Tether, a leading stablecoin issuer, has slammed the Wall Street Journal (WSJ) for what it calls outdated, inaccurate, and misleading coverage and allegations against the company.
In a recent blog post, Tether accused the WSJ of publishing 84 negative articles about or mentioning Tether from 2021 to 2022 while publishing almost all positive articles about or mentioning FTX in the same period.
It demonstrates that Tether has been the target of negative reporting by the WSJ and other legacy media, while positive coverage has been reserved for companies like FTX, despite high-profile failures.
Tether claimed that the latest WSJ report insinuates that the company operates outside regulation, which is far from the truth. The company asserts that it operates under substantial financial regulations and cooperates on a daily basis with global law enforcement.
The company adds that it has been a target of reporting from legacy media like the WSJ, but unlike other firms supported by the MSM, it “has continually met its commitment to increased transparency, cooperation with regulators, and adjusting its reserves.”
Tether’s Commitment to Transparency, Regulation, & Risk Prevention
Despite criticism from the WSJ and other quarters, Tether has taken direct action to dispel doubts about its operations. During the Terra Luna collapse, for instance, the company was able to redeem over 10% of USDT, equal to $7 billion, within two days.
Tether asserts that it is a committed partner of global law enforcement and has built and maintained world-class compliance programs. The company has strict KYC/AML standards, conducts enhanced due diligence on all customers, and conducts sanctions and blockchain screening to ensure its customers’ funds are not connected to high-risk wallets.
The company also partnered with IHOPE to combat child trafficking, a cause that the company is passionate about supporting. The firm’s efforts have resulted in freezing over ~$400 million as a result of various investigations.
The blog post asserts that despite biased coverage from traditional media such as the WSJ, Tether remains steadfast in its dedication to establishing a worldwide financial infrastructure that provides tangible advantages to individuals in developing economies.
Additionally claims that the stablecoin developed by the company is currently being utilized by individuals and enterprises across the globe to satisfy their financial requirements.
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