Stablecoin Showdown: Tether Emerges Victorious in Court

The SDNY court recently dismissed a lawsuit against Tether, the stablecoin issuer, and its affiliated company Bitfinex.

The lawsuit, filed by Matthew Anderson and Shawn Dolifka, claimed that Tether’s stablecoin USDT was not backed one-to-one with US dollars, as the company had asserted.

Tether reported that Chief Judge Laura Taylor Swain’s decision resulted in the dismissal of the entire class action complaint due to a lack of plausible evidence of any injury or diminished value of USDT.

Tether emphasized its commitment to fulfilling promises and protecting its customers and community.

Last week, Tether Holdings announced a 35% increase in total excess reserves, reaching $3.3 billion in the second quarter.

This increase in excess reserves highlights Tether’s ongoing commitment to transparency and reinforces the stability of its platform.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.