The company said it issued more than billion in USDT in the last three months of , and has more than billion in excess reserves.The Bloomberg report pointed out that Tether wound up in the spotlight this week during the confirmation hearing for Howard Lutnick, President Donald Trump’s nominee for commerce secretary.Lutnick is head of Cantor Fitzgerald, one of Tether’s banking partners.
During the hearing, he told senators that USDT has reached jiangxi mobile number database billion amid booming demand for stablecoins. Cantor Fitzgerald has a convertible bond with Tether, and Lutnik said that stablecoins denominated in dollars should undergo audits.Tether’s apparent success comes as stablecoins are being increasingly heralded as the bridge between traditional finance and the cryptocurrency world, have started to change that dynamic, as PYMNTS wrote earlier this month.
A recent report from the Federal Reserve of Atlanta said that while the future of stablecoins as a payment method is still undetermined, their adoption could someday rival credit or debit cards, with the stablecoin market value comparable to the gross domestic product of countries like New Zealand or Greece. In addition, retailers such as Overstock, Chipotle, Whole Foods and GameStop have begun accepting stablecoins.
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