Tether Emphasizes Commitment to Transparency, Releases Reserves Information in Response to CoinDesk's FOIL Request

blockchain.news:

Tether has reaffirmed its commitment to transparency and announced its completion of reporting obligations to the New York Attorney General's Office. Under the terms of its 2021 settlement, Tether fulfilled its quarterly reporting requirements for a period of two years. There have been no indications of incomplete disclosures or inadequate reserves during this time, cementing Tether's position as a reliable stablecoin. Furthermore, Tether proudly boasts its largest market cap in history, highlighting its strengthened position within the market.

Following the settlement last year, CoinDesk sought public disclosure of Tether's quarterly reports through New York's Freedom of Information Law. Today, the New York Attorney General's Office provided responsive documents to CoinDesk as Tether decided to withdraw its opposition to the request. Tether initially contested the release of confidential customer data and sensitive commercial information, citing concerns over potential exploitation by malicious actors. However, Tether's unwavering dedication to transparency led to the prioritization of openness over prolonged legal battles that could divert attention from critical community matters.

Among the disclosed documents are statements from Tether's banks, confirming the existence of the company's reserves. These statements align with the publicly disclosed, independent third-party assurance attestations, further substantiating Tether's commitment to transparency. The provided materials also shed light on Tether's implementation of best-in-class asset management strategies, including short-term investments and diversification, as evidenced by the various bank statements. Tether aims to dispel the unfounded fear, uncertainty,