{"id":466266,"date":"2023-12-18T06:51:17","date_gmt":"2023-12-18T06:51:17","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=466266"},"modified":"2023-12-18T06:51:17","modified_gmt":"2023-12-18T06:51:17","slug":"tether-ceos-letter-highlights-collaboration-with-law-enforcement-and-stablecoin-stability","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/tether-ceos-letter-highlights-collaboration-with-law-enforcement-and-stablecoin-stability","title":{"rendered":"Tether CEO’s Letter Highlights Collaboration with Law Enforcement and Stablecoin Stability"},"content":{"rendered":"

Tether CEO Paolo Ardoino has penned letters<\/a> addressed to key legislators, including Senator Cynthia Lummis, emphasizing the company’s commitment to security and collaboration with law enforcement agencies. Tether, the creator of the USDT stablecoin, seeks to maintain its reputation for stability while fostering transparency in its operations.<\/p>\n

Tether, widely recognized<\/a> as a stablecoin pegged to the US dollar, has consistently provided investors with a safe haven amid the tumultuous cryptocurrency market<\/a>. It currently ranks as the fourth-largest cryptocurrency by market capitalization. The coin’s unique price stability mechanism involves maintaining a reserve of US dollars equal to the number of USDT tokens in circulation, ensuring full cash backing for each token.<\/p>\n

While Tether has faced criticism for its lack of financial transparency, it remains the longest-standing stablecoin in the crypto industry. Despite calls for greater disclosure, Tether has managed to maintain its position and reputation.<\/p>\n

The Freezing of the Wallets<\/h2>\n

Ardoino detailed Tether’s collaboration with the Department of Justice, U.S. Secret Service, and Federal Bureau of Investigation (FBI) in freezing 326 wallets<\/a> containing 435 million USDT. Although the most recent frozen wallets held fewer tokens, Tether continues to work closely with the United States Secret Service and is in the process of onboarding the FBI. These partnerships underscore Tether’s dedication to maintaining operational integrity and security through law enforcement cooperation.<\/p>\n

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Tether Releases Letters Shared With The U.S. Senate Committee On Banking, Housing, And Urban Affairs And The U.S. House Financial Services Committee<\/p>\n

Read More ⬇️https:\/\/t.co\/wK9iU4ht6i<\/a><\/p>\n

— Tether (@Tether_to) December 15, 2023<\/a><\/p><\/blockquote>\n