- Tether prioritizes transparency and drops opposition to FOIL for openness.
- Disclosed documents confirm Tether’s reserves, debunking rumors about reliability.
In a noteworthy move, Tether, the leading stablecoin, has decided to drop its opposition to the Freedom of Information Law (FOIL) matter. This pivotal decision stems from Tether’s commitment to transparency, particularly during the prevailing financial uncertainty. At its heart, Tether aims to provide openness, stability, and liquidity, critical values to its thriving community.
Tether raises the bar of transparency in the industry, dropping its opposition in the FOIL matter. In moments of global financial uncertainty, like the current one, we believe it's important to give a strong signal to our community. Prioritizing openness, stability and liquidity… pic.twitter.com/bQtdGkSuS4
— Tether (@Tether_to) June 15, 2023
Today, Tether stands robust, boasting the largest market cap in its history. Earlier this year, Tether dutifully fulfilled its reporting obligations to the New York Attorney General’s Office, a requisite from its 2021 settlement. The process involved quarterly disclosures about Tether’s reserves for two years, all completed without any indications of inadequacy or incompletion.
Transparency Triumphs as Tether Discloses Key Financial Documents
However, Tether’s commitment to transparency faced a challenging scenario when CoinDesk, a renowned digital currency news company, sought public disclosure of Tether’s first quarterly reports under FOIL. Despite initial resistance to protect customer data and sensitive commercial information, Tether ultimately decided to place openness over protracted American litigation. Consequently, Tether yielded to CoinDesk’s request this morning.
As per reports, the disclosed documents include bank statements affirming the existence of Tether’s reserves. Furthermore, the papers shed light on Tether’s commendable asset management practices, including short-term investments and diversification. Consequently, these revelations debunk unfounded rumors about the reliability of Tether’s backing.
Nevertheless, the documents are outdated and do not reflect Tether’s current reserve status or the recent transformative changes. Notably, Tether released its commercial paper holdings in mid-2022 and planned to reduce its secured loans portfolio drastically.
Unveiling the Conspiracy: Tether’s USDT Faces Dual Threat
Conversely, Tether remains concerned about the simultaneous attack on USDT on DeFi and centralized exchanges that coincided with the document handover to CoinDesk. Nonetheless, they remain confident about their financial accuracy and are vigilant about customer data protection. Tether now looks forward to fair coverage from CoinDesk and urges them to abstain from disclosing customer names.
Despite these challenges, Tether’s commitment to transparency remains unshaken. The company continues to champion its role as a force for good, providing robust liquidity and stability during black swan events. At the heart of it all, Tether stands firm, always ready to defend its customers, personnel, and community.
