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They don't promise that. From their website: "Every Tether token is always 100% backed by our reserves, which include traditional currency and cash equivalents
by Geee 6y ago
They don't promise that. From their website: "Every Tether token 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 (collectively, “reserves”)."
- oarsinsync 6y agoThat's a recent change, and come about since they've been taken to court. They originally claimed that every USDT issued was backed by cold hard USD cash. No 'cash equivalents', no 'other assets', no 'loans'. The wayback machine can give you a historical view on their pages and their claims.