The post Tether CEO Fires Back at JPMorgan Over Bitcoin Sell-Off Claim appeared first on Coinpedia Fintech News
JPMorgan recently suggested that Tether may need to sell some of its assets, including its large Bitcoin holdings, to comply with potential new U.S. stablecoin regulations. To this, Paolo Ardoino, CEO of Tether, has fired back at JPMorgan, accusing its analysts of being “salty” because they don’t own Bitcoin, the world’s largest cryptocurrency. Under the recently released STABLE bill draft, up to 34% of Tether’s reserves could be considered noncompliant. The stablecoin giant’s current Bitcoin holdings stand at a whopping $8 billion. However, some users have pointed out that Tether is overcollatoralized, and its Bitcoin holdings do not actually back the flagship stablecoin.