NY court orders world’s largest stablecoin issuer to prove reserves

Bitcoin

The company behind the world’s largest stablecoin has been ordered to produce documents to disprove allegations that it issued tether (USDT) without backing and used the stablecoin to manipulate bitcoin markets. 

Judge Katherine Polk Failla of the Southern District Court in New York ordered Tether, the issuer of the USDT stablecoin, and Bitfinex, a cryptocurrency exchange, to produce general ledgers and balance sheets as well as income, cashflow, and profit and loss statements. Tether and

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