Tether Responds to Bloomberg BusinessWeek Article
The Bloomberg BusinessWeek piece published today is a one-act play the industry has seen many times before, taking snippets of old news from various places and dubious sources, and making it fit a pre-packaged and pre-determined narrative.
Crypto—and Tether in particular—are fostering a revolution in financial inclusion, transforming a model that doesn’t work in a modern world. This article does nothing more than attempt to perpetuate a false and aging story arc about Tether based on innuendo and misinformation, shared by disgruntled individuals with no involvement with or direct knowledge of the business’s operations. It’s another tired attempt to undermine a market leader whose track record of innovation, liquidity, and success speaks for itself.
The reporter refuses to let the facts get in the way of the story he wants to tell, instead relying on John Betts, the former head of Noble Bank, whom Tether fired as its banker. In an ongoing lawsuit, Betts has also been accused of engaging in egregious and wasteful self-dealing and seeking to enrich himself at Noble’s expense. It shows a complete lack of diligent research and is filled with outlandish anecdotes that are not geared toward ethical reporting but character assassination. This story works hard to discredit Giancarlo Devasini and Tether’s executives with sources that are far from credible. Following the last Bloomberg story, Tether’s CFO has in fact received many messages from those inspired by his story, coming from a medical background to revolutionize the financial industry.
Tether, its management, and its community are working for a more financially inclusive world. While this may threaten the establishment of traditional financial systems, we will continue to work for the underrepresented.
Here are the facts: All Tether tokens are fully backed, as we have consistently demonstrated. The company has taken a leadership position in transparency, providing quarterly assurance attestations (as recently as the June 30, 2021 target date) confirming that all Tether tokens are fully backed. And these attestations and statements also confirm the vast majority of the commercial paper held by Tether is in A-2 and above rated issuers.
There will always be a market for Tether as it presents an opportunity for traders to interact with the larger crypto ecosystem. It is a resource for the unbanked, a tool for an evolving payment system, and a leader in driving the mainstream adoption of a new financial revolution. Tether is the most liquid stablecoin on the market, it was the first stablecoin, and it has withstood years of volatility. Tether makes the crypto economy more efficient.