$BTC #crypto news :
After a two-year investigation, #CoinDesk has released documents that confirm Tether's long-standing claims that its #USDT's stablecoin is fully backed by fiat currency.
The documents, which were released by the New York Supreme Court, show that Tether's reserves were fully backed by cash and cash equivalents, as well as other assets such as commercial paper and treasury bills.
This is a significant step forward in terms of transparency for Tether, which has been criticized in the past for its lack of disclosure about its reserves.
However, it is important to note that the documents do not provide any information about the quality of the assets that are backing Tether's reserves. For example, the reports do not disclose the credit ratings of the commercial paper that Tether holds.
As a result, some people have expressed concerns about the quality of Tether's reserves. However, Tether has said that its reserves are of high quality and that it is committed to full transparency.