Tether’s USDT Stablecoin Touches $100B Market Cap, Benefiting from Crypto Trading Frenzy

The company has, however, received a fair amount of scrutiny over the years for its opaque reserve management, having at one point risky backing assets like Chinese commercial paper and credit to now-bankrupt crypto lender Celsius, and a lack of independent audits – a deeper financial analysis than attestations. It now says it is backed mainly by more secure investments such as U.S. Treasury bills, repurchase agreements and deposits in money market funds.