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The community reacts: "Tether has more backing than my bank account"

The building pressure from the Tether/Bitfiniex imbroglio has forced Tether to admit that it’s stablecoin isn’t fully backed, with only 74% of USDT’s supply accounted for; but with the markets flaccid reaction, what is the crypto community saying about this latest revelation?

Okay so perhaps “revelation” is a little bit of a misnomer for this unraveling situation, no one is particularly surprised that Tether’s USDT isn’t fully back, its been speculated upon for many months.

However, the firm isn’t worried about this latest declaration, with a representative lawyer stating that Tether doesn’t need to be backed 1:1 for every USDT issued.