Tether will be Audited for USDT

[Yugocean]

The South District federal court of New York has ordered Tether to furnish all financial documents to the court.

A case against Tether's parent company, iFilex, has gone this far. The anti-Bitcoin community has blamed the company for creating fake stablecoins to give Bitcoin value in fiat currency. iFilex was even banned in New York by the State Attorney General, but the court gave relief to the company.

Tether has agreed to produce the documents. This will allow an audit to determine if Tether actually has a USD reserve backing its USDT reserve.​

 

[Monster Masterpiece]

Do you mean that USDT and Tether will becomes one network? Because the message is not a bit clear.

 

[Yugocean]

Do you mean that USDT and Tether will becomes one network? Because the message is not a bit clear.

Tether is the actual network, and USDT is USD baseds stablecoin by tether (USD Tether). Tether also have stablecoins for other currencies

 

[Nomad]

can you update me on this case? I use USDT as a payment from some of my clients but normally I exchange with MATIC or ADA.

 

[Yugocean]

can you update me on this case? I use USDT as a payment from some of my clients but normally I exchange with MATIC or ADA.

Authorities settled case by taking money from Tether, call it fees, fine or whatever, its done.

 

[Nomad]

Authorities settled case by taking money from Tether, call it fees, fine or whatever, its done.

So, this is all about wrenching money from a non-traditional financial system? They are trying to ruin the non-traditional financial system.

 

[Yugocean]

So, this is all about wrenching money from a non-traditional financial system? They are trying to ruin the non-traditional financial system.

If the platform is ready to pay, what others can do, they want to save business. Just link with how SEC is after crypto industry.

 

[Flower]

I have not heard about this news and it is indeed a very bad one for the most used stablecoin in the cryptocurrency market and I think they should sort it out.