Tether Attempts to Explain Itself On CNBC
Both Tether’s CTO and General Counsel went live on CNBC earlier this week in an attempt to push back against critics challenging their business model. The company recently revealed that less than 3% of its digital currency was backed by US dollars after a settlement with the NY Attorney General compelled some disclosures.
The US government has since been sounding the alarms that its collapse could disrupt the short term credit markets.
Tether is no small player, having issued nearly $62 billion worth of its digital currency, an amount so large that it’s widely thought to have played a role in previous Bitcoin bull runs.
The Tether interview can be watched below: