Sturdy tether? Informant gives Bloomberg access to account statements

The US news agency Bloomberg had insight into the account statements of the Tether publisher Tether Limited. Bloomberg now confirms that the stable coin is covered by US dollar deposits for three separate months.

There is growing evidence that the stable coin tether is covered by Bitcoin profit

At least if Bloomberg News is to be believed. The US news agency is looking into bank documents that are supposed to prove Bitcoin profit: According to Bloomberg, these are bank statements that relate to four separate months and contain previously unpublished details. Due to the insight into the documents Bloomberg shows now careful Optimimus regarding the cover of Tethers to the day:

“The question is whether there really is one US dollar in the bank for each tether, and while the documents do not provide a complete overview of tether’s finances, they provide more details than have ever been published.”

Bloomberg himself also holds back on these details. What is clear is that bank statements from September and October of last year are available. Bloomberg also has information for January 2018:

“For example, a statement shows that Tethers account at Noble Bank Ltd. in Puerto Rico was worth $2.2 billion on January 31. On the same day there were 2.195 billion tether.”

Also in September and October 2017 the US dollar deposits coincided with the number of circulating tether. Bloomberg remains silent about which month the remaining excerpts were for and how it behaved here with the cover. Of course, the same applies to the informant:

“The account statements were provided by someone with access to the company’s records, and a government official confirmed their accuracy.

Which Bitcoin profit?

Bloomberg’s report certainly contributes part to the rehabilitation of the criticised Bitcoin profit: However, it will not be completely silenced. On the one hand, the account statements still originate from Tethers time at Noble Bank. The pseudo-audit of the law firm FSS, which was carried out at that time, gained credibility due to personal entanglements between FSS and Noble Bank. Even the statement of Tethers new bank, Deltec, could not dispel all doubts. A full audit, at best by one of the Big Four, could help. This cannot replace Bloomberg’s reputation either.

Nevertheless, there is increasing evidence that the stable coin deserves its name. This is also reflected in the tether exchange rate, which has been able to hold the targeted exchange rate of one US dollar for a good two weeks now.