withdraws Archives -
Fiat Chrysler Automobiles withdrew its plan to merge with Renault, after the French carmaker’s board failed for a second day to reach a conclusion on the proposal, according to people familiar with the matter.
Renault’s board met late into Wednesday in Paris. France, which owns a 15% stake in the…
Russia has withdrawn key defense advisers from Venezuela, an embarrassment for President Nicolás Maduro as Moscow weighs the leader’s political and economic resilience against growing U.S. pressure.
President Trump was dealt another setback in his bid to put a political ally on the Federal Reserve board as plans to appoint Stephen Moore, a conservative commentator and economist, collapsed amid a backlash sparked by Moore’s past writings and statements that disparaged women and gender equity.
President Trump says Herman Cain has withdrawn from consideration for a seat on the Federal Reserve’s board amid a focus on past scandals.
Cain is a former CEO of Godfather’s Pizza who dropped out of the 2012 presidential race amid allegations of sexual harassment and infidelity. The issues resurfaced…
The controversy surrounding the backing of Tether’s USDT tokens has resurfaced following a recent alteration to the company’s terms of service that now state the reserves backing USDT comprise “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties.” Despite tether’s dominance among stablecoins by market share and capitalization, Tether is facing increasing competition from newer stablecoin projects that have been able to provide regular attestations evidencing U.S. dollar backing since launch.
New Tether Terms of Service State Stablecoins are not Exclusively Backed by USD
Tether has updated its terms of service regarding the backing of its USDT token, apparently reversing previous assertions that all USDT tokens are backed one-to-one with USD reserves.
Tether’s homepage now states that “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”
The company’s legal page also states that “the composition of the Reserves to back Tether Tokens is within the sole control and at the sole … discretion of Tether,” adding that “Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens, and Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves.”
Rival Stablecoins Evidence USD Backing Through Monthly Attestation Reports
While Tether appears to have backed down on its previous claim that all outstanding USDT are tokens are backed by USD, many of its rivals have provided regular attestation reports demonstrating fiat backing.
Trueusd has provided between one and three attestation reports per month since launching during March 2018, with top 40 accounting firm Cohen & Company producing the reports. As of Trueusd’s most recent report, which refers to accounts examined as of Feb. 28, 2019, the company’s 201,727,658 outstanding TUSD tokens were then backed by $ 202,621,765 dollars that were held in Trueusd’s bank accounts.
On Feb. 15, 2019, Circle published its fourth monthly attestation report pertaining to the USD reserve for its USDC token. The report states that as of January 31, 2019, the outstanding 307,7903,924 USDC tokens were backed by $ 307,848,312 held in custody accounts.
Since launching in Sep. 2018, Paxos has provided monthly attestation reports provided by Withum for its Paxos Standard Token Stablecoin. Paxos’ most recent report asserts that as of Feb. 28, 2019, the 109,543,189.7 PAX tokens were backed by USD reserve “at least equal to or greater than “$ 109,543,189.70.”
What is your response to the changes recently made to USDT’s terms of service? Share your thoughts in the comments section below!
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The post While Tether Withdraws Claim of USD Backing, Rival Stablecoins Provide Monthly Attestations appeared first on Bitcoin News.
Heather Nauert, picked by President Trump to be the next US ambassador to the United Nations but never officially nominated, has withdrawn from consideration, the State Department said. Nauert, a State Department spokeswoman who was previously a breaking news anchor on Fox & Friends , said in a department statement that…
Tribune Media said Thursday that it would withdraw from its $ 3.9-billion merger with Sinclair Broadcast Group, adding that it would sue Sinclair for “breach of contract” over its failed negotiations with regulators over the deal.
The breakdown of the deal reflects a stunning reversal of fortunes…
Britain has halted cooperation with the U.S. in the case of two British Islamic State fighters after concerns that they could face the death penalty provoked a backlash.
WSJ.com: What’s News Europe
The U.S. is pulling out of the Iranian nuclear accord, President Donald Trump announced Tuesday, dismantling his predecessor’s most prominent foreign-policy initiative and bucking the wishes of some of America’s closest allies.
WSJ.com: What’s News Asia