Bloomberg Mocks Stablecoin Tether in its Latest Report

Tether has recently given a statement on Twitter in which the stablecoin seems to be quite worked up about the report presented by Bloomberg on the current performance of the stablecoin. Stablecoins are digital assets that are pegged to a dedicated sovereign currency such as the dollar. They have their own market, and people buy them to be able to find a hedge against inflation. Tether, without any doubt, is the largest stablecoin there is, with a market cap of about $68 billion.

In the past two years, Tether has grown exponentially, and since then, it has been involved in a variety of controversies involving digital assets and the crypto market. The recent paper published by Bloomberg focuses on Tether as nothing but a hoax and a Ponzi scheme in effect to rob people of their money, time, and investment. The latest publication from Bloomberg was titled ‘anyone seen Tether’s Billions’.

Tether Denies All Accusations

It wasn’t so much as a question as it was a direct mocking of the world’s largest stablecoin. Some of the accusations made within the paper include that Tether has dearly invested some of the reserves made available by institutional investors into the Chinese commercial business. Millions of dollars have been given to many large Chinese companies on a short-term loan basis. Another acquisition was that billions of dollars are being invested continuously by Tether into crypto-backed loans. Some of these loans use the flagship cryptocurrency Bitcoin as the collateral, one such known is given to Celsius network, and so on so.

All of these accusations point towards a common ground which is that the top executives of Tether have been giving out these loans in an individual capacity, and they are going to earn hundreds of millions of dollars all to themselves. The senior management of Tether, of course, denied these claims by saying that the news is old and the sources are not credible at all. It is nothing but a very absurd attempt on Bloomberg’s account to undermine Tether, the most elementary stablecoin which sparks innovation and commitment to the crypto market.