Agency Weiss Ratings considers operations with Tether unsafe

Independent rating Agency Weiss Ratings finds that operation with tokens Tether (USDT) is unsafe. The main problem tokens USDT, according to analysts of Agency, in the absence of audited financial statements confirming the security of these coins.

Tether the developers claim that their currency is 100% backed by dollars, however, any evidence that was not provided for almost a year, and the number of USDT in January exceeded 2.2 billion. An increasingly popular view that the creators of the Tether have no real assets, is able to provide all of the issued USDT. According to the analyst of the Agency Juan M. Villaverde (Juan M. Villaverde), it all looks very suspicious.

It is known that the Tether is in third place in the ranking of most traded cryptocurrency, and the daily volume of transactions with the token is often higher than its market capitalization. Agency experts draw attention to the fact that many cryptocurrency exchanges USDT are used in the proxy role of the dollar, which makes it very important for the entire ecosystem.

Exchange position USDT as a source of liquidity, and if the Tether to be taken any action from regulators, investors will be under real threat.

«What would happen if Tether would be a Scam? If the government decides that these tokens are used by exchanges to bypass throttling? What happens if this source of liquidity will suddenly evaporate?»,- asks questions Villaverde.

In his opinion, it threatens to malfunction kryptomere and may force investors to liquidate open positions that will cause the decline in market rates.

At the end of last year, Bitfinex recognized the link with Tether and undertook to submit the results of a full audit of the last, but at the end of January, the audit was cancelled and the contract with the audit firm Freedman LLP revoked.

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