Tether, issuer of the world's largest stablecoin USDT, claimed for years that every token was backed 1:1 by U.S. dollars in a bank account. The CFTC investigation revealed Tether held sufficient reserves only 27.6% of the days in a 26-month period. Tether was fined $41.6 million for misrepresentation. Despite this, USDT grew to over $100 billion in circulation. Tether has never completed a full independent audit and refused to disclose which banks hold its reserves.
Tether claimed every USDT was backed 1:1 by dollars -- it was only backed 27.6% of the time
βTether is not fully backed by U.S. dollars as claimed. The company is printing unbacked USDT to artificially inflate cryptocurrency prices.β
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