Tether Cannot Avoid Publication of Data on Composition of USDT Reserves

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The US Supreme Court has refused to grant a petition by USDT issuer to prohibit CoinDesk from publishing information on the detailed composition of the stablecoin reserves.

A petition that the Tether team filed with the New York state supreme court asking for permission to block viewing documents detailing the composition of Tether’s reserves over the past several years was rejected. According to the decision:

“The New York Supreme Court denied Tether’s petition to prohibit publication of documents detailing the composition of Tether’s reserves over the past several years.”

In February, attorneys representing stablecoin issuer Tether and its parent company iFinex filed a lawsuit with the New York Attorney General’s Office (NYAG) against the information resource CoinDesk over the publication of Tether reserves.

The US Supreme Court’s decision likely stems from the suddenly increased risks to investors and the financial system itself from the stablecoin market and Tether’s reputation.