Tether stops fighting freedom of information request, allows disclosure of reserve data Tether stops fighting freedom of information request, allows disclosure of reserve data
CoinDesk has been permitted to access earlier reserve reports and other data.
2 min read
Updated: Jun. 16, 2023 at 12:57 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin firm Tether said on June 15 that it has released reserve data after ending a legal fight to keep that information private.
Tether drops fight against CoinDesk
Tether said that it previously reported certain data to the New York Attorney General’s Office (NYAG) as part of its settlement obligations in 2021.
The stablecoin firm said that CoinDesk later sought access to one of its reports. Tether said that, though it originally opposed that request through legal action, it has now dropped its opposition and allowed CoinDesk to receive the documents from the NYAG.
Tether stated that it allowed the request to proceed because it is committed to transparency and openness over “time-consuming and unproductive American litigation.”
The company explained that it originally aimed to protect customer privacy and restrict access to exploitable commercial information through its legal fight.
Tether said the documents contain information related to its reserves and its investment activities. It said that these documents match earlier official reports but are now outdated. The company emphasized that it has cut commercial paper reserves to zero and reduced its secured loans portfolio since the original reports.
Tether says depeg timing is “suspicious”
Tether also highlighted that its USDT stablecoin briefly lost its $1.00 peg. It said that it is “suspicious” this occurred on the day that CoinDesk obtained the documents.
However, CoinDesk has not published a piece based on those documents as of UTC 11:45 p.m. UTC, and Tether believes that CoinDesk is still reviewing the data. As such, Tether’s suspicions are implicitly aimed at other market participants. The company said that it is monitoring the market for signs of manipulation and panic-spreading.
The company said that it cannot rely on balanced coverage from CoinDesk and claimed that the news site has misrepresented USDT’s market position in the past. It also urged the site not to disclose customer names or put anyone at risk.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USDโฎ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
CoinDesk
CoinDesk was founded by Shakil Khan as an integrated platform for media, events, data & indices for the next generation of investing and the future of money.