Paolo Ardoino, Tether’s CTO, talks about a coordinated attack attempt by traditional hedge funds to short USDT. Ardoino wrote in detail on a Twitter thread, stating that the attacks include “new waves of FUD, troll troops, clowns, and more.”
A detailed thread follows the Wall Street Journal report highlighting that traditional hedge funds are trying to short tethers through one of the largest crypto brokers, Genesi Global Trading.
Tether CTO confirms that USDT is 100% supported
Ardoino started the thread by highlighting the tools and methods used in traditional finance to shorten USDT. I said Tether and the team are branded as bad guys, despite efforts to work with regulators to increase transparency.
Paolo emphasized the achievements and efforts of the team. He went on to claim that Tether was 100% supported. He emphasized that Tether has never failed to redeem and is always redeeming USDT for $ 1.
Ardoino compared Tether to banking institutions and said his team processed over 7 billion redemptions, which is not possible for banks.
“Tether will also reduce its exposure to commercial paper from about 4.5 billion to about 8.4 billion and will phase out it altogether in the coming months. All expired CPs will be included in the U.S. Treasury bill. Continue until CP exposure reaches zero. Tether’s portfolio is stronger than ever. “
Ardoino said it has processed 16 billion redemptions in over a month to emphasize the robustness of its portfolio. This accounts for 19% of the total reserve.
Ardoino continued to emphasize Tether’s robustness and stability throughout the thread, stating that USDT is the only stablecoin to accompany a fire under extreme pressure.
“And while FUD is focusing on USDT, during the last two months of crypto devastation, many lenders and hedge funds considered the holy heroes of our industry actually have tethers of 10 feet. It was discovered that even Paul was taking a risk that he didn’t touch. “