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by dgellow
1944 days ago
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Read the settlement agreement: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... Page 4 of the agreement: > 20. Because of Tether’s inability to conduct significant banking activity during this time, it could not itself hold dollars sufficient to back the hundreds of millions of new tethers that had entered the market. Until September 15, 2017, the only U.S. dollars held by Tether ostensibly backing the approximately 442 million tethers in circulation was the approximately $61 million on deposit at the Bank of Montreal. That's 14% of the cash required to back the issued Tether. |
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