After a Bloomberg article claimed that there was a relationship between stablecoin provider Tether and the now-bankrupt Signature Bank, rumors began to circulate about the involvement of both companies.
However, Tether immediately went out to clarify the claims made in the original article. In an email sent to Cointelegraph among other outlets, Tether gave an official response to the situation in which it said it wants to “unequivocally reiterate that it has no exposure to Silvergate, Silicon Valley Bank and Signature Bank.”
The stablecoin issuer went on to highlight a section of the article that did not address any issue of a collaboration between Tether and Signature Bank, and that it “failed” to explain that no account was created.
Cointelegraph has reached out to Tether for further clarification on the situation.
Initial claims in the article said that Tether was gaining access to the US banking system via Signature by encouraging users to send US dollars via Signature’s Signet to its Bahamas partner Capital Union Bank.
These Bloomberg claims came despite Tether CTO Paolo Ardoino taking to Twitter on March 12 to clarify that the company had no relationship with Signature Bank. On March 2 and March 10, he tweeted that the company had no exposure to Silvergate and Silicon Valley Bank (SVB), respectively.
At the recent Paris Blockchain Week 2023 event, Ardoino told Cointelegraph that Tether has about $1.7 billion in excess reserves. He went on to call USDT (USDT) one of the “safest assets to hold in the world” in the aftermath of the banking crisis.
This comes after Tether revisited the Wall Street Journal’s “stale allegations” on March 3 that the company forged documents to open bank accounts.. The report alleged that Tether falsified sales invoices, transactions, and hid behind third parties for the opportunity to open bank accounts that it could not have opened otherwise.
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