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Following the announcement by the CFTC, Tether has issued a statement claiming there was no finding that Tether tokens were “not fully backed at all times.” Tether explains that the issue was that the “reserves were not all in cash and all in a bank account titled in Tether’s name, at all times.”
Tether further states it has always maintained adequate reserves and has never failed to satisfy a redemption request.
Tether says:
“As the Order recognizes, these issues were fully resolved when the terms of service were updated in February 2019.”
The statement is available here.
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