The issuer of the stablecoin USDT, , reduced its reserve allocation to commercial paper by more than a fifth between September and December of last year, from about $30.5 billion to $24.16 billion.
Tether is legally required to disclose its reserves each quarter as part of an $18.5 million court settlement with the New York Attorney General’s Office beginning in February 2021. The firm was alleged to have misrepresented the specific amount of fiat it backed. to USDT in 2017 and 2018.
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The latest attestation was conducted by Cayman Islands-based accountants MHA Cayman and provides a breakdown of Tether reserves as of December 31, 2021.
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