Tether’s secured loans were always shrouded in controversy due to a lack of transparency on the collateral and the borrowers.
Tether, the largest stablecoin issuer in the crypto market, has seen a rise in its stablecoin lending, or secured loans, in 2023, despite the firm having announced it will cutIn the company’s latest quarterly report, Tether noted that its assets included $5.5 billion of loans as of June 30, up from $5.3 billion in the previous quarter.
” The spokesperson also said the company plans to cut such loans to zero by 2024.Stablecoin loans had become a popular lending product for Tether, allowing customers to borrow USDT from Tether in return for some collateral. However, these secured loans were always shrouded in controversy due to a lack of transparency on the collateral and the borrowers.in December 2022 raised concerns about the products and claims that the loans were not fully collateralized.
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