- Tether responded to the Bloomberg report by stating that it has no exposure to Signature Bank.
- Tether’s CTO clarified that the stablecoin is one of the safest assets in the world.
The Bloomberg website published an article mentioning an alleged connection between Tether, the stablecoin provider, and Signature Bank, which is facing a serious crisis.
Faced with the exposed situation, Tether sent an email to various media outlets to clarify the facts, with the firm intention of “unequivocally reiterating that it has no exposure to Silvergate, Silicon Valley Bank and Signature Bank.”
Furthermore, the stablecoin provider emphasized the part of the article that demonstrates the absence of issues regarding a partnership with Signature Bank, and the failure to prove the existence of a configured account.
In the article published by Bloomberg, it is exposed that Signature was the bridge for Tether to access the United States banking system, inviting users to use Signature’s signet to send US dollars to its partner Capital Union Bank, located in the Bahamas.
Bloomberg published this report without taking into account the tweet by Paolo Ardoino, Tether’s CTO, posted on March 12 where he claimed to have no relationship with Signature Bank. Before this, he had also clarified that he had no connection with Silvergate and Silicon Valley Bank, on March 2 and 10, through Twitter.
During the Blockchain Week 2023 held in Paris, Ardoino told the news outlet Cointelegraph that Tether has an excess reserve of $1.7 billion and that Tether is “one of the safest assets in the world”.
The recent events come after Tether defended itself against accusations made by The Wall Street Journal in early March, where they reported that the coin provider falsified sales invoices and transactions, using third parties as a front to open bank accounts.
