Tether's addition will be essential in helping it continue to thrive.”
The launch of USD₮ on Polkadot further highlights Tether's dedication to pioneering collaboration and interoperability within the growing digital asset space. The stablecoin is now live on a total of eleven networks and counting including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR and Bitcoin Cash’s Standard Ledger Protocol.
This press release is not an offer to sell or the solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will only sell or redeem USD₮ pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
Tether and The City of Lugano Announce 1 Bitcoin prize for Plan ₿ Forum Ticket Holders
Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization of over US $67 billion, and the City of Lugano have announced that they will be giving away 1 Bitcoin to Plan ₿ Forum ticket holders at the upcoming conference. Slated to take place from 28-29 October 2022, three lucky ticket holders at the Forum will have the opportunity to win up to 1 Bitcoin (BTC) blockchain ballot prize.
“We are excited to introduce yet another way for attendees to experience the power and potential of Bitcoin while creating an engaging moment during the conference,” said Paolo Ardoino, CTO of Tether. “By giving away one Bitcoin we hope to inspire more people to join the digital economy. Introduction and education are key pillars of participation and we believe that we can be a catalyst for the long term and mainstream adoption for cryptocurrency.”
Bitcoin blocks generated after noon CEST on the 29th October will be used to select the three winners. Only ticket holders that check in to the Plan ₿ Forum will be eligible to receive their share of the Bitcoin ballot prize. The prize will be split as follows; two all-access/cyberpunk ticket holders are eligible to win 0.4 BTC each while the remaining 0.2 BTC will go to one general/student ticketholder.
The Forum promises to bring together the foremost thought leaders and creators from the world of digital finance to discuss how Bitcoin is disrupting the world on a social and economical level through four different tracks: governmental, corporate, individual, and technological. It will promote deep conversation around freedom of communication and finance delving into topics including the disintermediation of finance, accessibility of financial services, unbanked persons, and regulation.
Speakers at the forum will include some of the most influential global leaders such as Milena Mayorga, ambassador of El Salvador to the United States, Fadi Elsalameen, Adjunct Senior Fellow at the Bitcoin Policy Institute, and Farida Bemba Nabourema, human rights activist and founder of the "Faure Must Go" movement in Togo, to discuss the true impact and potential of decentralized technologies.
Other speakers to look forward to include Stella Assange, wife of Wikileaks founder Julian Assange, Nick Szabo, Cypherpunk and Computer Scientist and Max Keiser, founder of El Zonte Capital to name a few. For the full speaker list, click here.
To purchase tickets to the events please visit https://planb.lugano.ch/planb-forum/
New Order to Produce Reserves Backing : A Routine Discovery Matter In A Meritless Case
The order that was issued yesterday in the case captioned In Re Tether and Bitfinex Crypto Asset Litigation, is a routine discovery order and does not in any way substantiate plaintiffs’ meritless claims.
We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with plaintiffs’ baseless lawsuit in due course.
Tether (USD₮) Launches on Near Network
British Virgin Islands, September 12, 2022: Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, has launched Tether tokens pegged to the U.S. dollar (“USD₮”) on the NEAR Network.
NEAR is a smart contract-capable blockchain designed to provide the ideal environment for dapps which is enabled by its unique scaling solution. The network just hit a milestone of 700 projects now building on NEAR, making it a great ecosystem for Tether to launch a new version of USD₮. As of July, NEAR Foundation reports that the NEAR network has been used for 300,000 to 400,000 transactions per day.
“We’re excited to launch USD₮ on NEAR, offering its community access to the first, most stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “The NEAR ecosystem has witnessed historic growth this year and we believe Tether will be essential in helping it continue to thrive.”
Marieke Flament, CEO of NEAR Foundation said: “We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USD₮ on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy.”
This announcement further solidifies Tether's position as the most widely adopted stablecoin, having pioneered the concept in the digital token space. The stablecoin is now live on Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Kusama, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine.
This press release is not an offer to sell or the solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will only sell or redeem USD₮ pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
How Tether Keeps the US Dollar Strong
Stablecoins are one of the most substantial innovations in how currencies, specifically the US Dollar, are used and made available to the world. It is no secret that the US Dollar is the most sought-after fiat currency in the world, yet despite that fact, it is still challenging for individuals to hold or acquire dollars in many countries outside of the United States.
Some countries actually have black markets for dollars where the dollars trade at a premium to prevailing forex rates due to high inflation in the national currency of the country. In others, only the wealthy can reliably access dollars.
