-
Bitcoin $83,769.7161
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$0.9996
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Who is the owner of Tether?
The ownership structure of Tether Holdings Limited, the issuer of the stablecoin USDT, remains undisclosed, raising concerns about potential conflicts of interest and the stability of the cryptocurrency.
Oct 01, 2024 at 05:05 am
Who Owns Tether?
1. Ownership Structure
Tether, the issuer of the stablecoin USDT, is owned and operated by Tether Holdings Limited.
2. Tether Holdings Limited
Tether Holdings Limited is a privately held company incorporated in the British Virgin Islands. The ownership structure of Tether Holdings Limited is not publicly disclosed.
3. Key Executives
The key executives of Tether Holdings Limited are:
- Jean-Louis van der Velde: CEO
- Paolo Ardoino: CTO
4. Connection to Bitfinex
Bitfinex, a cryptocurrency exchange, is closely associated with Tether. Some key executives of Bitfinex also hold positions at Tether Holdings Limited. However, Tether has repeatedly denied that Bitfinex owns Tether.
5. Transparency Issues
The ownership structure of Tether Holdings Limited and the lack of transparency surrounding its operations have raised concerns about potential conflicts of interest and the stability of USDT.
6. Legal Challenges
Tether has faced legal challenges regarding its reserves and transparency. In 2019, the New York Attorney General's Office alleged that Tether misrepresented the backing of USDT with "unsecured loans to its corporate affiliate, Bitfinex."
7. Regulatory Scrutiny
Tether and USDT have come under increasing regulatory scrutiny due to their potential impact on the stability of the cryptocurrency market. In 2021, the U.S. Commodity Futures Trading Commission (CFTC) launched an investigation into Tether.
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