Tether, the provider of the USDT stablecoin pegged to the US dollar, said on Wednesday that a recent order from a US judge is part of routine exploration in court cases. The firm does not accept any of the claims in a pending litigation. did not confirm told:
“We had already agreed to provide sufficient documentation to establish the reserves backing USDT, and this dispute was also about the scope of these documents. As always, we look forward to dismissing these groundless lawsuits by the plaintiffs when the time comes.”
The lawsuit was filed after a group of investors claimed that Tether and cryptocurrency exchange Bitfinex were manipulating the market by issuing USDT, which is not supported by the US dollar, to buy cryptocurrencies like Bitcoin. On the other hand, both Tether and Bitfinex denied the allegations.
The main objective of the plaintiff so far has been to assess the USDT backing of the USDT and allow a forensic accountant to assess the USDT reserve. This includes reviewing the general ledgers, balance sheets, income statements, cash flow statements, as well as profit and loss statements related to Tether’s operations.
At the time of writing, Tether claims to have $68.15 billion in assets (collateral) against $67.96 billion in debt (stablecoin), the majority of assets being cash and securities. The firm recently published the results of its reserves, which were audited by independent accounting firms. Tether has also recently increased the scope of stablecoin issuance activities for the Euro, Mexican Peso, Australian Dollar and Offshore Chinese Yuan.