Crypto

US court orders Tether Holdings to prove sufficient reserves to back stablecoin

The documents could provide information long sought about the quality of assets supporting the nearly $68bn stablecoin

Thursday 22 September 2022 at 06:45

A judge for the Southern District of New York ordered the issuer of the largest stablecoin to produce financial records related to the backing of its coin, tether.

Tether Holdings, the issuer of the world’s largest stablecoin, will need to produce balance sheets, income statements, cash-flow statements and profit-and-loss statements under the order. It also will have to provide documents to establish sufficient reserves for its stablecoin, tether, including account statements for all its banks.