The company has stopped short of a full audit, however, leaving critics bemoaning Tether’s inability to settle the solvency debate once and for all.
Vocal Tether critic Bitfinexed has been joined by a growing chorus of critics demanding full transparency from Tether, which is part owned by Bitfinex.
Tether has now obliged, producing, for the second time in six months, a legal report into its financial standing.
The report, which was produced by the law firm of a former FBI director, carries weight from a legal perspective.
Do you think Tether has the funds to cover all of the USDT in circulation?
Tether has been the subject of immense scrutiny as critics raise questions about the company’s dollar reserves. But Tether released a transparency update on June 20th that says a law firm has confirmed, as of June 1st, the company’s “unencumbered assets exceed the balance of fully-backed USD Tethers.
Tether has released a surprise “Transparency Update” that purports to show it has enough funds in the bank to cover the $2. 6 billion of USDT in circulation. The company has stopped short of a full audit, however, leaving critics bemoaning Tether’s inability to settle the solvency debate once and for all.