Documents Reveal Tether Likely Does Have Billions in Bank Account

Since USDT fell harshly on November, people have been skeptical about whether Tether funds are sufficient to support the issuance of its stablecoin and maintain the pegged rate linked to the US dollar. According to a recent report by Bloomberg, after reviewing a batch of documents, it was found that Tether did have a large reserve of US dollar assets.

As mentioned in the article, the documents were provided by someone who can access the company’s records and was confirmed by government officials. The documents include bank statements for four separate months, one of which is shown on January 31, 2018. Tether has $2.2 billion in its Puerto Rico Noble bank account. According to CoinMarketCap data, the peak market value of USDT on that day is approximately 2.27 billion, the report also said that it matched the figures of September and October 2017.

According to the source, the regulator has already obtained some of these documents. After the exchange Bitfinex became the only way to buy and sell USDT last year, the bank statements already reflected the flow of funds. It seems that Tether and the exchange Bitfinex are owned by the same group of people.

However, the bank statements did not reflect the source of funds for Tether and where the funds are now. Stuart Hoegner, legal counsel at Tether and Bitfinex, declined to respond to the fund balance for Tether. 

Last month, Tether proactively issued a statement to become a partner with the Deltec Bank & Trust and posted a letter from Deltec on the official website, showing that the account balance was about 1.83 billion.