In an official statement released on June 15, Tether proudly declared that it has successfully met its reporting obligations to the New York Attorney General’s Office, as outlined in the settlement agreement reached in 2021.
These obligations required quarterly reporting of Tether’s reserves for two years. Tether has fully complied with these requirements, demonstrating its commitment to openness and transparency within the cryptocurrency community.
Following the settlement, CoinDesk utilized New York’s Freedom of Information Law to seek public disclosure of materials related to Tether’s first quarterly report. Today, the New York Attorney General’s Office provided the requested documents to CoinDesk, as Tether decided to drop its opposition to the disclosure.
The disclosed documents include statements from Tether’s banks, affirming the existence of Tether’s reserves, as supported by publicly-disclosed, independent third-party assurance attestations.
The documents also highlight Tether’s adoption of best-in-class asset management practices, such as short-term investments and diversification.
While acknowledging the timing of the disclosure and subsequent attacks on USD₮ via decentralized finance (DeFi) and centralized exchanges, Tether maintains confidence in the accuracy of its financial figures.
The materials, however, are deemed outdated and do not reflect Tether’s current reserve status, which has undergone transformative changes, including the reduction of commercial paper holdings to zero in mid-2022.
Tether emphasizes its commitment to transparency, defending its customers, personnel, and community against unwarranted attacks.
While remaining vigilant about customer data, Tether calls upon CoinDesk to set aside bias and refrain from publicly sharing customer names, ensuring the safety of individuals within the community.
As Tether continues to prioritize transparency, the disclosed information serves to dispel misconceptions and reinforce the legitimacy of Tether’s business and the existence of its reserves.
Also Read: Tether To The Moon With All-Time High Market Cap of $83.2 5B!
