Tether says new court order to produce USDT reserve backing is a 'routine dis...
The issue deals with a lawsuit that has been ongoing since October 2019. On Wednesday, Tether (USDT), the issuer of the U.S. dollar-pegged USDT stablecoin, said that a recent order by a U.S. judge to provide evidence of USDT backing is part of routine discovery in court cases. The firm said that the decision did not substantiate any of the claims listed in an ongoing lawsuit: "We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with....
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Stablecoin issuer Tether has recieved a court order to produce financial records that prove the backings of its USDT. The Judge at Northern District Court New York, Katherine Polk Failla, issued the order for Tether on Tuesday upon the plaintiffs’ request to prove its reserves. The latest order for Tether comes as part of a […]
The NYAG found that Tether and Bitfinex misrepresented the assets backing USDT and obscured the loss of $850 million in user funds. The post Bitfinex, Tether Found To Misrepresent USDT Backing And Obscure User Fund Losses appeared first on Bitcoin Magazine.
The NYAG found that Tether and Bitfinex misrepresented the assets backing USDT and obscured the loss of $850 million in user funds.
The court accepted the Plaintiffs’ requests to provide “undoubtedly important” documents in the alleged fraud case. The judge for the United States District Court for the Southern District of New York, Katherine Polk Failla, ordered Tether to prove 1-to-1 backing of its eponymous stablecoin, Tether (USDT). The company is required to provide “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements” and other documents to the court. The order was published on Tuesday as a part of a case that started back in 2019 — the initial complaint by a....
The total supply for USDC on Ethereum has surpassed that of Tether, putting USDT in second place on Ethereum for the first time. Circle’s USD Coin (USDC) has reached a major milestone by surpassing Tether (USDT) in total supply on the Ethereum network.USDC’s current supply on Ethereum as of writing is 40.06 billion tokens, just ahead of USDT’s supply of 39.82 billion. Tether has been the most popular stablecoin since at least 2016, after originally sharing the market with BitUSD and NuBits (USNBT) stablecoins when it launched in late 2014. At that time, USDT ran on Omni. As the latter two....