Judge Orders Tether to Produce Records on Backing Stablecoins

A judge for the Southern District of New York has ordered the largest stablecoin issuer to produce financial records relating to the backing of their coin, tether.

Tether Holdings The world’s largest stablecoin issuer, will need to present its balance sheet, income statement, cash flow statement and profit and loss statement on order. It will also have to provide documents to establish sufficient reserves for its stablecoin, tether, including account statements for all of its banks.

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