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Breaking: Mystery Solved Around Stablecoin (USDT) Reserves

Tether Reserves: News of companies supporting its reserves is slowly revealing the mystery behind the largest stablecoin. According to reports, Tether’s backbone is a Wall Street-based firm. This is important because there were concerns about lack of transparency regarding the proof of reserves for Tether. Although the stablecoin company tried to make changes in terms auditing and assets, there were still questions about transparency.
Also read: U.S. House Committee Doubts the Timing Of SEC’s FTX Probe

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According to a Wall Street Journal report Cantor Fitzgerald, a Wall Street financial service firm, oversees Tether’s i$39 trillion bond portfolio. Cantor Fitzgerald has been closely connected to the cryptocurrency market for many decades. In 2017, the company announced that it would launch Bitcoin (BTC), linked futures contracts. BGC Partners, a Cantor affiliate, seems to be in preparation for its own crypto exchange to launch in the early 2023.

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