Tether, the issuer of the world’s largest stablecoin, has hit back at recent allegations made by The Wall Street Journal, calling them “stale allegations from long ago.” In a blog post, the company stated that it adheres to all regulatory and legal requirements around KYC, AML, and Counter Terrorism Financing. Tether also noted that it will not be distracted from its role as the leading stablecoin by FUD (fear, uncertainty, and doubt).
The Wall Street Journal recently published a report claiming that Tether and Bitfinex, a leading crypto exchange with ties to the USDT issuer, had used phony documents and entities to gain and maintain access to bank accounts. The report alleged that the fake documents allowed the cryptocurrency companies to access banking services that would have otherwise been unavailable to them.
Tether has strongly denied these allegations, stating that they are “wholly inaccurate and misleading.” The company has also emphasized that it takes its regulatory and legal obligations seriously and that it is committed to maintaining the highest standards of compliance.
Despite the controversy, Tether remains the leading stablecoin in the market, with a market capitalization of over $60 billion. The company’s USDT token is widely used in the cryptocurrency industry as a means of facilitating transactions and providing liquidity.
As the cryptocurrency market continues to grow and evolve, regulatory scrutiny is likely to increase. Tether’s response to the recent allegations shows that the company is prepared to defend itself against any accusations of wrongdoing and that it is committed to maintaining its position as a trusted and reliable provider of stablecoins.
