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

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


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 plaintiffs’ baseless lawsuit in due course.”

The lawsuit stemmed from October 2019 and was filed by a group of investors alleging that Tether and cryptocurrency exchange Bitfinex engaged in market manipulation by issuing USDT that were not backed by the

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