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Tether: USDT on Solana has no inherent risk, some exchanges suspend deposits or it is only because of the close connection between FTX, Alameda and Solana

November 18, 2022
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Tether, the stablecoin USDT issuer, stated that although Alameda is one of the largest issuers of USDT, the failure of Alameda does not mean that it poses a risk to Tether.

Alameda’s issuance of USDT means that Alameda transfers USD to Tether, and Tether issues USDT. These reserves are still in Tether’s hands and are not on Alameda’s balance sheet. Alameda can redeem any USDT they own for USD through the Tether redemption facility.

In addition, Tether has not loaned Alameda any USDT or other funds, has no outstanding USDT loans, Tether reserves or any other funds, and has not participated in any leveraged activities and transactions.

In addition, SolanaUSDT has no inherent risks, and Alameda’s large participation in Solana will not affect the basic dynamics of USDT functions and USDT issuance operations. The suspension of USDT deposits on Solona by some exchanges may simply be due to the close connection between FTX, Alameda, and Solana.

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