Tether Announces Name Change To ‘Crypto Federal Reserve’ in Rebranding Effort

Funny story written by amey-shetye

Tuesday, 14 June 2022

image for Tether Announces Name Change To ‘Crypto Federal Reserve’ in Rebranding Effort

Tether, Inc – a cryptocurrency stablecoin worth one dollar – will change their name to ‘Crypto Federal Reserve’ in a rebrand that comes as the company faces a series of accounting crises.

Similar to how there is nothing federal about the ‘Federal Reserve’ banking system which prints money without any accountability, Tether hopes to clean up its image as ‘Crypto Federal Reserve’ after a series of accounting mismanagement and outright fraud, without being charged for any crimes.

Each tether is, supposedly, backed by a genuine dollar held in reserve. But investigations have shown tethers being backed by assets other than dollars. There has been no evidence that a single dollar has been added to its ‘reserve’ since 2019. Tether has been taking on commercial paper i.e. unsecured loans. They have no process to document their reserves, keep proper accounting, and have comingled operating funds with customer funds into one account.

Instead of addressing actual issues, Tether has invested in a PR firm and plans to rename itself as ‘Crypto Federal Reserve’. Similar to how the Federal Reserve is its own authority to pump out trillions of dollars out of thin air for Wall Street banks, Tether plans to continue to prop up the cryptocurrency market without actual dollars backing it and waiting for the house of cards to explode upon itself. This trend follows the path taken by Facebook to rename itself to Meta after a series of public relations crisis despite not addressing the real issues of spreading COVID misinformation, influencing Brexit and Trump’s 2016 wins, and inciting genocide in Myanmar.

We reached out to Tether’s team to inquire more about the ongoing concern over’s Tether’s backing but received a reply saying they were busy fighting the CFTC fining them $41 million dollars for falsely claiming that tethers were fully backed by US dollars at all times.

The funny story above is a satire or parody. It is entirely fictitious.

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