- Documents Reveal Tether Customer Details and Bank Statements
- The published information demonstrates the presence of the company’s reserves
Tether, the issuer of the USDT stablecoin, reportedthat New York Attorney General Letitia James turned over documents related to a 2021 state settlement to CoinDesk.
Even 2 years ago, Tether fully met the requirements of regulators, which provided for quarterly reporting on their reserves for two years. The Company duly fulfilled these obligations, leaving no room for doubt as to the completeness of the information or the absence of a lack of reserves.
Following the settlement, CoinDesk requested public disclosure of materials relating to Tether’s first quarterly reports. And on the morning of June 15, the New York Attorney General’s office provided the relevant documents, because Tether decided to abandon the opposition to CoinDesk.
Among the published documents are bank statements that confirm the presence of full reserves. The statements also point out how Tether has adopted advanced asset management strategies such as short-term investment and diversification, which is clearly reflected in various bank reports regarding their investment portfolios.
“These materials should debunk all this baseless FUD. It is important to note that they are outdated and do not reflect the current state of our reserves, nor do they explain the transformative changes that have taken place in our ecosystem. In the middle of 2022, we completely eliminated commercial paper from our portfolio, and also sharply reduced the number of secured loans, with the goal of minimizing them to zero over the coming months.,” Tether said in a statement.