A new project for a stabilized cryptocurrency Reserve that would function “like normal money” is backed by such prominent investors as Peter Thiel, Coinbase, and others.
Tether has issued another 250 million of its eponymous tokens and has become one of the world’s 10 largest cryptocurrencies.
To get rid of allegations over Tether not having the funds to back their tokens, Freeh Sporkin & Sullivan LLP, a law firm, released a report which confirmed Tether’s bank deposits and assured investors that its cryptocurrency is backed by USD.
The partnership with Bitmain will enable Circle issue USD Coin and help push forwards its drive in improving its products and services.
Tether is yet to come clean on its alleged involvement with Bitfinex exchange and issuing USDT tokens which are alleged to have been not backed by the U.S Dollar.
Analysts say that there could be a “bloodbath” in the crypto markets if suspicions regarding use of Tether tokens for pumping Bitcoin price turns out to be true.
Startup Tether is the fresh victim of online malicious attacks reporting tokens worth $31 million being stolen from its wallet.