Tether, a stablecoin company, said on June 15 that it had revealed reserve data after ending a legal battle to keep it secret.
As part of its settlement commitments in 2021, Tether claimed that it had previously provided the New York Attorney General’s Office (NYAG) with specific data.
According to the stablecoin company, CoinDesk later requested access to one of its reports. Tether stated that although it had first resisted the request through legal action, it eventually gave up and let CoinDesk get the NYAG records.
Tether said that it granted the request because it values openness and transparency more than a “time-consuming and useless American lawsuit.”
The business clarified that the primary goals of its legal battle were to defend consumer privacy and limit access to commercially useful information.
Tether said that the records provide details on its holdings and investing activity. It was said that although these records matched prior government findings, they were now outdated. The firm emphasized that since the first reports, its portfolio of secured loans has been lowered and its commercial paper reserves have been reduced to zero.
On the other hand, Tether is still worried about the simultaneous attack on USDT on DeFi and centralized exchanges that happened at the same time as the document handed over to CoinDesk. Nevertheless, they are adamant about protecting consumer data and are confident in their financial accuracy. Now, Tether anticipates fair reporting from CoinDesk and requests that they refrain from revealing the names of their customers.
Tether claims that CoinDesk is still analyzing the data because it has not yet published an article based on the documents. Tether is inherently suspicious of other market players as a result. According to the corporation, it is keeping an eye out for indications of market manipulation and the development of fear.
Tether’s dedication to openness is unwavering in the face of these difficulties. By offering strong liquidity and stability amid “black swan” situations, the corporation continues to promote its role as a force for good. In the midst of it all, Tether maintains its composure and is constantly prepared to speak up for its users, staff, and community.