1. BITBILIHome
  2. Article

WSJ’s Tether narrative is misleading, claims cryptocurrency giant

• 121 views

TL;DR Breakdown

  • Tether has criticized the Wall Street Journal for its alleged biased scrutiny.
  • Tether states that many traditional finance institutions neglect client needs and focus more on scrutinizing Tether’s operations.
  • CTO Paolo Ardoino emphasizes Tether’s commitment to innovation while safeguarding token reserves.

Description

Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the … Read more

Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector.

Tether’s stance comes amidst mounting discussions about the broader dynamics of the Traditional Finance (TradFi) landscape. According to the stablecoin provider, many TradFi institutions need to be more attentive to their clients’ needs. Instead, they have shifted their focus to delve into Tether’s operations. Hence, Tether has urged these institutions to concentrate more on serving their clientele and addressing inherent issues.

Significantly, Tether emphasized its robust financial health by pointing to its substantial reserves. Boasting over $3.3 billion in reserves, the company assured its stakeholders that these funds primarily serve the interests of its users. Tether firmly believes that any company, with yearly earnings exceeding $4 billion, can comfortably clear its secured debts from its reserves. Additionally, the stablecoin issuer expressed its unwavering commitment to eliminating any secured loans from its current reserves.

However, it’s not just Tether’s reserves that have made headlines. According to Tether, the recent reportage by WSJ resembles a tabloid-esque narrative, seemingly tailored to satiate the appetites of TradFi magnates. By presenting a skewed perspective, Tether implies that the WSJ is doing a disservice to its readers and misrepresenting the stablecoin’s objectives and operations.

Moreover, to diversify and fortify its portfolio, Tether Group’s subsidiary, Damoon, announced a strategic investment in the Northern Data Group. This new venture sees Tether stepping confidently into sectors like energy generation, bitcoin mining, and advanced communications technology.

Paolo Ardoino, Tether’s Chief Technology Officer, commented on this new partnership. He remarked, “This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’ reserves.” With such moves, Tether aims to showcase its dedication to technological advancement and maintaining trust within its community.

Consequently, as the landscape of digital currencies continues to evolve, Tether’s proactive approach in addressing critiques while pioneering new sectors signifies its intent to remain a dominant player in the industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:WSJ’s Tether narrative is misleading, claims cryptocurrency giant

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月24日 00:07
Next 2023年9月24日 02:19

Related articles

  • Digital dollar favors banks and govts over people

    TL;DR Breakdown The digital dollar was once seen as a tool for financial inclusion but failed due to implementation challenges. A wholesale digital dollar is emerging, focusing on rapid global payments among big financial institutions. This innovation favors banks and governments, not the general populace, aligning with power and control rather than individual empowerment. Description A forgotten dream, once cradled by the embrace of cryptocurrency enthusiasts and governmental advocates, stirs once again in the shadows. The concept of the digital dollar, an idea that once swept Washington off its feet, but was later left abandoned at the altar of failed financial innovation, is stirring once more. But this time, the … Read more A forgotten dream, once cradled by the embrace of cryptocurrency enthusiasts and governmental advocates, stirs once again in the shadows. The concept of the digital dollar, an idea that once swept Washington off its feet, but was later left abandoned at the altar of failed financial innovation, is stirring once more. But this time, the game has changed. This isn’t about financial inclusivity or crypto glam; it’s…

    Article 2023年8月5日

  • Switzerland’s inflation below 2% as decision to raise borrowing costs looms

    TL;DR Breakdown Switzerland’s inflation rate in August remained at 1.6% compared to the previous year, consistent with the previous month. For three consecutive months, Switzerland’s headline inflation has stayed below the Swiss National Bank’s target ceiling of 2%. Description Switzerland’s inflation rate showed signs of stabilization in August, providing policymakers with a last look at domestic economic pressures before their quarterly deliberations on whether to increase borrowing costs. In August, consumer prices increased by 1.6% compared to the previous year, a rate identical to the previous month, as Switzerland’s statistics agency reported. However, this … Read more Switzerland’s inflation rate showed signs of stabilization in August, providing policymakers with a last look at domestic economic pressures before their quarterly deliberations on whether to increase borrowing costs. In August, consumer prices increased by 1.6% compared to the previous year, a rate identical to the previous month, as Switzerland’s statistics agency reported. However, this figure fell short of the expectations that anticipated a decrease in inflation. Switzerland’s headline inflation has been stable below 2%  The underlying inflation rate, which excludes volatile elements…

