In a statement released on December 17, 2023, Tether responded to criticism from US lawmakers calling on the Department of Justice to take action against the company. Tether stated that it wants to be a "world-class partner for the United States" and that it is committed to transparency and accountability.
Tether responds to criticism from US lawmakers to get the Justice Department to act
In a statement released on December 17, 2023, Tether responded to criticism from US lawmakers calling on the Department of Justice to take action against the company. Tether stated that it wants to be a "world-class partner for the United States" and that it is committed to transparency and accountability.
Tether's statement noted that the company has complied with all requests for information from the Department of Justice. Tether also stated that it has taken steps to increase transparency, including publishing monthly reports on its reserves.
Tether is a stablecoin company that issues USDT, a digital currency that is pegged to the US dollar. USDT is one of the most popular stablecoins in the world, with a market capitalization of over $70 billion.
However, Tether has been criticized for its lack of transparency. In particular, lawmakers have expressed concern over Tether's failure to disclose the composition of its reserves.
In its statement, Tether stated that its reserves are backed by a combination of cash, Treasuries and high-quality loans. Tether also stated that it is working to diversify its reserves to reduce risk.
Tether said it is committed to working with regulators to ensure USDT is a safe and reliable stablecoin.
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