Tether (USDT) caused another round of disturbances in the cryptocurrency space, by altering the wording on its terms of service. While previous formulations held that all USDT were backed by fiat reserves, this time, the nature of the “backing” is extended to include forms of debt and cash-like assets.
The site states that “All tethers are 100% backed by Tether’s reserves”. The company has extended the meaning of “reserves”, however, to include additional financial instruments. Per the renewed website:
“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets an...