Much has been said about Tether and its US dollar reserve holdings and today, in a blog post, the company admits that not all the coins are backed.

Today, in fact, Tether’s website has been updated and the stablecoin’s Terms and Conditions have been “silently” changed.

While previously every USDT corresponded to one US dollar in the company’s reserve holdings, now it is stated that “every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”)”.

This means that Tether is no longer a 100% US dollar-backed stablecoin since the underlying can also include other currencies.