Court asks Tether to provide documents and files explaining what supports the digital stablecoin USDT
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Answer Court asks Tether to provide documents and files explaining what supports the digital stablecoin USDT
The most important thing mentioned in the article:
- The skepticism of support for the stable digital currency USDT continues.
- Positive response from Tether to provide data on what supports its digital currency USDT.
Tether, which operates the largest stablecoin in the crypto industry, is dealing with a legal problem these days.
Meanwhile, the digital stablecoin USDT is losing its hegemony in favor of USDC.
A US judge has asked Tether to produce illustrative financial records.
Will Tether produce the documents?
According to the request, Tether needs to produce important financial documents that show its support for USDT.Read:Litecoin intends to make drastic updates regarding the digital currency (LTC)
The stablecoin company allegedly issued USDT without real financial backing.
According to what was said This was done to inflate the price of Bitcoin (BTC).
Meanwhile, she was also asked to provide details regarding her Bittrex, Bitfinex and Poloniex accounts.
The request states that USDT needs to record all transfer records of any digital assets or fiat currencies.
Tether will have to produce memos such as general memos, ledgers, balance sheets, and other financial statements.
However, Tether’s attorney attempted to block the order to release the financial information, describing the request as too broad.
He also stated that the plaintiffs had provided no basis for claiming such unlimited data production.
What does the court want from Tether?
The attorney added that the request is broad and was not tailored to the plaintiffs’ claims and its production is not necessary.
Meanwhile, the plaintiffs are trying to justify their request by claiming that it will help them resolve some issues.Read:Stealing Investors’ Money: Closing a Fraudulent Site in the Cryptocurrency World Based on a “Ponzi Scheme”
The plaintiffs are seeking to find out to what extent USDT has been backed by the dollar.
While they are already optimistic that Tether has agreed to submit the documents required to create the USDT reserves.
Accordingly, sufficient subpoenas to substantiate the guarantees or support received for each USDT issuance will be filed in court.
Weeks ago, the global stablecoin market took a huge hit due to the collapse of TerraClassicUSD.
USDT holds a market capitalization of over $67 billion while USDC has a total market capitalization of $50 billion.
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