Tether Releases Official Report Confirming US Dollar Reserves
Cryptocurrency firm Tether announced this week that it had enough U.S. dollar reserves to back its virtual coins in circulation, as confirmed by a report from Washington-based law firm Freeh, Sporkin & Sullivan LLP.
The report was made in response to investor doubts on whether the company actually has a dollar in reserve for every token that it issues. While the report was not a full audit of Tether, it did include sworn and notarized statements from two banks which attested that the company had approximately $2.55 billion in its accounts on June 1.
It was noted however, that former federal judge and FSS co-founder Eugene Sullivan sits as an advisory board member on one of Tether’s banks.