Tether CTO terms traditional hedge funds as new wave of FUD

Paolo Ardoino, the CTO of Tether, gave light on attempts by traditional hedge funds to arrange a coordinated attack to short the USDT Tether.

In a Twitter conversation about the attacks, Ardoino described the attacks as a new wave of FUD, troll armies, and clowns.

The extensive thread follows a Wall Street Journal report suggesting that traditional hedge funds are trying to short ether via Genesi Global Trading, one of the largest criptocurrencies brokerages.

Ardoino started the discussion by describing the instruments and tactics used by traditional finance to short USDT. Tether and its crew have been labelled as bad guys, despite efforts to engage with regulators and promote openness.

Paolo praised the Tether team's accomplishments and efforts. He continued by claiming that Tether is decently collaterlised. He emphasised that Tether has never failed a redemption and has always been redeemed USDT for $1.

Ardoino compared Tether to banks, noting that his team was able to process over $7 billion in redemptions, something banks can't do.

The CTO said that Tether handled 16 billion redemptions in less than a month, accounting for 19 per cent of its total reserve.

Ardoino praised Tether's stability and stated thatUSDT is the only stable coin that has proved its mettle despite being under great strain throughout the Twitter thread.