This problem is further compounded in environments where the dollar is appreciating in value vs other currencies. A strong dollar has caused economic havoc for many emerging markets and limited access to dollars in these countries means the average person is forced to bear the burden of high inflation with little recourse.
While the cryptocurrency industry is often focused on a post-fiat financial order, it misses the fact that billions of people around the world simply want easy access to dollars.
Tether has not only created a way for people to access dollars as a tool for financial freedom it has created a system that strengthens the US Dollar. Previously, the global demand for dollars could only be satisfied with actual US Dollars.
In addition, based on the conservative nature of Tether’s management of its reserves, Tether has become a buyer of US Treasuries. In fact, in May, stablecoins accounted for more than 2% of the total Treasuries market which exceeded the amount owned by Berkshire Hathaway. Even today, Tether represents a significant buyer in the US Treasuries market.
This means that, in theory, all of the dollar demand which was previously unable to be satisfied can now be addressed using USD₮.
Tether is an important and powerful tool for the United States in maintaining the dollar’s role as the most stable, most used, and most sought-after currency in the world. In the ’70s, the United States secured the future of the US Dollar via the Petrodollar system where oil-producing countries only sold their oil in dollars. Large creditor nations that didn’t have access to sufficient energy reserves ( Japan, Europe, etc) had to acquire dollars to purchase oil. This strengthened the demand for the US Dollar during a monetary transition and kept both the dollar and the United States in a position of strength. Trade surpluses were then recycled into US treasuries.
The dollar stayed in a tight range in regards to oil for the next 30 years, which stabilized US Treasuries as foreign investors had confidence Treasuries would buy a relatively consistent amount of oil. This broke down during the subprime crisis, fuelled by certain geological realities which meant the most prolific oil wells crossed their peak production, and oil broke out of its three-decade range.
While China continued to be a large buyer of US Treasuries for some time, many countries (including China) have reduced their purchasing of Treasuries and BRICS countries have been evaluating a different monetary arrangement.
USD₮ provides the United States with a similar tool that the Petrodollar regime offered for the digital era. Many advantages that the US gained from the Petrodollar system and the role of US treasuries as a global reserve asset can be replicated with USD₮ and other stablecoins.
Tether’s invention, a digital dollar, is a monetary policy tool for the digital era. One that we hope the United States will encourage.
Update on Reserves and Top 5 Auditor
Tether continues to deliver on its commitment to reducing its commercial paper holdings.
Tether’s portfolio holds no Chinese commercial paper and as of today, its total commercial paper exposure has been reduced yet again to a mere ~3.7B (from 30B in July 2021), with a further decrease to ~200M at the end of August 2022 and will be zero by end of October 2022.
Just last month, Tether announced that it had hired BDO, the 5th largest audit firm in the world and that it would be looking to publish monthly proof-of-reserves. We hope the addition of this top-ranked auditor will help us satisfy the request of our community members for greater transparency.
The City of Lugano, Tether and Plan ₿ Forum Release New Batch of Tickets to Expand Access to Local Builders, Bitcoin Enthusiasts and Students
The Plan ₿ Forum organizers, partners and sponsors announce a new batch of subsidized tickets for its highly-anticipated event to bring more access to people who want to learn about the potential of bitcoin.
September 2, 2022 - Today, The City of Lugano, Tether and organizers of the Plan ₿ Forum announced the release of a new batch of tickets on the heels of unveiling the latest headlining speakers that will join the Forum on the 28th and 29th of October at Palazzo dei Congressi in Lugano. These tickets will bring financial education to the next wave of Bitcoin adopters.
The batch will be offered to bitcoin enthusiasts, builders and students so that they will be able to see on stage for the first time a world-class list of presenters that include Stella Assange, lawyer and wife of WikiLeaks founder Julian Assange, Gabriel Shipton, film producer and brother of Julian Assange, and many more.
The new batch of tickets made possible through generous donations from the Plan ₿ organizers and sponsors, is offered on a first come, first served basis, and sees the prices reduced as follows: Student passes from CHF199 to CHF99, General tickets from CHF399 to CHF199, and All-Access passes from CHF999 to CHF699.
This is prompted by the strong wave of interest from members of the public and the community following the latest speaker announcement, expressing a wish to attend and hear first-hand from influential leaders as they discuss financial freedom and inclusion, and freedom of speech.
