03 September, 2019
Tether may release a stablecoin backed by commodities such as crude oil and gold. The plans were announced by Bitfinex investor Zhao Dong. He said that issuing a coin tied to a commodity basket would save investors from the risks associated with storing large amounts deposited in banks.
“Tether is fully backed by reserves, out of 4 billion existing USDT about 3.35 billion are now in securities and 650 million are being lent to Bitfinex. Bitfinex has been raising 1 billion with it's LEO token IEO and could easily pay back Tether any time (as a matter of fact it already paid 100 million last month),” - he said.
Dong confirmed that Tether is fully backed up by reserves, and Bitfinex can repay the debt to a subsidiary at any time. However, the exchange plans to fully pay off Tether after it returns the funds it has frozen in the accounts of the payment company Crypto Capital.
In early August, information appeared that 80% of the issue of Tether stablecoin is stored in 318 wallets. At the same time, each of these links contains from $1 million, while in the Bitcoin network of storages with similar balances - at least 20,000.