Tether’s Banking Relationships Detailed in Newly Released Legal Documents
On March 31, 2021, Tether claimed it had more than $35.5 billion in U.S. dollar equivalents at these institutions, according to the documents. They were shared with CoinDesk by the New York Attorney General’s office (NYAG) in response to a state Freedom of Information Law (FOIL) request filed in June 2021. The documents appear to have been created on Aug. 4, 2021, and serve as a snapshot of Tether’s operations on that day. A further $5.1 billion were detailed under “USDT lending” and other assets, for an asset total of $40.6 billion, roughly matching the 40.8 billion USDT in circulation at the time.