Tether vows to remove secured loans amid rush to show solvency
Tether intends to remove all secured loans from its backing in 2023 after The Wall Street Journal said that the stablecoin operator's increasing roster of loans might make it unable to pay back redemptions in the event of a crisis.
more than $68 billion in the third quarter. Tether claimed to make sure borrowers offer"extremely liquid" collateral for these loans, but now the operator plans to scrap them altogether.conservatively managed, and this will be demonstrated once again by successfully winding downs without losses — since all loans are over-collateralized by liquid assets," the company said in a statement.
USDT is one of the most popular stablecoins pegged to the U.S. dollar, making up 31.6% of the total Ethereum-based stablecoin supply, according to The Block's Data Dashboard.
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