It was revealed that Tether, the world’s largest stablecoin issuer, did not keep its promise in 2022 and continued to provide USDT-secured loans to customers and the amount increased.
Tether did not keep its promise in 2022 and continued to offer loans with USDT collateral to its customers. Presented by the Wall Street Journal (WSJ) and Based on Tether’s third quarter report According to the news, the company Collateralized loan provided through USDT amount increased.
According to the report 30 June issued by Tether as of $5.5 billion USDT credit is recorded. This loan amount was increased in the previous quarter $5.3 billion it was worth.
Tether In December 2022 In a statement, he announced that he would recall all loans collateralized in USDT and discontinue loan operations. They aim to end he stated.
In its statement, the Tether front said that the reason for giving loans to customers was prevent customer liquidity from being depleted It was stated that. Tether front, traditional financial players He emphasized that Tether was wasting time by spending its credit activities instead of researching solutions to offer a better credit system to its customers:
In the second quarter of 2023, we received several short-term loan requests from customers with whom we have developed long-term relationships, and we wanted to meet these requests. Traditional financial institutions do not address the needs of their customers in a way that is detrimental to a thriving economy and spend little time examining these situations. Instead, they are spending time vetting Tether, which has accrued more than $3.3 billion in excess reserves in the interests of its clients, with the net result effectively reducing secured credit risk.
Most of the assets listed in Tether’s last quarterly balance sheet report US treasury bills and other highly liquid assets.
of the company 30 September 2022 approximately 250 million dollars as of “under the pillow” accumulation There was. Loans at that time $6.1 billion or total assets 9% was up to While the loans in question were on the agenda, USDT de-pegged twice and fell below 1 dollar. At that time, it was wondered whether Tether had sufficient liquidity, but the company survived the difficulties without any problems.
Treasury bills account for approximately $55.8 billion of the company’s reserves. $3.3 billion gold, silver-like being and about $1.7 billion Bitcoin also took its place on the list. The company emphasized that it is still determined to remove secured loans from its reserves.