“While most Crypto conferences are actual for-profit events, Lugano's Plan ₿ forum aims to focus on accessibility for everyone. We are grateful to the organizers, sponsors and partners that made this price reduction possible.” said Paolo Ardoino, CTO of Tether. “We believe that the first step towards freedom is education and we are dedicated to providing these opportunities to those who have been forgotten by traditional financial institutions.”
“Today, thanks to a major effort by organizers and private sponsors, we can make the Plan ₿ Forum event even more accessible, popular and affordable. This has been made possible thanks to a participative and democratic approach, the same one that underpins the Bitcoin ecosystem and that day after day, continues to amaze and fascinate me,” said Michele Foletti, Mayor of the City of Lugano.
The Plan ₿ Forum will bring together some of the most influential leaders such as Milena Mayorga, ambassador of El Salvador to the United States, Fadi Elsalameen, Adjunct Senior Fellow at the Bitcoin Policy Institute, and Farida Bemba Nabourema, human rights activist and founder of the "Faure Must Go" movement in Togo, to discuss the true impact and potential of decentralized technologies.
Ticket availability is limited and participants can purchase their passes via the Plan ₿Forum website.
Tether Responds to Disinformation in WSJ Article
The most recent article from the Wall Street Journal against Tether, is a series of unsubstantiated conclusions. In a time where false information is being weaponized to cause harm across the globe, it is our responsibility to clarify the facts for readers.
The article seeks to discredit the work that Tether has put into transparent and honest communication to the public. BDO, a very reputable and independent Top 5 audit firm, is not a “Tether accounting firm”, as erroneously written by the WSJ. BDO will continue to have unrestricted access to any relevant information to perform their work and Tether will continue to share its attestations, despite continuous attempts by the media to disparage its reputation and that of top-ranking firms like BDO that are working with digital asset companies.
To clarify the points the article attempted to make, it is important to highlight the following.
The assumption that 3 months' worth of T-Bills is an unsafe asset, completely contradicts the longstanding fact that US Treasuries have been the premier safe asset worldwide for the past several decades.
To assume that our business is unprofitable is false. According to our Consolidated Reserves Report, Tether has never disclosed any equity despite being profitable for several years. This same report has been deemed appropriate by important stakeholders and it has been accepted by the NYAG. Perhaps the WSJ has confused Tether with some of its competitors.
To attack Tether’s reserves, when this margin also applies to other stablecoins on the market, further highlights an agenda by the publication to single out Tether and hurt its reputation.
Tether's disclosures have been the most honest and transparent in the market - everyone knows that we have not had an audit and they know we are working towards one. Rivals have allowed mainstream consumers to believe they are "safer" because they have been "audited," but no such audit has occurred. Except perhaps in the context of a capital raise/restructuring being the company that has been audited unprofitable. Other false truths that are out there about the category include being more regulated solely because the Digital token is issued by an entity in the United States and does business with US companies, which could be perceived as a country risk in case the US government imposes restrictions.
Finally, any reference to a margin of failure existing in Tether’s business model, assumes that the WSJ subscribes to the false short-seller narrative which suggests that short-selling Tether is even remotely possible. Alleged hedge funds that have been trying to create pressure “in the billions” to “harm” Tether liquidity represent a fundamental misunderstanding of both the cryptocurrency market and Tether.
Most importantly, Tether stands by the fact that it was able to easily redeem over USD 16B of the issued token in recent months, keeping essentially the asset allocation in line with the previous months while significantly reducing its exposure to commercial papers.
While it is true that the international accounting standard setters have not yet issued a recognized standard for digital assets accounting (including stablecoins), nor defined as this shall be considered in terms of regulatory capital requirements of regulated entities (which apply fractional reserves) and audits and attestations framework are the same applied to any industry/business, we very much welcome these developments. Until then, Tether will continue to provide full transparency in reference to the principle of International Financial Reporting Standards' described in the Consolidated Reserves Report which is, at the reference date, the most transparent report, since others limit their disclosures to stating that “Asset held are at least equal to the token in Circulation at the Report Date”.
Tether is committed to maintaining its role as the leading stablecoin in the market and we will continue to demonstrate our transparency, regardless of naysayers.
Stella Assange and Farida Bemba Nabourema to join line-up of speakers at Plan ₿ Forum in Lugano on October 28th and 29th
August 25, 2022 — Today, the Plan ₿ Forum hosted by Tether Operations Limited (Tether), the technology company supporting the blockchain-enabled platform that powers the largest stablecoin by market capitalization (USD₮) and the City of Lugano, announced new headlining expert speakers for its upcoming conference. The Forum will feature blockchain industry leaders along with influential experts in global financial markets and the Bitcoin ecosystem at the Palazzo dei Congressi in Lugano on October 28th and 29th.
