Tether says new court order to produce USDT reserve backing is a ‘routine discovery matter’

Tether (USDT), which is the issuer and USDT-pegged USDT stablecoin said Wednesday that a recent US judge’s order to show evidence of USDT backing was routine discovery in court cases. According to the firm, the decision did no support any claims in an ongoing lawsuit.

“We had already committed to producing sufficient documents to establish USDT’s reserves, so this dispute was merely about the content of the documents that were to be produced. We look forward to resolving the baseless lawsuit filed by plaintiffs in due course.

A group of investors filed the lawsuit in October 2019. They claim that Bitfinex and Tether engaged in market manipulation. Bitfinex issued USDT without the backing of the U.S. dollar, with the intent of using them for volatile cryptocurrencies like Bitcoin (BTC) Tether and Bitfinex denied the allegations.

The plaintiff has so far set out to assess USDT’s backing with U.S. Dollars and allow a forensic accountant evaluate USDT’s reserve. This includes reviewing general ledgers, balances, income statements and cash-flow statements as well as profit and loss statements related to Tether’s operations.

Tether claims that it has $68.15 Billion of assets (collateral), and $67.96 Billion of liabilities (stablecoins). The vast majority of its assets are cash and commercial papers. The firm has previously published the results of independent accountants auditing its reserves. Recent changes have seen Tether expand the range of stablecoin issuances to include the euro, Mexican peso and Australian dollars, as well as the Chinese offshore Yuan.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami