The world’s leading stablecoin issuer Tether has pledged to wind down its lending business while it continues to battle a torrent of mainstream media FUD.
The world’s largest stablecoin issuer, Tether, has pledged to eventually stop the practice of lending out funds from its reserves, saying it is “mission critical to restore faith" in the crypto market., the stablecoin issuer addressed recent mainstream media FUD concerning its secured loans, among other FUD which have hit the"rumor mill."
Tether reiterated that its secured loans are over-collateralized and covered by “extremely liquid assets,” while also adding that the firm would be eliminating these loans throughout 2023, stating: Tether is announcing starting from now, throughout 2023, it will reduce secured loans in Tether’s reserves to zero.
Tether’s secured loans operate similarly to private banks lending to customers using secured collateral, the company explained. However, unlike banks that operate on fractional reserves, Tether claimed that its loans are fully backed by over 100%.
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