What's backing USDT? Tether Reserves Breakdown

[Peter90]

USDT's appeal relative to other stablecoins will likely diminish as regulations will require more transparency and compliance with new anti-money laundering standards, the report said

"Tether has come under pressure to be more transparent about how its reserves are invested, and has been working toward publishing real-time data. Still, JPMorgan says the latest disclosures by the stablecoin issuer are not enough to reduce concerns."

coindesk.com

[Peter90]

Stark - former U.S. Securities and Exchange Commission internet enforcement office head - pointed out that Tether promised to commission a full audit within “months, not years” in 2021, which still has not happened.

An attestation, such as the one published this quarter, is typically more narrowly focused and does not provide an outside opinion on the company’s financial well-being.

https://cointelegraph.com/news/tether-boasts-of-its-financial-stability-after-strong-profits-money-moved-out-of-banks




Tether and parent company Bitfinex reached an agreement with the New York Attorney General’s office in February 2021 that required it to submit reserve reports quarterly for two years. Tether is reportedly working on a real-time reserves reporting system that may appear in 2024.

Tether has faced criticism for its nontransparent accounting practices, and it received the second-lowest rating in S&P Global’s stablecoin stability assessment.

While it has had attestations, the stablecoin issuer has never been audited and has been the target of rumors and speculation about its financial state. Its last attestation report was released on Oct. 31, 2023.

https://cointelegraph.com/news/cantor-fitzgerald-head-tether-reserves-they-have-money