Does Tether have the billions it claims to have?

Tether has released documents that seemingly show the billions of dollars they claim to have in their bank accounts, but is it legitimate?

A news article from Bloomberg has recently gone live that looks to reopen the debate of whether Tether is a scam or not. Tether grew remarkably big in a short space of time. Having opened their Noble account at the beginning of September 2017, Tether had made $392 million by September 30th 2017.

Since then, Tether has gone on to grow exponentially, reaching a ranking of sixth on CoinMarketCap. The problem with Tether, though, is that since its launch, it has seen scrutiny regarding whether or not they had the funds they claimed to have.

With its price pegged at one USDT to one USD, many people wonder if they were to withdraw all USDT from circulation, would each one really equate to $1? Furthermore, others speculate that Tether has been used to manipulate the Bitcoin market as well. With such an air of scepticism surrounding Tether, many people have been asking for answers.

Matthew Leising of Bloomberg has now reported that they have got their hands on financial documents from Tether. One document depicts $2.2 billion in Tether’s account with Puerto Rico’s Noble Bank Ltd on January 31st. On the same day, according to data on CoinMarketCap, 2.195 billion Tethers existed.

Though as Bloomberg have rightfully pointed out, this does not answer every question the public have. The statements do not give an inclination as to where the funds have arrived from, nor where they are today. Leising has stated, however, that the documents were “provided by someone with access to the company’s records, and a government official confirmed their veracity.”

It remains to be seen if the documents are valid or not, but at least it seems there has been something provided by Tether to the public.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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