In response to reports published by mainstream media outlets, including Bloomberg , the company has sought to clarify its stance on the matter.
These reports, citing documents released by New York’s Attorney General (NYAG), brought attention to the previous backing of USDT by securities from prominent Chinese state-owned firms, including the Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China.
Tether’s detailed response aims to shed light on the situation, offering a deeper understanding of the company’s practices and the rationale behind its reserve composition.
Tether Clarifies Misconceptions Surrounding Recent Reports
In response to the reports regarding the inclusion of Chinese securities in its reserves, Tether’s chief technology officer, Paolo Ardoino, took to Twitter to assert that the documents released by New York’s Attorney General proved the critics wrong on various claims made against the company.
Ardoino specifically mentioned the accusation of lacking a bank account, stating that the documents provided evidence to the contrary.
Regarding the Chinese securities, Ardoino defended the company against those who accused it of holding onto debt from the troubled Chinese property developer Evergrande.
As announced yesterday @Tether_to decided to stop the opposition to the FOIL matter in the U.S., in favor of transparency for our industry.
Today the information has been digested and used by few media outlets, starting from Bloomberg. Others will follow soon.
The information… https://t.co/RhiUrZoh09
— Paolo Ardoino License.
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