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Tether Fulfills Reporting Requirements, Embraces Transparency

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Tether, the most popular stablecoin, accomplished its reporting requirements to the New York Attorney General’s Office earlier this year in accordance with the conditions of its settlement in 2021. In that agreement, it was stipulated that Tether must declare its reserves on a quarterly basis for two years. 

Tether’s dedication to transparency is demonstrated by the fact that there have not yet been any signs of incomplete disclosures or insufficient reserves. Additionally, Tether’s market value has risen to a record level, demonstrating its increased strength.

Soon after the 2021 settlement, CoinDesk filed a request under the New York Freedom of Information Law for the release of information pertaining to the first of Tether’s quarterly reports. 

In response to this request and for the sake of peace, Tether has made the documents available and the Office of the New York Attorney General  delivered it to CoinDesk yesterday,15 June 2023. 

Tether initially took legal action to stop the release of private customer information and preserve proprietary business data from misuse. But the company’s dedication to transparency compelled them to prioritize transparency over prolonged legal action that would divert attention from community concerns.

The disclosed documents include statements from Tether’s banks, affirming the existence of reserves, supported by independent third-party assurance attestations. These statements also highlight Tether’s implementation of robust asset management practices, such as short-term investments and diversification, evident in the listed bank investments. CoinDesk seeks to dispel false objections made by critics about the reliability and accuracy of its backing.

Tether has expressed its suspicion that an attack on USD₮ via both DeFi and centralized exchanges coincided with the day the materials were handed over to CoinDesk. 

Nevertheless, Tether emphasizes its transparency and confidence in its financial figures. While Tether acknowledges reduced sensitivity to the release of confidential data concerning reserves, the company remains vigilant about customer data protection. 

Tether urges CoinDesk to remain unbiased and refrain from disclosing customer names to avoid endangering individuals within the community. Tether is monitoring the USD₮ markets for signs of potential manipulation designed to incite panic if CoinDesk decides to publish the documents.

Read Also: Coinbase Partners with Block’s Bitkey Wallet to Expand Bitcoin Self-Custody Options

 

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