Tether (USDT) primary reserve bank has been struggling financially, sources say “they’re desperate”
According to a recent report, Puerto Rican financial institution. Noble Bank has been struggling to survive in the cryptocurrency market. The report stated that the institution is financially unstable and is doing its best to find funding.
Furthermoree, a large number of assets which came into the Nobel bank were in the form of Tether’s U.S dollars. The bank has been trying to find large investors who could help them buy some USDT to get a cash lifeline but their plea has been rejected.
The recent data shows that Noble Bank was the primary reserve bank of Tether. The CEO of Noble bank, John Betts worked with the Co-Founder of Tether, Brock Pierce before the creation of either of the companies. Tether which is reportedly backed by the U.S dollar was recently accused of buying cryptocurrencies with defective tokens which were not backed by the U.S dollar.
Tether community was threatened by the launch of two new stablecoins, Gemini dollar and Paxos. Both the stablecoins were audited by the New York Department of Financial Service. However, Tether had lost its main auditor Friedman LLP in January, after which they claimed that auditing Tether was impossible.
If you like my stuff, don't forget to upvote or resteem this post and follow me @lam3rch3 !
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
To listen to the audio version of this article click on the play image.
![](https://steemitimages.com/640x0/https://s18.postimg.org/51o0kpijd/play200x46.png)
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Thanks!
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://vegamoney.com/tether-usdts-primary-reserve-bank-has-been-struggling-financially-sources-say-theyre-desperate/