Is Tether the stable crypto currency?

Tether {USDT} is a cypto currency, unlike all the others, which is not a ponzi, and claims to be backed by $1 for each coin issued.

In the recent crypto bloodbath, Tether has held strong, and actually risen as Bitcoin has fallen. Tether is linked to the Exchange Bitfinex, and Puerto Rico, but does it have the reserves it claims to?

 

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Tether {USDT} is a cypto currency, unlike all the others, which is not a ponzi, and claims to be backed by $1 for each coin issued.

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In the recent crypto bloodbath, Tether has held strong, and actually risen as Bitcon has fallen. Tether is linked to the Exchange Bitfinex, and Puerto Rico, but does it have the reserves it claims to?

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Some people have questioned whether Tether really does have over US $2.2 billion in actual currency reserves. There has been no audit of their claimed reserves.Subpoenas from the U.S. Commodity Futures Trading Commission were sent to Tether on December 6, 2017.

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The CEO of both the exchange Bitfinex, and Tether is one Jan Ludovicus van der Velde.

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The claimed objetive of Tether is to faciitate crypto currency trading with a fixed rate to the US dollar, allowing arbitrage opportunities as the exchange can be done quickly, unlike other cryptos with no fix tot he US dollar.

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So can we trust tether’s claims of having $2. billion is reserve?  No audit has yet been done, so you have to ask why not? One is naturally sceptical of such claims with no proof to back them up, and if everything is as they say it is, why not prove it and lay the doubts to rest?

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The US is now on the case so if the claims aren’t true we should soon hear about it!