In a recent announcement from the Tether stablecoin platform it was learned that they are working on a USDT version that would be backed by “a basket of commodities such as oil, gold and even rubber.”
The news was released by one of the shareholders of the cryptoexchange, in an alleged attempt to clear the rumors that exist around Tether and Bitfinex. Zhao Dong, a shareholder of Bitfinex, said the goal of the USDT release is “to reduce the potential risks associated with keeping large amounts of funds deposited in banks.”
Given the comments that have emerged regarding stablecoin and that have raised doubts about whether it is really backed by the US dollar, Dong stressed that the total amount backed is 83.75 percent and not 72%.
Amid this controversy, Theter made another important announcement about his plans to launch another stablecoin backed by the Chinese yuan. In this regard, the Bitfinex executive said that far from setting obstacles to this initiative, the CNHT will support China in an expansion of the adoption of CNH for international settlements.
Analysts remain in expectation of malicious comments about Tether and Bitfinex relations, as they believe they may not be enough to regain market confidence. They closely study the possible launch of a stablecoin backed by assets such as gold or oil.