Tether Confirmed to Have Enough USD to Back USDT Tokens

Tether Confirmed to Have Enough USD to Back USDT Tokens

The long contested claim that Tether’s (USDT) digital currency was backed by the equivalent US dollar amount has been confirmed today as reported by Bloomberg on June 20.

According to Stuart Hoegner, Tether’s General Counsel and attorney to the law firm Freeh Sporkin & Sullivan LLP, which had access to Tethers bank accounts for weeks, has finally released the amount of US dollars that are being held in the company’s account as of June 1.

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The official statement from the law firm concludes…

“FSS is not an accounting firm and did not perform the above review and confirmations using Generally Accepted Accounting Principles […] FSS has assumed, without further inquiry, that the bank personnel providing the confirmations were duly authorized to provide such confirmations, and that the confirmations were correct.”

The General Counsel stated that the number of Tether tokens issued was equal to $2.54 billion on June 1. An official audit was not conducted, Hoegner reported to Bloomberg, because large accounting firms were not willing to take on clients who only work with cryptocurrency.

“An audit cannot be obtained […] The big 4 firms are dislike the level of risk that inherently come with cryptocurrency. We’ve gone for what we think is the next best thing.”

Tether had previously received reports and subpoenas from US regulators on December 6, 2017. The company fell under scrutiny from the crypto community regarding their dismissal of an official audit.

CEO of Tether, J.L. van der Velde told Bloomberg…

“Despite speculative reports, Tether has consistently backed their tokens with USD reserves which meet or exceed tethers USDT in current circulation. We’re proud to finally have an independent verification of these looming questions posed by the general public.”

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