
Tether CTO Paolo Ardoino Addresses Hedge Funds Trying to Harm USDT
Tether Chief Technology Officer, Paolo Ardoino has come out once again to address the attempt by some hedge funds to harm Tether through short selling.
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Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Tether works to disrupt the conventional financial system via a more modern approach to money. It has made headway by giving customers the ability to transact with traditional currencies across the blockchain, without the inherent volatility and complexity typically associated with a digital currency. As the first blockchain-enabled platform to facilitate the digital use of traditional currencies (a familiar, stable accounting unit), Tether has democratized cross-border transactions across the blockchain.
Tether’s USDT stablecoin belongs to a new breed of cryptocurrencies that were developed in order to maintain stable value, something that is fundamentally lacking from traditional cryptocurrencies. Pegged against the US dollar at a 1:1 ratio, Tether builds the necessary bridge between fiat currencies and cryptocurrencies while ensuring stability, transparency, and minimal transaction charges to users.
Tether tokens exist as digital tokens built on Bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP, and OMGblockchains. These transport protocols consist of open source software that interfaces with blockchains, allowing for the issuance and redemption of USDT tokens. Being 100% backed by Tether’s reserves, Tether tokens are redeemable and exchangeable pursuant to Tether Limited’s terms of service.
Tether Chief Technology Officer, Paolo Ardoino has come out once again to address the attempt by some hedge funds to harm Tether through short selling.
As concerns mount over the recent broader state of the crypto market, more hedge funds are also losing faith in Tether and directly shorting it.
Tether appears set to roll out a new stablecoin, this time pegged to the British pound. The new stablecoin will be Tether’s fifth.
In addition to burning its tokens, Tether also announced an audit with 12 leading companies to ensure the transparency of its USDT reserves.
Bitfinex and Tether said that as they continue to grow and make profits along the way, they could continue more hiring more talent.