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US court orders Tether Holdings to prove sufficient reserves to back stablecoin
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A judge for the Southern District of New York ordered the issuer of the largest stablecoin to produce financial records related to the backing of its coin, tether.
Tether Holdings, the issuer of the world’s largest stablecoin, will need to produce balance sheets, income statements, cash-flow statements and profit-and-loss statements under the order. It also will have to provide documents to establish sufficient reserves for its stablecoin, tether, including account statements for all its banks.
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