{"id":27102,"date":"2022-05-17T10:49:42","date_gmt":"2022-05-17T14:49:42","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=27102"},"modified":"2024-07-28T07:39:14","modified_gmt":"2024-07-28T11:39:14","slug":"investors-remove-7-billion-from-tether-within-48-hours","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/investors-remove-7-billion-from-tether-within-48-hours\/","title":{"rendered":"Investors Remove $7 Billion From Tether Within 48 Hours"},"content":{"rendered":"\n<p>Tether's investors removed $7 billion from the platform after the supply of Tether's USDT stablecoin had dropped to $76 billion<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours.jpg\" alt=\"Investors Remove $7 Billion From Tether Within 48 Hours\" class=\"wp-image-27105\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours.jpg 800w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours-300x200.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours-768x512.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours-150x100.jpg 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours-750x500.jpg 750w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption>Investors Remove $7 Billion From Tether Within 48 Hours<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><ul><li><a href=\"#h-investors-worry-about-losing-their-money\" >Investors Worry About Losing Their Money<\/a><\/li><li><a href=\"#h-7-billion-removed-from-usdt\" >$7 Billion Removed From USDT<\/a><\/li><li><a href=\"#h-tether-is-fully-backed-paolo-ardoino\" >Tether Is Fully Backed: Paolo Ardoino<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investors-worry-about-losing-their-money\">Investors Worry About Losing Their Money<\/h2>\n\n\n\n<p>According to CNBC, the supply of Tether's USDT <a href=\"https:\/\/coinscreed.com\/staging\/tron-new-addition-takes-stablecoin-supply-beyond-1-billion.html\">stablecoin<\/a> has plummeted from $83 billion to just under $76 billion in the last week.<\/p>\n\n\n\n<p>While investors worry about losing their money, the <a href=\"https:\/\/coinscreed.com\/staging\/tether-supplies-cash-reserves-fall-following-terras-nightmare.html\">Tether<\/a> CTO promises that the stablecoin is fully supported, exactly like UST.<\/p>\n\n\n\n<p>Paolo Ardoino tweeted that they have the liquidity to redeem any quantity of Tether.<\/p>\n\n\n\n<p>When USDT fell below $1 for a brief period last week, several investors rushed to withdraw $7 billion from Tether, raising worries about whether the most popular stablecoin is truly 100% supported.<\/p>\n\n\n\n<p>After the failure of the UST algorithmic stablecoin powered by Terra chain, which has been paused for some time, the price fell to $0.95.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-billion-removed-from-usdt\">$7 Billion Removed From USDT<\/h2>\n\n\n\n<p>Tether is backed not only with <a href=\"https:\/\/coinscreed.com\/staging\/justin-sun-launches-usdd.html\">USD<\/a> in banks but also with short-term commercial paper, as revealed by a settlement with the New York attorney general.<\/p>\n\n\n\n<p>Concerns that USDT may not be completely backed have resurfaced now that UST has lost its peg and $7 billion has been redeemed from Tether. <\/p>\n\n\n\n<p>Tether previously revealed that the stablecoin is backed by only $4.2 billion in cash, with the remainder consisting of unnamed Treasury bills ($34.5 billion) and commercial paper ($24.2 billion).<\/p>\n\n\n\n<p>Tether promised CNBC in 2021 that it will produce a full audit of USDT reserves within a few months after multiple requests, but it has not yet been completed.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">My latest on <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Tether<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>: More than $7 billion in USDT has been redeemed in the past week, resulting in fresh calls for the world&#39;s biggest stablecoin to produce an audit. <a href=\"https:\/\/t.co\/hiyabKvQoO\" target=\"_blank\">https:\/\/t.co\/hiyabKvQoO<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/p>&mdash; Ryan Browne (@Ryan_Browne_) <a href=\"https:\/\/twitter.com\/Ryan_Browne_\/status\/1526542577528451073?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 17, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><figcaption>\u2014 Ryan Browne (@Ryan_Browne_)\u00a0<a href=\"https:\/\/twitter.com\/Ryan_Browne_\/status\/1526542577528451073?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noreferrer noopener\">May 17, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tether-is-fully-backed-paolo-ardoino\">Tether Is Fully Backed: Paolo Ardoino<\/h2>\n\n\n\n<p>Chief technology officer of Tether and Bitfinex exchange, Paolo Ardoino, has responded to a tweet from the CEO of <a href=\"https:\/\/coinscreed.com\/staging\/cryptoquant-report-shows-miners-expect-bitcoin-to-remain-over-48000-and-heres-why.html\">CryptoQuant<\/a>, Ki Young Ju.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/paoloardoino?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@paoloardoino<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> <br><br>With all due respect sir, when <a href=\"https:\/\/twitter.com\/search?q=%24USDT&src=ctag&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$USDT<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> audit report?<br><br>We&#39;re scared due to the <a href=\"https:\/\/twitter.com\/search?q=%24UST&src=ctag&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$UST<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> collapse and the market wants spot <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> ETFs.<br><br>Regulators, institutions, and crypto investors are waiting for your response on whether $75B worth of USDT is fully-backed or not.<\/p>&mdash; Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1526352356035657733?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 17, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<p>The CEO of the on-chain data platform wondered when Tether's reserves will be audited and made public so that the crypto community could see if the $75 billion in USDT has full support.<\/p>\n\n\n\n<p>In response, Ardoino remarked that few financial institutions could do what Tether did, which was to redeem $7 billion within 48 hours. <\/p>\n\n\n\n<p>He added that if investors want to withdraw more USDT, the company may continue to redeem them because Tether has enough liquidity to pay out investments and that USDT is completely backed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;s investors removed $7 billion from the platform after the supply of Tether&#8217;s USDT stablecoin had dropped to $76 billion Investors Worry About Losing Their Money According to CNBC, the supply of Tether&#8217;s USDT stablecoin has plummeted from $83 billion to just under $76 billion in the last week. While investors worry about losing their [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":27105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Investors-Remove-7-Billion-From-Tether-Within-48-Hours.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=27102"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/27105"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=27102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=27102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=27102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}