Crypto: Fortunately, Tether has no Evergrande commercial paper
Tether, the largest "stablecoin" in the world, said in a public communication that it does not hold any "Commercial papers" or securities issued by the troubled developer China Evergrande Group, precisely in order not to increase the riskiness of its token.
Evergrande, which has total liabilities of more than $ 300 billion, is in the spotlight as it scrambles to raise funds, poised between a disastrous meltdown with far-reaching impacts, a managed collapse or a government bailout. However this morning the Chinese authorities stopped trading on the local bond market for
“Tether does not hold any commercial paper or other debt or securities issued by Evergrande and never has,” the company said.
"The vast majority of the commercial paper held by Tether is issued by issuers with ratings of A-2 and above."
Regulators are starting to pay more attention to stablecoins – digital tokens that have a value pegged to other assets, often the US dollar, and backed by a pool of assets – and some observers have raised concerns about token liquidity at a time. of stress.
According to the company, about half of Tether's $ 62.8 billion assets as of the end of June 2021 were backed by commercial paper and certificates of deposit.
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The Crypto article : luckily Tether has no Evergrande commercial paper comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/cripto-per-fortuna-tether-non-ha-commercial-paper-di-evergrande/ on Thu, 16 Sep 2021 14:20:29 +0000.