Tether’s USDT Backed by Chinese Securities: Revealed in NY Prosecutors’ Report

Documents released by the New York Attorney General’s office reveal that the world’s largest stablecoin, USDT, once counted securities issued by Chinese-centered companies among its reserves. USDT Reserves! According to reports released by New York prosecutors, Tether Holdings Ltd. listed securities issued by China’s state-owned Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China as part of the reserves supporting its USDT stablecoin. Additionally, Tether held securities issued by companies such as Deutsche Bank, Barclays, and ArcelorMittal SA. Rumors have been circulating for a while that Tether was backing its stablecoin with Chinese securities. While Tether remained silent on the matter, it denied holding commercial papers issued by the troubled Chinese real estate giant Evergrande in September 2021. In July, Tether stated that it did not have any Chinese commercial papers at that time and refused to admit whether it had in the past. The […] The post Tether’s USDT Backed by Chinese Securities: Revealed in NY Prosecutors’ Report appeared first on COINTURK NEWS.