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Weiss Ratings is seeking to educate investors on the systematic risk tether introduces to the ecosystem, according to a report filed by Bitcoin.com News.
“The big issue: There’s never been an audit, and the folks behind Tether has been quite shady when asked. They have continuously claimed their tokens are backed 100% by actual dollars, yet they have failed to present any evidence to support this claim. On social media, there appears to be consensus that what Tether is actually doing is running a fractional reserve system. In other words, most observers claim they DO NOT have the dollars to back up all those Tether coins. I tend to agree. It’s just too suspicious,” says Weiss analyst Juan M. Villaverde.
Tether was issued on the Bitcoin blockchain through the Omni Layer Protocol.[
In the online gambling space, Tether is currently offered by Bookmaker.eu.
Weiss recently issued its ratings and stunned many in the cryptocurrency space by claiming Ethereum to be among the best.
“Very trustworthy,” says David Drake, a crypto asset expert, in an interview with Forbes.com. “It is the first step for more ratings to come out on cryptocurrencies.”
- Aaron Goldstein, Gambling911.com
