USDT Tether is not secured with fiat money, the CFTC sees the future of finance in cryptocurrency. Thailand Stock Exchange SET in 2020 will open a cryptocurrency market.
On the official website of Tether, information about the provision of reserve assets has changed. If earlier it was said that stablecoin USDT is provided with traditional currency, now some “cash equivalents” have been added to them.
Users viewed the news as alarming and could increase the risk factors for the stability of the coin. Earlier in Tether, it was stated that it was storage in an equivalent amount in fiat money in banks that makes the token stable. And now they have been replaced by certain credit obligations and securities. This somewhat changes the very concept of cryptocurrency with a fixed rate and calls into question the preservation of stability in a crisis situation.
The head of CFTC, Christopher Giancarlo, said that cryptocurrency has become a key development phenomenon and they will radically transform the situation in the markets in the near future. A special laboratory called LabCFTC was created under his department specifically for solving issues in the blockchain field. It has already established cooperation with colleagues from Britain, Australia and Singapore, and has conducted more than 250 communications with business representatives.
Now in the US, a hidden struggle has unfolded between individual departments. So, the SEC is very wary of financial instruments based on cryptocurrency. At the same time, CFTC has a more loyal position.
Rethinking of crypto. Example of SEC and CFTC
The Stock Exchange of Thailand (SET) has announced plans to launch a cryptocurrency trading platform in 2020. In addition, there will completely abandon the paper circulation of documentation, all services for users will be converted to digital format.
Back in early 2019, rumors about creating a cryptocurrency platform on SET appeared. However, only now official confirmation of this information was received. It is expected that in the near future the exchange will submit a corresponding application to the Ministry of Finance.