Pioneering stablecoin issuer Tether has maintained a substantial liquidity buffer of nearly $3.3 billion. Employing a strategic approach, this surplus shareholder amount is distributed across 15 diverse blockchain networks. As per the latest disclosure, this demonstrates unwavering faith among stakeholders as well as enhances stability within the Tether ecosystem.
Moreover, Tether retains exclusive authorization to mint USDT tokens in substantial quantities, numbering in the millions. Its total assets are valued at a whopping $86.1 billion, and its liabilities stand at $82.8 billion, affirming a backing reserve that surpasses the 100% benchmark.
The report as a whole contradicts ongoing apprehensions regarding Tether’s liquidity and asset backing. Although the firm faced a $41 million penalty from the Commodity Futures Trading Commission in October 2021 due to disseminating “inaccurate” information about its reserves, no recent concerns have been raised over its transparency reports over the last two years.
Looking forward, Tether’s strategy shifts: there will be no fresh USDT tokens issued on the Bitcoin Omni Layer, Kusama, or Bitcoin Cash networks. However, redemption avenues will remain open for a minimum of one year from the announcement date.
The stablecoin issuer recently teamed up with the legendary Swiss football club FC Lugano to further the goals of the Plan B initiative. Under this electrifying collaboration, the city of Lugano will witness the amalgamation of crypto and sports intertwining seamlessly.
Tether Kickstarts Plan B Initiative In Lugano
According to the blog post, players of FC Lugano will sport the symbol of Plan ₿ during their international games. Going beyond the symbolic gestures, the epic partnership will offer ardent football fans the opportunity to grab their favorite team merchandise and other stadium goodies using Bitcoin [BTC], Tether [USDT], and LVGA.
Paolo Ardoino, the CTO of Tether, aptly captures the essence of this union: “This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally.”
Additionally, this venture would also encompass the forthcoming integration of crypto payments for tickets, merchandise, refreshments, and more, making the Lugano stadium a crucible of financial transformation.