Tether is pleased to report that it is business as usual amid some expected market panic following this week’s market movements.

Tether continues to honour redemptions normally, with verified customers (in allowed jurisdictions) able to redeem USDt on Tether.to for USD$1. In the last 24 hours alone, Tether has honoured over 300m USDt redemptions and is already processing more than 2bn today, without issue.

Tether has maintained its stability through multiple black swan events and highly volatile market conditions and even in its darkest days Tether has never once failed to honour a redemption request from any of its verified customers. Tether will continue to do so which has always been its practice.

Tether is the most liquid stablecoin in the market, backed by a strong, conservative portfolio that consists of cash & cash equivalents, such as short-term treasury bills, money market funds, and commercial paper holdings from A-2 and above rated issuers. The value of Tether's reserves is published daily and updated once per day. You can find the most recent information here: https://tether.to/en/transparency

Paolo Ardoino, Tether CTO, said:

“Tether is gratified that the market continues to show its trust and confidence in Tether: the first, largest, and most transparent, innovative, and liquid stablecoin. We are a quickly evolving industry and as an industry we will learn from these events together.”