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Tether Pledges to Stop Lending Funds from Reserves to Restore Consumers' Faith in Crypto Market

After the FTX crypto exchange collapse, users lost trust in lending, custody, and cryptocurrency service providers. Tether has pledged to stop lending funds from its reserves to restore consumers' faith in the crypto market. Tether addressed rumors concerning its secured loans, assuring that they are fully-collateralized and backed by "extremely liquid assets."

The stablecoin issuer aims to promote transparency and accountability and remains the leading stablecoin issuer with 66 billion USDT in circulation and a market share of 46.6%. Meanwhile, the broader cryptocurrency market is experiencing a price rally with Bitcoin and Ethereum gaining in value.

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