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project icon for tether

Tether

USDT
$1.02
3.49%
Positive delta icon
warning icon

Disclaimer

Preface: Signals are projects that have sufficiently demonstrated relevance in the industry in some form, for at least a finite period of time, as collectively agreed upon by Smith + Crown’s team of professional blockchain researchers. Our team has concluded that Bitfinex LEO qualifies as a signal at this time.

That said, this project has demonstrated characteristics that we find concerning and feel a responsibility to communicate upfront. Those concerns are as follows:

  • Accusations of fraud and legal uncertainty surrounding a pending NYAG lawsuit regarding the management of Tether reserves

Status as Signal is always subject to revision based on the best available evidence of a project’s performance and industry trends. It is imperative that you gather your own facts, evidence and make your own educated assessment of this, and every blockchain-based project. This disclaimer, research profile, and other Smith + Crown content is meant to highlight considerations that help you arrive at your own independent conclusions.

Tether is a stablecoin issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar.

Overview

Project Stage

Live status icon

Amount Raised

Market Cap

$6,341MM

Sector

Stablecoin

Blockchain

Native token icon

Omni

Funding Source

Project Profile

Tether is among the earliest stablecoins, cryptocurrency that maintains a stable price through a pegged underlying asset. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s executive team, which includes CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics. Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance utilizes the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets.The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

project icon for tether

Tether

USDT
$1.02
3.49%
Positive delta icon
warning icon

Disclaimer

Preface: Signals are projects that have sufficiently demonstrated relevance in the industry in some form, for at least a finite period of time, as collectively agreed upon by Smith + Crown’s team of professional blockchain researchers. Our team has concluded that Bitfinex LEO qualifies as a signal at this time.

That said, this project has demonstrated characteristics that we find concerning and feel a responsibility to communicate upfront. Those concerns are as follows:

  • Accusations of fraud and legal uncertainty surrounding a pending NYAG lawsuit regarding the management of Tether reserves

Status as Signal is always subject to revision based on the best available evidence of a project’s performance and industry trends. It is imperative that you gather your own facts, evidence and make your own educated assessment of this, and every blockchain-based project. This disclaimer, research profile, and other Smith + Crown content is meant to highlight considerations that help you arrive at your own independent conclusions.

Tether is a stablecoin issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$6,341MM
Native token icon

Omni

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Stablecoin

Project Profile

Tether is among the earliest stablecoins, cryptocurrency that maintains a stable price through a pegged underlying asset. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s executive team, which includes CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics. Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance utilizes the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets.The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

Recent News

The stablecoin, Tether has launched on the Bitcoin Cash blockchain.

The USD-pegged stablecoin, Tether (USDT), has launched on the Bitcoin Cash network. Tether will run on top of the Simple Ledger Protocol, a tokenization protocol that runs on Bitcoin Cash. The stablecoin is already live on the Omni protocol and Liquid sidechain, which operate in tandem with Bitcoin, as well as Ethereum, EOS, Tron and Algorand. Just as it does now, USDT issued on Bitcoin Cash will aim to maintain a 1:1 USD peg.

March 23, 2020

Sources:

CoinDesk

Bitfinex announces it has repaid $100M loan from Tether.

Today, the cryptoasset exchange announced it had returned $100M of the $700M it had originally borrowed from Tether's USD reserves. The move marks Bitfinex's second $100M payment to Tether, from which it borrowed capital in order to compensate for an $850M loss resulting from its payment processor, Crypto Capital, having its funds seized by authorities.

February 28, 2020

Sources:

more

Lawsuit against Bitfinex and Tether for alleged market manipulation has been refiled in the Southern District of New York.

The suit, originally filed in the state of Washington, alleges USDT tokens were minted without the backing of USD normally held in Tether's reserves and used to purchased BTC, resulting in BTC price increases. Other accusations against the organizations include manipulation of BTC futures on the Chicago Mercantile Exchange. The original case alleged Bitfinex and Tether "monopolized and conspired to monopolize the Bitcoin market." Bitfinex and Tether have denied all allegations.

January 10, 2020

Sources:

more
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project icon for tether

Tether

USDT
$1.02
3.49%
Positive delta icon
warning icon

Disclaimer

Preface: Signals are projects that have sufficiently demonstrated relevance in the industry in some form, for at least a finite period of time, as collectively agreed upon by Smith + Crown’s team of professional blockchain researchers. Our team has concluded that Bitfinex LEO qualifies as a signal at this time.

That said, this project has demonstrated characteristics that we find concerning and feel a responsibility to communicate upfront. Those concerns are as follows:

  • Accusations of fraud and legal uncertainty surrounding a pending NYAG lawsuit regarding the management of Tether reserves

Status as Signal is always subject to revision based on the best available evidence of a project’s performance and industry trends. It is imperative that you gather your own facts, evidence and make your own educated assessment of this, and every blockchain-based project. This disclaimer, research profile, and other Smith + Crown content is meant to highlight considerations that help you arrive at your own independent conclusions.

Tether is a stablecoin issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$6,341MM
Native token icon

Omni

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Stablecoin

Project Profile

Tether is among the earliest stablecoins, cryptocurrency that maintains a stable price through a pegged underlying asset. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s executive team, which includes CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics. Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance utilizes the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets.The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

Recent News

The stablecoin, Tether has launched on the Bitcoin Cash blockchain.

The USD-pegged stablecoin, Tether (USDT), has launched on the Bitcoin Cash network. Tether will run on top of the Simple Ledger Protocol, a tokenization protocol that runs on Bitcoin Cash. The stablecoin is already live on the Omni protocol and Liquid sidechain, which operate in tandem with Bitcoin, as well as Ethereum, EOS, Tron and Algorand. Just as it does now, USDT issued on Bitcoin Cash will aim to maintain a 1:1 USD peg.

March 23, 2020

Sources:

CoinDesk

Bitfinex announces it has repaid $100M loan from Tether.

Today, the cryptoasset exchange announced it had returned $100M of the $700M it had originally borrowed from Tether's USD reserves. The move marks Bitfinex's second $100M payment to Tether, from which it borrowed capital in order to compensate for an $850M loss resulting from its payment processor, Crypto Capital, having its funds seized by authorities.

February 28, 2020

Sources:

more

Lawsuit against Bitfinex and Tether for alleged market manipulation has been refiled in the Southern District of New York.

The suit, originally filed in the state of Washington, alleges USDT tokens were minted without the backing of USD normally held in Tether's reserves and used to purchased BTC, resulting in BTC price increases. Other accusations against the organizations include manipulation of BTC futures on the Chicago Mercantile Exchange. The original case alleged Bitfinex and Tether "monopolized and conspired to monopolize the Bitcoin market." Bitfinex and Tether have denied all allegations.

January 10, 2020

Sources:

more
Load More