Tether, the company behind USDT, the largest stablecoin by market capitalization, revealed that it liquidated Celsius’s position without risk to its reserves.
- U press release on Friday (July 8, 2022), Tether stated that beleaguered lending platform Celsius took an overcollateralized loan from the company, denominated in bitcoin (BTC).
- The stablecoin issuer said it has since liquidated the loan based on the agreed-upon terms of the transaction. According to Tether:
“Ovaj proces je sproveden na način da se što je više moguće minimizira bilo kakav uticaj na tržišta i zapravo, kada je kredit bio pokriven, Tether je preostali dio vratio Celzijusu prema svom dogovoru. Celsiusova pozicija je likvidirana bez gubitaka za Tether.”
- The statement also mentioned that the firm had some investment in Celsius, and though it did not state an exact amount, Tether assured that it represented a “minimal part of its shareholder equity,” adding that it did not impact the company’s reserves or stability.
- Tether’s latest update comes as Celsius is experiencing liquidity issues. As earlier prijavljeno by Kripto krompir, the crypto lending platform repaid its final debt of $41.2 million in DAI to Maker, causing a release of 21,862 WBTC (worth approximately $450 million).
- Celsius’s former asset manager also tužio the firm on allegations of fraud and market manipulation.
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Source: https://cryptopotato.com/tether-liquidated-an-overcollateralized-bitcoin-loan-from-celsius-without-risk/