New documents obtained by CoinDesk offer a rare but limited window into Tether_to's finances, long a subject of controversy and conjecture in the crypto industry.
and other securities issued by various entities, including the Qatar National Bank QPSC, Barclays Bank PLC, Deutsche Bank AG, Emirates NBD Bank PJSC and Natwest Group PLC. And a large percent of its issuers were various Chinese banks and financial institutions.
Tether’s past reliance on commercial paper is not news. The company, which issues and maintains the world’s largest stablecoin by market capitalization, acknowledged putting funds in commercial paper in 2021. But the extent to which the company relied on this type of asset was not previously known. The Agricultural Bank of China Ltd, Bank of China Hong Kong, Bank of Communications Co Ltd, Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, China Everbright Bank Co and moreEditor’s note: This article is based on documents received via a Freedom of Information Law request to the New York Attorney General’s office.
On March 31, 2021, Tether claimed it had more than $35.5 billion in U.S. dollar equivalents at these institutions, according to the documents. They were shared with CoinDesk by the New York Attorney General’s office in response to a state Freedom of Information Law request filed in June 2021. The documents appear to have been created on Aug. 4, 2021, and serve as a snapshot of Tether’s operations on that day. A further $5.
As such, the documents offer a rare but limited window into Tether’s finances, long a subject of controversy and conjecture in the crypto industry. When Attorney General Letitia James announced her office’s settlement with Tether in February 2021, she said there had been times in 2017 and 2018 when USDT, Tether’s stablecoin,
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