Tether liquidates Celsius’ loan without losses
The process was carried out in such a way as to have a minimal impact on the cryptocurrency market
09.07.2022 - 08:15
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What’s new? Tether has announced the liquidation of a loan issued to crypto platform Celsius, which had previously frozen customers’ funds to stabilize liquidity. According to a statement on the company’s blog, the issuer of the USDT stablecoin issued a bitcoin-denominated loan that was overcollateralized by about 30%. Representatives of the company reported that Celsius’ position was liquidated without losses to Tether in accordance with the terms of the agreement by the platform. The process was carried out in such a way as to have a minimal impact on the market.
What else does the blog say? Tether has developed a set of metrics and processes to measure risk, allowing the investment and financial teams to assess any of the company’s financial interactions. Tether added:
“While the media, critics and community were wrongly fixated on Tether, other lenders including notable names in the space were blatantly providing lending facilities with nearly zero collateral. This goes against the strict regulatory practice that the industry has set as standard.”
Earlier, Tether Chief Technology Officer Paolo Ardoino reported the company’s intentions to conduct a full audit of USDT reserves. He also noted that the MHA accounting firm was currently confirming the reserves backing USDT on a quarterly basis.
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