Tether appreciates the lawmakers on stablecoins function regulatory concerns

USDT issuer company responded to the letter sent by the United States lawmakers to all stablecoins issuers. 

At present, Stablecoins adoption is at a tremendous level and also this is a big concern for lawmakers to overcome the issues that can occur against the US dollar in the future and also these stablecoins may destabilize the economy, as per financial experts. 

Recently, US policymakers after the U.S. Senate Banking Committee earlier this week sent letters to many stablecoin issuers firms. 

In response to the letter sent to the Tether- USDT Stablecoin issuer firm- responded through several tweets and pledged to work with the regulators.

Through the tweet, Tether said that they appreciated the move of lawmakers to give attention to the Stabelcoins regulation and functions in the crypto industry.

Further, through another tweet, Tether said that Tether worked collaboratively with the policymakers. And also Tether customers don’t need to worry because they are the pioneer of the crypto industry and also have better tools against problems.

“It is critical that we work collaboratively to build this industry. As pioneers of blockchain technology and leaders in transparency and innovation, Tether is dedicated (to) making sure our customers are properly protected and have the tools they need to succeed,” 

The response of the Tether firm on the sent letters by the US lawmakers was a big need because there were some chances for the Tether or other stabelcoin users to get into a panic. Because already it happened that someone’s news created negative hype. But this time, the Tether firm didn’t delay and responded boldly.

Earlier this, many times, few influential people in the crypto space raised concern over the Tether firm. Even Bloomberg published a report and claimed that there is huge debt on the Tether firm, however, Tether firm denied all these allegations and confirmed that all the funds are backed fully by secured assets.

Read also: Bitcoin facilitates more transactions over PayPal : Reports