According to CTO, Tether is Not Affected by the Decline of Crypto Bank Silvergate.
Tether has confirmed that it has no exposure to US bank Silvergate, following financial losses and deposit declines. As previously reported, Silvergate has been struggling as of late, revealing a $1bn net loss in February along with declining customer deposits. As a result, crypto companies are distancing themselves from the bank, and Coinbase has announced it will halting payments to and from the bank. Tether, however, appears to be performing well despite crypto’s bear market, having generated $700m in Q4 2022, despite processing $21bn in redemptions last year. The company is behind the world’s largest stablecoin and most-traded cryptocurrency, USDT. Although controversial, because Tether has refused to prove its stablecoin is backed by dollars and is not independently audited, USDT has a market cap of $71bn and changes hands more than any other digital asset.