Tether has $2.2BN in the bank as they promised, says Bloomberg

18 Dec, 2018
by Alberto Arnaldo
Tether has $2.2BN in the bank as they promised, says Bloomberg

After getting confirmation about their funds from Deltec, the Bahamian bank where Tether assured the US dollar assets backing their stablecoin were kept, now the company took a step further towards calming concerned investors. They can now definitively disregard the accusations that hinted towards the lack of funds, as Tether shared bank statements with the media.

As reported earlier today by Bloomberg, statements spawning over 4 months display convincing evidence about the existence of the necessary funds to back the pegging of Tether.

One statement from January 31st shows $2.2BN in a Puerto Rican account, and on that same day, 2.195 billion Tethers existed. Similar matching statements for September and October 2017 also point towards a correct pegging. 

Tether had been trying in November to dissipate some of the doubts concerning their funds. They tried to do so by releasing a letter from their bank, which the institution took a couple days to admit as their own, leading to increased uncertainty.

Read more: Deltec finally confirms authenticity of letter regarding Tether

Despite the new evidence helping their cause, Stuart Hoegner, general counsel for Tether and Bitfinex, declined to comment on the still ongoing investigation by the U.S. Commodity Futures Trading Comission regarding the company’s funds.

And although that case might be looking much brighter for Tether after revealing bank statements, the investigation from the Justice Department regarding its influence on last December’s bull run remains unaffected by the latest news.

Read more: U.S. Justice department investigating Tether in connection with December bull runUS authorities set to seize millions from Tether's new bank, Delte

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Do you use Tether as your stablecoin?

(37 votes)

Add a comment

Personally I think that Tether is such a reliable stablecoin and I don't see any reasons not to trust it.
18 Dec, 2018 - 21:07
I fully afree with you, Giovan.
Tether already showed its power, so we can easily rely on it.
20 Dec, 2018 - 06:05
Absolutely. Tethers shows its prospects and only best sides all the time.
25 Dec, 2018 - 09:29
I think that such stablecoins like gemini, paxos etc. try to be a good copy of Tether. But as for me, it's a bad try.
18 Dec, 2018 - 23:18
They try all these years, but still they are not the good coins.
Tether is first and best stablecoin on the market.
23 Dec, 2018 - 23:34
it s quite reasonable, many banks just blame crypto and stable coins, so tether works in a special condition

19 Dec, 2018 - 06:37
tether`s team did a good job, no reason to blame it
13 Jan, 2019 - 19:59
Yoiks, haters did not expect that, ha.
As for tether investigation that still goes on, they've been investigating for ages. Nothing's happened yet. What's up with that?
19 Dec, 2018 - 09:25
BYE BYE Tether`s haters! Nice to see that Tether`s transparency confirmed by Bloomberg
09 Jan, 2019 - 18:07
Tether is the only worthy stablecoin on the market. Is it really difficult to do a little research and see what is stable and what is dangerous ???
19 Dec, 2018 - 19:28
Wow! That's pretty much! It is what happens when company has a clear strategy
19 Dec, 2018 - 19:41
As for me, this stablecoin is such a reliable and it is fine to purchase it and use in the trading.
20 Dec, 2018 - 09:51
Tether works great, and it's credible and trustworthy
20 Dec, 2018 - 18:45
I don't see any negative reasons not to trust to Tether. It always confirms all the information provided.
20 Dec, 2018 - 19:41
Again Tether shows and confirms that it is the reliable stablecoin.
20 Dec, 2018 - 20:36
Oh they're just dancing around this tether every goddamn day and waiting for it to turn out a fake. Well, I am sure it's not happening 'cause it's all backed.
21 Dec, 2018 - 16:29
Of course it's still unclear about the money and where they are and everything. But I am very confident in the fact that they soon will post a report about that too. 'Cause tether is waaaay too popular and big and people need info. I'm sure that's why they checking it nonstop.
23 Dec, 2018 - 09:49
As for me Tether has no equivalent or even similar products. It is really an unique stablecoin.
23 Dec, 2018 - 23:35
That proves how safe and stable that coin is. Nice sign from Tether.
26 Dec, 2018 - 07:34
Tether is backed. Why all this speculations again?
Their bank has confirmed everything.
But no, reporters are trying to raise a new wave of negativism.
26 Dec, 2018 - 16:23
Evidences of transparency of Tether are here
27 Dec, 2018 - 18:29
As for me Tether is the most perspective stablecoin which does not have any analogs.
27 Dec, 2018 - 20:25
Doj have been investigating them for a year now and no news whatsoever. Only same reappearing news about tether being backed and then not backed and then backed again. You guys know how to make news. Very professional.
27 Dec, 2018 - 21:14
All the news and articles confirm the reliability of Tether. As for me Tether take the 1st place among stablecoins and it will retain the leadership.
27 Dec, 2018 - 21:50
Tether looks the best stablecoin on the market right now.
I believe tether has a great future
28 Dec, 2018 - 03:37
bitfinex became so interestinf for this year. 2 years ago i really thought bitfinex makes tether just to bump and pumpp but i donna c it. good.
28 Dec, 2018 - 12:40
Wow.... I see so many really respectful social media like Bitfinex! Finally they got it.
28 Dec, 2018 - 13:58
believe and respect bloomberg after their posts I decided to but some tethers
29 Dec, 2018 - 15:22
I`m glad that after Tether accounts were reviewed by Bloomberg all haters can finally keep mum. I bet this year Tether competitors will learn that it`s unbeatable.
03 Jan, 2019 - 13:22
First I had some doubts about that then I understood that it`s all fud. Tether has so huge market volume that its competitors just don`t know what to do to cut off a piece of this pie. Sure Tether`s backed, relax.
03 Jan, 2019 - 14:22
I have been watching so many news and articles about the different exchanges and stablecoins. Finally I assumed that for me Tether is the most stable and reliable stablecoin. In this case I can only recommend it.
03 Jan, 2019 - 21:27
Tether is rising slowly, but steadily. Some minor downs are absolutely normal and shouldn`t make you worry. Every sane crypto user knows Tether is fully backed, don`t be fooled by the speculations initiated by competitors.
04 Jan, 2019 - 10:33
Tether is real true stablecoin and nothing can be compared with it
08 Jan, 2019 - 14:54
I love Tether, stable coin. in a word it's a good coin.
11 Jan, 2019 - 17:58
i tend to believe this information from bloomberg considering the fact that tether has done an audit in the summer 2018 that also confirmed full financial backup of tokens
13 Feb, 2019 - 09:16
recent audit from tether and this information make me think that tether really has financial security for the token it has issued
15 Feb, 2019 - 06:53
tether is financially secured and this was proved by different sources. however there are still people who promote gossips and fantasies about tether insolvency
20 Feb, 2019 - 19:12

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