Judge Orders Tether To Produce Proof of Assets Backing USDT

Judge Orders Tether To Produce Proof of Assets Backing USDT


A U.S. judge is ordering stablecoin issuer Tether to produce proof of the assets it claims backs up its dollar-pegged USDT, the largest crypto asset of its kind in the world.

In a new court order, Judge Katherine Polk Failla of the Southern District of New York mandates that Tether provide financial records on the digital assets and funds that back USDT.

The plaintiffs, who allege that Tether was issued completely unbacked as a means of inflating the price of Bitcoin (BTC), convinced the Judge that the information they are requesting is necessary to the case.

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“Plaintiffs plainly explain why they need this information: to assess the backing of USDT with US dollars, and to allow a forensic accountant to assess the USDT reserve.

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