- Tether also recently announced a strategic investment in Northern Data Group through a subsidiary.
- The USDT issuer reiterated its commitment to its customers with ongoing efforts to reduce loan exposure.
- Tether recently called out the Wall Street Journal for its repeated scrutiny amid ongoing banking challenges.
Tether, the crypto giant behind the world’s largest stablecoin, recently called out legacy media house Wall Street Journal for its repeated scrutiny against the stablecoin issuer. Tether also highlighted the ongoing challenges in the banking industry and accused the WSJ of failing to report the shortcomings in traditional finance.
In a recently published blog post, Tether stated that traditional financial (TradFi) institutions were not properly addressing the needs of their customers. As per the USDT issuer, instead of focusing on their customers, TradFi players chose to scrutinize Tether’s operations. In its defense, the stablecoin firm stated that its excess reserves had exceeded $3.3 billion, all in the interest of its customers.
According to Tether, a company with excess reserves of more than $3.3 billion and on track to record a yearly profit of $4 billion offsets its secured loans by retaining such significant profits on its balance sheet. The USDT issuer added that it was fully committed to eliminating the secured loans from its reserves. Tether also indicated that the recent reporting by the Wall Street Journal was an attempt to manipulate tabloid-style reporting to satisfy TradFi giants.
In other news, Tether recently announced that it had made a strategic investment in Northern Data Group through Damoon, a Tether Group company. Following recent investments into sectors like energy production, bitcoin mining, and communications technology, Tether is actively investing to expand beyond fintech.
“This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’ reserves,” stated Tether CTO Paolo Ardoino. The Tether executive added that the latest investment represented a fresh venture into new tech frontiers for the stablecoin giant.
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