Tether Denied Evergrande Claims

Tether denied Evergrande claims. Tether announced that its assets do not include commercial securities of Evergrande.

Tether, the issuer of USDT, the largest stablecoin with a market capitalization of approximately $70 billion, announced that it does not hold any Evergrande company commercial paper.

"Never Happened..."

While bankruptcy claims have been put forward for the Evergrande company, which many credit evaluation institutions have recently lowered its ratings, it is said that the devaluation of the securities in the hands of Tether will also hit the cryptocurrency market. Among these claims, Tether made the following statement: “Tether does not, and has never held, any commercial paper, debt asset or security issued by Evergrande. As evidenced by the documents we reported on June 30, 2021, the vast majority of commercial papers held by Tether belong to issuers rated A-2 or higher." While the assets that support Tether's USDTs have been the subject of discussion for the past few years, the largest stablecoin backing assets are largely commercial papers, treasury bills, and certificates of deposit. Other assets are cryptocurrencies, bonds, debt loans and cash. The value of commercial papers and certificates of deposit is around 31 billion dollars. Speaking to The Block from the American media, a Tether official said that international commercial securities are among these assets, but he could not give details on this issue.