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Home»Web 3»Tether made $11.6 billion in loans between 2019 and May 2021
Web 3

Tether made $11.6 billion in loans between 2019 and May 2021

2023-06-18No Comments2 Mins Read
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Stablecoin issuer Tether issued $11.6 billion in collateralized loans between June 2019 and May 2021, according to documents released this week by the New York Attorney General pertaining to a legal settlement.

Of the 694 loans, 89% of the total loan amount was issued against bitcoin as collateral, while 9% had ether as collateral. The remaining 2% was split between Tether Gold (XAUT) and untitled securities. Tether received a total of 450,000 BTC in collateral and 1.1 million ETH.

The documents also show that $8 billion in loans was repaid during that period.

“Tether has historically been involved in lending transactions – disclosed in our independent, third-party assurance statements – to a select group of larger Tether customers,” Tether said in a statement. rack earlier today. It noted that the loans were overcollateralized.

Tether reduces loans

In December 2022, Tether said yes reduce secured and overdrawn loans in its reserves to zero over the course of 2023. “Tether is managed professionally and conservatively and this will be demonstrated once again by successfully reducing lending without losses (as all loans are oversecured by liquid assets),” was there then.

The documents were collected by NYAG during its investigation into Tether, resulting in a February 2021 settlement and a $18.5 million fine. They were released following a freedom of information request from crypto publication CoinDesk, and the Attorney General’s Office made them available to The Block.

Tether did not immediately respond to a request for comment.

© 2023 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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