It’s official: the last quarter for which Tether is required to legally submit to attestations of its reserves, as dictated by the Attorney General of New York, has passed. That means, at least according to the law, the company no longer has to submit any attestations, quarterly or otherwise.
So, what should we expect? Probably not much.
While Tether no longer has strict deadlines it needs to abide by for attestation production, this doesn’t mean that all transparency will be lost.
Indeed, the firm still has a ‘Transparency page’ on its website that details how many Tethers have been minted. Unfortunately, for a while now, the page has included a number of incorrect details concerning frozen Tethers and other minutiae. This would suggest that it probably can’t be relied upon 100%.
Meanwhile, the previous attestations from BDO Italia, MHA Cayman, and Moore Cayman remain available here, even if no more will ever be produced.
Does it actually matter?
The reality is that, as far as the public is concerned, Tether’s attestations provided more questions than answers. For example, concerns about commercial paper have never been fully addressed, there’s no reliable data to back up claims of assets over liabilities, and they hint at the strange ability to never lose money despite interest rate issues and investments in now-defunct companies like Celsius.
The attestations ultimately likely did little for law enforcement who have probably acquired much more interesting data and customer information from taking over Signature Bank. It was helping move money into one of Tether’s banks of choice, Capital Union Bank in The Bahamas, through its Signet cryptocurrency platform.
We reached out to Tether and asked if the company plans to continue to provide quarterly attestations but by time of publication had received no reply.