Of Tether and USDT, S&P wrote: “Unlike some other issuers of stablecoins, Tether Ltd., which is incorporated in Hong Kong and wholly owned by British Virgin Islands-registered Tether Holdings Ltd., is not subject to regulation or supervision of an authoritative body. This contrasts with some stablecoin issuers that are subject to regulatory oversight by an authority, such as the New York State Department of Financial Services (NYDFS), and are required to follow rules set by the NYDFS’ stablecoin guidance. We see the lack of regulation and/or supervision of USDT as a weakness.”
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