Tether said they have no Commercial Paper From Struggling Evergrande

Tether clearly said that there are no issued or any kind of paper by the Evergrande and also no any type of further trading relationship. 

Evergrande is the biggest property developer firm in China by sales. Right now this company is facing a big problem and also warned that the firm is in danger of defaulting on massive debts.

Evergrande firm is trying to get out from this situation by selling out their assets and digging out of this situation..

According to the reports, which are available commercially for Evergrande, claims that the company holds around $32 million of funds and this is only 10% of the debut that company is facing. While this company showed big success through its success in raising around $8 billion by August. But it seems that Company is now under huge problem and may lose everything.

Adam Cochran, partner at Cinnemhian Ventures, shared his opinion on this news and said that 

“IF either Tether or USDC did meltdown in a global collapse though, it’d actually be bullish for crypto, as if you couldn’t use them to cash out, people would just start bulk converting them into BTC/ETH regardless of price.”

Through his tweet, Adam claimed indirectly that USDT and USDC have direct connection and they are backed by Evergrande. 

But Tether clearly explained his position on this matter and stated 

“Tether does not hold any commercial paper or other debt or securities issued by Evergrande and has never done so. As we have indicated in our published statements and our most recent assurance attestation with a reporting date of June 30, 2021, the vast majority of the commercial paper held by Tether is in A-2 and above rated issuers.” 

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