Tether Unveils Resilience: A Transparent Journey Amidst Crypto Turmoil
Tether, the company behind the world’s largest stablecoin, USDT, has responded to recent developments surrounding its reporting obligations and disclosure of materials.
Tether’s Bank Statements: Demonstrating Reserves & Asset Management
In a blog post, the company emphasized its commitment to transparency, privacy, and security for its customers. Tether stated that it did not incur any losses on Chinese commercial paper and clarified that its exposure to such paper was mainly in the banking sector with highly rated issuers.
Following its settlement with the New York Attorney General’s Office, Tether fulfilled its quarterly reporting requirements. CoinDesk sought public disclosure of materials related to Tether’s first quarterly report under the Freedom of Information Law.
Initially, The company opposed this disclosure to protect customer data and proprietary information. However, the company later dropped its opposition, allowing access to the documents to demonstrate its commitment to transparency.
Tether highlighted its transformation over the past two years, citing its ability to support redemptions and repayments during significant market events.
The company reiterated its unwavering dedication to maintaining the highest standards, including risk management and transparent reporting.
Regarding the recently disclosed materials, The company clarified that they do not represent its current status as they contain data from over two years ago. The company reduced its commercial paper holdings to zero in 2022 and is actively working towards eliminating its secured loans portfolio.
Tether’s US Treasury holdings reached an all-time high, representing a significant portion of its total reserves.
The company emphasized its role in the crypto industry as a leader in transparency, highlighting its cooperation with law enforcement and the recovery of funds in compliance with regulatory requests. The company remains committed to defending its customers, personnel, and the broader crypto community.
Nevertheless, Tether urged readers to approach the disclosed information cautiously, noting that it may be taken out of context or distorted for sensationalism.
The company expressed its pride in being a force for good in the community and reaffirmed its dedication to transparency and the security of its reserves.
The company said:
Tether is committed to continue being a transparency leader in crypto, and our continued actions in getting information to the community and its stakeholders, and demonstrating full backing, speaks to that commitment.