Joining the already stellar list of speakers to discuss how Bitcoin is disrupting the world on both social and economic levels as well as the important topic of individual freedoms is Stella Assange, lawyer and wife of WikiLeaks founder Julian Assange; Gabriel Shipton, film producer and brother of Julian Assange; Milena Mayorga, ambassador of El Salvador to the United States; Fadi Elsalameen, Adjunct Senior Fellow at the Bitcoin Policy Institute; and Farida Bemba Nabourema, human rights activist and founder of the "Faure Must Go" movement in Togo.
Stella Assange and Gabriel Shipton will participate in a fireside chat with journalist and podcast host Peter McCormack, a leading voice in the Bitcoin community, and share their experiences advocating for free speech.
Ambassador Milena Mayorga will participate in a panel discussion on nation-state bitcoin adoption and the opportunities it provides in emerging markets.
Fadi Elsalameen will address the use of Bitcoin in commercial exchanges between Palestinians and Israelis.
Farida Bemba Nabourema will moderate a panel discussion titled "Bitcoin as a tool for financial freedom."
In addition to exciting speakers and panels, participants can look forward to a unique virtual reality experience following the footsteps of Julian Assange and an opportunity to reflect on freedom of speech. Participants will virtually navigate the places where Assange has lived for the past 10 years: from Ecuador's embassy in the United Kingdom to the Belmarsh maximum security prison in London where Assange is currently detained.
Thanks to the Assange family, there will also be a preview of the documentary film that Shipton produced. Titled Ithaka, an intimate portrait of the struggle of Julian’s father, John, to free his son.
The Plan ₿ Forum in Lugano will feature keynote speeches, interviews and panel discussions and offers a unique opportunity for dialogue with key experts in the field and networking with other participants. The panels and conversations will focus on the complex Bitcoin ecosystem and an in-depth look at its different components: "bitcoin" is a word used globally to define a digital currency that can be bought, kept or exchanged; whereas "Bitcoin'' also defines the technological protocol that allows digital transactions to take place.
The Bitcoin ecosystem is based on certain fundamental principles that will be explored in depth during the forum: the right to privacy, inclusion and freedom (individual freedom, freedom of speech and financial freedom). Lugano thus promotes an open dialogue in line with the Swiss tradition of supporting individual freedoms. A commitment, therefore, also by the institutions that guarantee these freedoms.
Confirmed and already announced speakers include cypherpunk and computer scientist Nick Szabo; Adam Back, CEO of Blockstream; Jameson Lopp, CTO of CASA; Max Keiser and Stacy Herbert, co-founders of El Zonte Capital; and Peter McCormack, host of What Bitcoin Did Podcast and president of Real Bedford FC; Paolo Ardoino, CTO of Bitfinex/Tether; Samson Mow, architect of the Bitcoin bond; Prince Philip Karageorgevitch of Serbia and Yugoslavia; Jimmy Song, Bitcoin developer and expert; Frank Chaparro, publisher of The Block; John Carvalho, CEO of Synonym; Indira Kempis, Mexican senator; Sandeep Nailwal, Co-founder of Polygon; and more.
Program information, speakers and registration to the Plan ₿ Forum can be found at:
About Plan ₿
Lugano Plan ₿ is a joint initiative of the City of Lugano and Tether dedicated to the integration of Bitcoin technology in Lugano, from small economic transactions at local businesses to the payment of taxes in cryptocurrencies.
Tether Explains Its Decision On Tornado Cash Addresses, Awaits Law Enforcement Instruction
Tether follows all applicable Sanctions measures in respect of its primary market customers’ accounts (which have all been KYC verified) and will freeze the funds in a fiat or cryptocurrency customer account where a Tether customer is a positive match for a name in a sanctioned persons list. Furthermore, Tether scrubs all crypto deposits into and withdrawals from the wallets it controls. Tether will freeze deposits into its wallets where funds are received from a sanctioned address and will not send funds to a sanctioned address.
As well, Tether works closely with law enforcement worldwide to assist in investigations, including freezing addresses. We are in almost daily contact with key law enforcement officers and pride ourselves on the timeliness with which we respond to their requests. When Tether receives an applicable/legitimate request from a verified law enforcement agent to freeze a privately held wallet, the Company complies with the freeze (we do not freeze wallets of exchanges/services). So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no US law enforcement agency or regulator has made such a request despite our near daily contact with US law enforcement whose requests always provide precise details.
