06:04
Willy Woo: Tether performed better than many banks during the bank run, still having 95% asset backing in extreme cases.
PANews, December 1st news, cryptocurrency analyst Willy Woo released a comparison chart of bank runs. Tether (USDT) experienced a redemption wave of about 20-25% in 2022 and still fully paid out, outperforming traditional banks like Silicon Valley Bank (25%) and First Republic Bank (57%). Woo pointed out that 77% of Tether's current assets are in cash equivalents, with the rest in gold and Bitcoin, totaling an over-collateralization of 3%. Even if volatile assets fall by 30% in extreme market conditions, USDT still has 95% asset backing.
BTC-5.03%
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