{"id":67496,"date":"2022-09-21T17:14:19","date_gmt":"2022-09-21T14:14:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67496"},"modified":"2025-09-07T06:54:32","modified_gmt":"2025-09-07T03:54:32","slug":"court-orders-tether-to-disclose-collateral-backing-the-usdt-stablecoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-orders-tether-to-disclose-collateral-backing-the-usdt-stablecoin\/","title":{"rendered":"Court orders Tether to disclose collateral backing the USDT stablecoin"},"content":{"rendered":"

A New York court \u043e\u0431\u044f\u0437\u0430\u043b<\/a> Tether Limited to disclose financial documents to assess the reserves backing the USDT stablecoin in a case concerning possible market manipulation.<\/p>\n

In December 2021, Matthew Anderson and Shoun Dolifka filed a class action<\/a>, accusing the issuer of misrepresenting the backing of the \u201cstablecoin.\u201d They cited proceedings involving the firm and its affiliate Bitfinex<\/a>.<\/p>\n

Ten months before filing this suit, the companies reached an agreement with the New York Attorney General’s office in a case concerning financial operations tied to a loss of $850 million. Bitfinex and Tether agreed to pay $18.5 million<\/a>.<\/p>\n

Subsequent settlements of similar allegations by the CFTC<\/span> cost them $42.5 million<\/a>.<\/p>\n

As part of the current proceeding, the issuer must produce \u201cthe general ledgers, balance sheets, income statements, cash flow statements and financial results\u201d in addition to trading data.<\/p>\n

The court also sought detailed information regarding Tether Limited accounts on the cryptocurrency exchanges Bitfinex, Poloniex and Bittrex.<\/p>\n

Representatives of the company described the order as \u201cunduly burdensome.\u201d The court ruled that it was necessary to \u201cassess the backing of USDT.\u201d<\/p>\n

Earlier in September 2021, the court dismissed half of the claims<\/a> against Tether and Bitfinex in the previously filed class action for $1.4 trillion.<\/p>\n

In August 2022, the world\u2019s fifth-largest auditor confirmed the backing<\/a> of USDT.<\/p>\n

About a month earlier, Tether Limited \u043e\u0431\u044f\u0437\u0430\u043b\u0441\u044f<\/a> to eliminate the share of commercial paper in the reserves by year-end. In the second quarter, the position fell by 58%.<\/p>\n

In mid-May the stablecoin deviated from the US dollar peg<\/a>, testing the $0.94 level, but later returned to parity.<\/p>\n

Earlier, Wall Street Journal reporters described a hypothetical \u201ctechnical insolvency\u201d<\/a> scenario for Tether should reserve assets fall by 0.3%.<\/p>\n

Follow ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

A New York court ordered Tether Limited to disclose financial documents to assess the reserves backing the USDT stablecoin in a case concerning possible market manipulation.<\/p>\n","protected":false},"author":1,"featured_media":67497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,807,1245],"class_list":["post-67496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67496"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67496\/revisions"}],"predecessor-version":[{"id":67498,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67496\/revisions\/67498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67497"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}