Tether and Bitfinex’s general counsel—Stuart Hoegner, has recently made it known that 74 percent of the USDT stablecoin is backed by just 74 percent.

Tether Actually Holds $2.1 Billion in Cash and Short-term Securities.

Hoegner, who is also Bitfinex’s general counsel made this known wrote in a recent affidavit. There it was stated that the company holds about $2.1 billion in cash and short-term securities.

This affidavit was filed in support of an Order to Show Cause to vacate or modify the NYAG’s ex parte order filed last week.

The general counsel confirmed that USDT is no longer backed 100 percent by cash or liquid assets.

“As of the date [April 30] I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totalling approximately$2.1 billion, representing approximately 74 percent of the current outstanding tethers.” the affidavit read.

Going by data provided by Omni Explorer, a block explorer for Tether, approximately 2.8 billion USDT tokens are currently has been…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/only-74-percent-of-tethers-usdt-is-backed-by-fiat/