One of the USDT dollar backing banks was alleged to be Insolvent
According to the Modern Consensus report, the Noble bank that is used by stablecoin USDT for its dollar backing has gone insolvent. This news has negatively shaken the market.
The alleged insolvency of the bank was reported by the Modern Consensus blog. The statement was based on yet unidentified sources. Despite the fact that Noble is just one of Tether’s banks, the news outlet noted the connections between the founders of Tether and the financial institution.
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