Tether Inc. Opens Fundraiser for Hurricane Dorian Victims
In a first of a kind fundraiser, Tether, Inc. encourages donations in crypto coins for relief in the aftermath of hurricane Dorian.
Tether, Inc. has donated $1 million and has opened an account for USDT donations as aid to hurricane Dorian victims.
For now, one of the addresses given on the Ethereum (ETH) network has not received any donations. The Omni-based USDT balance is also zero. To utilize any eventual donations, Tether has established Deltec Care, a foundation to distribute the funds for the relief of the Bahamas.
“In the wake of Hurricane Dorian, one of the most powerful storms to hit land anywhere in the Atlantic, Tether has pledged its support to aid the recovery and reconstruction of The Bahamas. Tether will be donating $1 million to hurricane relief through Deltec Cares,” the company announced.
The donation drive of Tether follows the fundraiser of Binance Charity announced a few days ago.
This is one of the largest crypto-based relief efforts, resembling somewhat the attempts to use Bitcoin (BTC) and crypto to rebuild Puerto Rico after the devastation of Hurricane Maria in 2017. In the case of Puerto Rico, the attention of the crypto community and Brock Pierce did little to solve the biggest issues, and the country is still not fully recovered from the disaster.
In any case, Tether, Inc. claims to be cash-rich enough to foot the bill in US dollars. As for USDT donations, it is not as straightforward to turn those into US dollars, as so far no redemptions of USDT have been performed directly.
Tether, Inc. now operates more than 4.088 billion stablecoins, after a series of new coin printings that raised the supply in the past weeks. The leading stablecoin is also the most traded asset in the crypto space, and has been credited with boosting the BTC market price whenever new coins are added to the market or increase their circulation.