Tether Liquidates Crypto Used As Collateral by Controversial Digital Asset Lending Project

Stablecoin issuer Tether (USDT) says it has liquidated assets used as collateral by beleaguered crypto lending platform Celsius Network (CEL). Tether notes in a new announcement that its portfolio includes an investment in Celsius “representing a minimal part of its shareholders’ equity.” Tether highlights that the investment in Celsius has no correlation to USDT’s reserves or stability. The company also says that it has liquidated the collateral of a loan to Celsius. “The Tether loan that was taken out by Celsius was an overcollateralized loan denominated in BTC (130%+), and the decision to liquidate the collateral to cover the loan