https://www.newsbtc.com/2018/06/20/report-tether-does-have-enough-dollar-reserves-to-back-all-usdt-in-circulation/A Washington-based law firm said today that the cryptocurrency Tether (USDT), which as its name suggests is pegged to the value of the U.S. dollar, holds enough U.S. dollar reserves to back all of its coins in circulation.
The report, which was authored by Freeh, Sporkin & Sullivan LLP (a firm co-founded by former FBI director Louis J. Freeh) is welcome news for the Tether community, as in the past critics have raised concerns over whether it actually does hold $1 in reserve for every Tether token in circulation, according to Reuters.
To reach their conclusions, FSS said that it conducted ‘comprehensive examinations and telephone interviews of key personnel at Tether and its banks.’ The firm also reviewed account statements provided by the banks, which indicated that the company had approximately $2.55 billion in its accounts on June 1.
But...
Hinting at potential regulatory concerns, FSS also clarified that the report was not a full audit of Tether, and a review of the numbers was as far to say:
“FSS did not, as part of the Engagement, arrive at any conclusions as to Tether’s compliance with applicable laws and regulations in any jurisdiction.”
This clarification is important considering that FSS co-founder Eugene Sullivan is an advisory board member of one of Tether’s banks, according to the report.
