U.S Judge Orders Tether To Produce Financial Records Proving USDT's Backing

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.

Timeline of Tether

A recent discovery unmasked a claim that refers to the issuance of unbacked USDT by Tether. This unbacked currency circulating in the market has caused turbulence and damage of $1.4 trillion.

As part of the legal proceedings related to a market manipulation case that dates back to 2019, Katherine Polk Failla, a judge for the U.S. District Court for the Southern District of New York, has ordered Tether's parent company to provide financial records for its USDT stablecoin.

Stablecoin issuer Tether must disclose financial documents to verify that it's backed by the U.S. dollar, New York Judge Katherine Polk Failla says. The company is currently in a lawsuit due to allegations that it manipulated the crypto markets.

In a case which could have significant repercussions for the wider crypto industry, U.S. Judge Katherine Polk Failla has ordered Tether (USDT) to produce accounting documentation to prove the stablecoin is backed by U.S. dollars. The post US Judge Orders Tether to Show The Receipts appeared first on BeInCrypto.

Tether, publisher of the largest stablecoin in the digital asset industry is dealing with legal trouble these days. However, it is also losing its dominance to the USDC, Circle's stablecoin.

On Tuesday, a New York judge ordered Tether and Bitfinex to produce documents showing the backing of the USDT stablecoin. The post Tether, Bitfinex ordered to show financial documents over USDT stablecoin appeared first on The Block.

A New York court ordered Tether to provide financial records showing the backing for USDT. The post New York court orders Tether to provide documents on USDT reserve appeared first on CryptoSlate.

As part of a case that claims Tether colluded to create USDT as part of an effort to raise the price of bitcoin, a U.S. Judge in New York has ordered Tether to submit financial information relevant to the backing of USDT.

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Tether launches USDT on NEAR blockchain as Kujira launches new soft-pegged stablecoin USK. The post Tether (USDT) Launches on NEAR as New Decentralized Rival USK Goes Live appeared first on BeInCrypto.