Tether assures that it has no exposure to Silvergate Bank

Wanting to reassure, the issuer of the largest stablecoin in the world, Tetherclaimed to have no connection with the American bank Silvergate.

On Thursday evening, Tether’s CTO Paolo Ardoino said that his company had ” no exposure ” to the troubled crypto-friendly bank Silvergate.

#Tether does not have any exposure to Silvergate.

– Paolo Ardoino 🍐 (@paoloardoino) March 2, 2023

The California-based financial institution yesterday saw its customer base slip away after it delayed filing its annual report and said it was reviewing whether it could remain viable.

Tether tries to reassure as the mistrust Investors’ distrust of exchanges and stablecoins has risen sharply as a result of bankruptcies and implosions in the ecosystem in 2022.

Last month, the company behind theUSDT published, for the first time, figures on its profits. The subsidiary of the group iFinex announced a profit of $700 million in Q4 2022.

The price of its dollar-backed tokenwhose capitalization currently exceeds 70 billion dollars, has not wavered and has maintained its peg following the fall in the Bitcoin price overnight.

So did other major players in the industry, Tether is, since several years, criticized for its lack of transparencyespecially regarding the reservations that support its digital piece.

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