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The issuer of the stablecoin has reiterated that its investment in Celsius does not affect its USDT reserves.
Tether's Bitcoin (BTC)-denominated loan to Celsius Network has been fully liquidated without a loss, relieving fears that the stablecoin issuer may have disproportionate exposure to the troubled cryptocurrency lender.
Tether claimed in a statement released on Friday that its loan relationship with Celsius eliminated any adverse risk to its core business. In particular, the BTC-denominated loan given to Celsius was 130 percent overcollateralized, and the original arrangement permitted Tether to sell the collateral to satisfy the debt.
“This process was carried out in a way to minimise as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement,” the statement stated. “Celsius position has been liquidated with no losses to Tether.”
Last month, rumors about Celsius’ insolvency began to circulate when the cryptocurrency lender was forced to suspend withdrawals owing to “extreme market conditions.” As soon as the business recruited new legal counsel to advise on restructuring, details of enormous losses and liquidity concerns began to emerge.
Tether made a statement in June emphasizing that its portfolio investments in Celsius have nothing to do with the health and support of USDT, the stablecoin with the most significant market capitalization.
“While Tether’s investment portfolio does include an investment in the company, representing a minimal part of our shareholders’ equity, there is no correlation between this investment and our own reserves or stability,” the company stated on June 13. The exact same point was conveyed in Tether’s Friday statement.
USDT is the most extensively used stablecoin. However, its market share has decreased over the past year. Currently, USDT has a market capitalization of $66 billion, according to CoinMarketCap. With a market value of $55.5 billion, Circle’s USD Coin (USDC) is a close second.