Tether (USDT) under pressure from US justice
Stablecoins in the sights – The company that issues the stablecoin USDT is particularly watched by American justice. Tether cannot reassure about its dollar reserves, which are supposed to support the issuance of USDT tokens on different blockchains. As we tell you reportedjustice is not yet satisfied and requires even more transparency.
Tether and justice: it’s a long story…
Under fire from critics and injunctions for years, Tether still fails to show its credentials in the United States. Despite transparency effortsit never seems enough for the authorities.
After the publication of documents signed by the New York judge Katherine Polk FaillaTether was quick to react on his blog.
“We had already agreed to produce sufficient documentation to establish the reserves backing the USDT. As always, we look forward to concluding the plaintiffs’ baseless lawsuits in due course.”
Tether tries to quickly put out this new outbreak of fire and communicates publicly to put an end to the controversy. However, the company is not out of the woods and will soon have to submit these documents to the American courts.
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Stablecoins: regulation is fast approaching
The pressure on stablecoin issuers is thus increasing. With Bitcoin, they pose a threat for the functioning of the traditional financial world. The international central bankers met the day before yesterday in Paris on the occasion of a conference organized by the Banque de France.
titled ” Conference on the opportunities and challenges of the tokenization of finance“, this event brought together, among others, Christine Lagarde (President of the ECB) and Jerome Powell (President of the FED). Powell has spoken about MNBCs (digital central bank currencies) and already seems to have a clear idea of the roadmap for state stablecoins. The most attentive will not be surprised to learn that anonymity is not on the program…
Luna’s collapse and the do kwon leak were also mentioned on stage. It is true that this type of case is godsend for regulators.
The Luna and UST crash has raised alarm bells and drawn even more finicky attention from regulators to stablecoins. Whether algorithmic or backed by tangible assets, they are now being scrutinized. The Federal Reserve itself also wishes to accelerate the pace in terms of legislation related to stablecoins.
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