    Article 2023年9月2日

  • DEA loses $50,000 in crypto to scammer’s sophisticated scheme

    TL;DR Breakdown A scammer swindled over $50,000 in cryptocurrency from the Drug Enforcement Administration. DEA, responsible for curbing illegal narcotics, has faced security breaches, with a significant loss of over $500,000 in cryptocurrencies reported in May. The US Marshals detected the scam and alerted the DEA, who then sought to freeze the fraudulent account via Tether. Description A scammer has managed to swindle over $50,000 in cryptocurrency from the Drug Enforcement Administration (DEA). This audacious theft employed a unique combination of monitoring, airdropping, and deception. The DEA, a division of the US Department of Justice, primarily focuses on curbing the flow of illegal narcotics within and across US borders. However, this recent … Read more A scammer has managed to swindle over $50,000 in cryptocurrency from the Drug Enforcement Administration (DEA). This audacious theft employed a unique combination of monitoring, airdropping, and deception. The DEA, a division of the US Department of Justice, primarily focuses on curbing the flow of illegal narcotics within and across US borders. However, this recent incident has spotlighted vulnerabilities in their operations. Significantly, this isn’t…

    Article 2023年8月26日

  • JPMorgan applies for IndexGPT trademark, a financial-focused chatbot

    TL;DR Breakdown Financial giant JPMorgan Chase has filed a trademark application for a finance-themed chatbot called IndexGPT. JPMorgan states that it is hiring around 2,000 data managers, data scientists, and machine learning engineers to enhance its AI capabilities. Goldman Sachs and Morgan Stanley banks have already started testing AI for internal use. JPMorgan Chase files trademark application for finance-themed chatbot, IndexGPT. An index produced by GPT to arrange outside data and respond to inquiries. The financial behemoth JPMorgan Chase submitted a trademark application for the name IndexGPT for a chatbot with a financial focus.  According to the application submitted on May 11 to the United States Patent and Trademark Office, the chatbot would be used for advertising and marketing services, an index of securities prices, online financial information, and investment counseling. IndexGPT: JPMorgan’s chatbot revolutionizing finance According to the application, IndexGPT will use cloud computing software with artificial intelligence for analyzing and choosing securities suited to customer needs. Source: Court filing The ChatGPT technology developed by OpenAI last year went viral, forcing whole companies to confront the advent of artificial…

    Article 2023年5月29日

  • British Museum partners with The Sandbox to create digital collectibles

    TL;DR Breakdown The British Museum has joined forces with The Sandbox to float its NFT collection. The intersection of art and blockchain in the museum landscape. Description The British Museum, a venerable cultural institution in London, is venturing into the world of Non-Fungible Tokens (NFTs) through a partnership with the Ethereum-based metaverse game, The Sandbox. Collaborating with French startup LaCollection, the museum aims to develop a range of NFT digital collectibles that will showcase the breadth and depth of its extensive collections … Read more The British Museum, a venerable cultural institution in London, is venturing into the world of Non-Fungible Tokens (NFTs) through a partnership with the Ethereum-based metaverse game, The Sandbox. Collaborating with French startup LaCollection, the museum aims to develop a range of NFT digital collectibles that will showcase the breadth and depth of its extensive collections while offering new immersive experiences to users. The British Museum recognizes the potential of Web3 technology The collaboration marks a significant step for The British Museum, which was founded in 1753 and stands as the world’s first national public museum….

    Article 2023年7月29日
TOP