Tether says new court order to produce USDT reserve backing is a 'routine discovery matter'
Cointelegraph
Published Sep 21, 2022 12:00PM ET
Updated Sep 21, 2022 01:40PM ET
On Wednesday, Tether (USDT), the issuer of the U.S. dollar-pegged USDT stablecoin, said that a recent order by a U.S. judge to provide evidence of USDT backing is part of routine discovery in court cases. The firm said that the decision did not substantiate any of the claims listed in an ongoing lawsuit:
The lawsuit stemmed from October 2019 and was filed by a group of investors alleging that Tether and cryptocurrency exchange Bitfinex engaged in market manipulation by issuing USDT that were not backed by the U.S. dollar with the intention of using them to purchase volatile cryptocurrencies such as Bitcoin (BTC). Both Tether and Bitfinex have denied the allegations.
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Written By: Cointelegraph
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