Tether plans to launch exchangeable commodity stablecoin

Cointelegraph, citing a Chinese trader and cryptocurrency billionaire Zhao Dong, reports that Tether plans to launch a stablecoin with a basket of goods.

A shareholder in the Bitfinex exchange affiliated with Tether said the new stable cryptocurrency will be provided with a variety of goods, including oil, gold and rubber. The reason for the release of such stablecoin was called the fear that the banks kept too large funds designed to provide the USDT token.

Dong states that all stablecoins issued by Tether are fully secured by fiat currencies. According to him, even if you cross out the $ 650 million provided by Bitfinex, the USDT security will still exceed 80%, not 74%, as Tether lawyer said earlier.

“Tether is fully provided with reserves, of the 4 billion USDT tokens currently existing, about $ 3.35 billion is in securities, and $ 650 million is provided by Bitfinex. – said the Chinese OTC trader.

However, if a trader is forgiven to believe that 80% can be equated to 100%, for investors and regulators these figures are far from identical.

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According to a study by Coin Metrics, approximately 300 wallets control
80% of all issued USDT tokens. And recently it was reported that Tether is preparing to release another stablecoin tied to the RMB.