We have already stated that this is the protocol we are following.
Unilaterally freezing secondary market addresses could be a highly disruptive and reckless move by Tether. Even if Tether recognizes suspicious activities on such an address, completing a freeze without the verified instruction of law enforcement and other government agencies might interfere with ongoing and sophisticated law enforcement investigations. In fact, in our dealings with law enforcement we are sometimes made aware of addresses potentially related to crime and are specifically instructed not to freeze the addresses without the explicit request from law enforcement as this could alert suspects of the law enforcement investigation, cause liquidations or abandonment of funds and jeopardize further connections that might have been established.
Tether has not been contacted by US officials or law enforcement with a request to freeze the addresses sanctioned by OFAC, but as noted above, Tether normally complies with such requests from US authorities, being in contact with them almost on a daily basis. For example, we have been cooperating on various freezes with US law enforcement, including in the last 2 weeks after the OFAC public disclosure about Tornado Cash, and no specific request has been put to us related to freezing relevant Tornado Cash addresses. We would expect the same process of detailed communication and coordination even in this case. It is also worth mentioning that Tether is not a US person, does not operate in the United States or onboard US persons as customers. However, Tether does consider OFAC Sanctions as part of its world-class compliance program.
We’d like to note that other digital asset providers, for example Paxos, a NY-regulated stablecoin that issues BUSD and USDp, and accounting for ~$20B of the total cryptocurrency market capitalization, haven’t frozen Tornado Cash wallets. We believe that, if made without instructions from US authorities, the move by USDC to blacklist Tornado Cash smart contracts was premature and might have jeopardized the work of other regulators and law enforcement agencies around the world. It should also be noted that DAI, an algorithmic stablecoin that accounts 36% of its reserves in USDc (around 3.4B USD) also didn’t proceed with any freeze.
Tether Releases Independent Auditor Report From Top 5 Accounting Firm BDO, Reinforcing its Dedication To Transparency And Revealing Another Major Cut To Commercial Paper Holdings
Today, Tether Holdings Limited made available its latest quarterly assurance opinion completed by BDO, a top five-ranked global independent public accounting firm. The attestation re-affirms the accuracy of Tether’s Consolidated Reserves report, which breaks down the assets held by the group as of June 30, 2022.
As of June 30th, the CCR and BDO confirmed a more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B, which is on track with Tether's commitment to the community. As previously announced, the exposure to commercial papers will be down to 200m by the end of August 2022 and to zero before the end of the year. During the same period, Tether has increased its holdings of cash and bank deposits by 32%.
The attestation indicates a continued reduction in commercial paper investments by the Company and demonstrates that the group’s consolidated assets consistently exceed its consolidated liabilities, despite market capitulation in Q2 2022, which led to cascading failures across the industry. Emerging from this black swan event, Tether demonstrated its resiliency and continued commitment to transparency, dependability and commitment to removing commercial papers from reserves. Notably, the Company demonstrated the solidity of its business and of its management of the reserves which fully covered the issued token during the entire period of distressed markets (in particular the digital assets industry).
You can read the latest assurance opinion and the Consolidated Reserves Report here.
The Management of the Company asserts the following as of 30 June 2022:
The Group’s consolidated total assets amount to at least US$ 66,409,619,424.
The Group’s consolidated total liabilities amount to US$66,218,725,778, of which US$ 66, 204,234,509 relates to digital tokens issued.
The Group’s consolidated assets exceed its consolidated liabilities.
The total gross consolidated contractual redemption value related to all digital tokens issued, including those held by the Group is equal to US$ 66,430,393,253.
The consolidated amount related to digital tokens held by the Group but not in its treasury wallet is equal to US$ 226,158,744.
The latest report also shows that the average rating of commercial paper and certificates of deposit has improved and continued to range from A-1 to A-2.
Paolo Ardoino, Tether CTO, said:
“We are fully committed to maintaining our role as the leading stablecoin in the market,” said Paolo Ardoino, CTO of Tether. “The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy. Our commitment to transparency and the community is a long-standing pillar in the underlying ethos of the company and aligns with our responsibility as a market leader. We have once again demonstrated that commitment by aligning with BDO, one of the world's top accounting firms. We look forward to continuing down this path and are dedicated to setting a market standard to which our competitors and future stablecoins can look to for guidance
Tether supports and empowers growing ventures and innovation as a digital token built on multiple blockchains.