Tether’s CTO, Paolo Ardoino, opened up about the attack efforts by traditional hedge funds that tried to short USDT, with Ardoino writing about the details on Twitter, stating that the attack consisted of “mobilizing FUD, keyboard-trolling armies.” , and so on.”
Tether CTO Confirms USDT is 100% Backed
Ardoino started out with a focus on shorting USDT. He said that despite efforts to work with regulators to increase transparency, Tether and the team are constantly being branded as the culprit.
Paolo emphasizes the success and effort of the team. Confirming that Tether is 100% backed, he stressed that Tether never fails to trade USDT at $1.
Arduino compares tether to banking institutions. and stated that his team has operated more than 7 billion USDT exchanges. which is impossible for banks
“Tether has also reduced its holdings of short-term private bonds (Commercial Paper) from ~45 billion dollars to ~8.4 billion dollars and is to be phased out of full use in the next few months.”
Ardoino continued to highlight the strength and stability of Tether and stated that USDT is the only stablecoin that has been proven to withstand extreme pressures.
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