Tether Releases Official Report Confirming US Dollar Reserves
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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.
Source: Reuters