Tether says it has no exposure to Genesis Global or Gemini Earn
The stablecoin operator said the reliability of its reserves is important to emphasize "at a time like this". Tether has always had transparency issues.
New
Tether issued a short statement on Nov. 16 indicating that it had no exposure to institutional crypto lender Genesis Global or the Gemini Earn program following news that Genesis Global and the Gemini exchange were freezing withdrawals. Genesis Global is the lending partner for interest-bearing Gemini Earn.
Eager to differentiate itself from crypto organizations affected by the contagion, Tether said:
"It's important at a time like this to stress that these [Tether] reserves have proven themselves by showing consistent resilience during the black swan events that characterized the market last year."< /p>
Tether, the operator of USDT (USDT) - the largest stablecoin and third-largest digital currency by market capitalization - lost its peg to the dollar for a short time on May 12, at the start of the crypto market crash.
Tether said the Nov. 16 announcement was "part of Tether's ongoing efforts to increase transparency." Tether has resisted efforts to get it to prove support for its stablecoin, losing in February a case brought by the New York Attorney General's office in 2019 to expose such information. In July, Tether
The stablecoin operator said the reliability of its reserves is important to emphasize "at a time like this". Tether has always had transparency issues.
New
Tether issued a short statement on Nov. 16 indicating that it had no exposure to institutional crypto lender Genesis Global or the Gemini Earn program following news that Genesis Global and the Gemini exchange were freezing withdrawals. Genesis Global is the lending partner for interest-bearing Gemini Earn.
Eager to differentiate itself from crypto organizations affected by the contagion, Tether said:
"It's important at a time like this to stress that these [Tether] reserves have proven themselves by showing consistent resilience during the black swan events that characterized the market last year."< /p>
Tether, the operator of USDT (USDT) - the largest stablecoin and third-largest digital currency by market capitalization - lost its peg to the dollar for a short time on May 12, at the start of the crypto market crash.
Tether said the Nov. 16 announcement was "part of Tether's ongoing efforts to increase transparency." Tether has resisted efforts to get it to prove support for its stablecoin, losing in February a case brought by the New York Attorney General's office in 2019 to expose such information. In July, Tether
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