Tether has been partially backing its stablecoin with securities issued by Chinese companies for some time, Bloomberg reports, citing documents published by the New York State Attorney General.
The reserves included shares of banks such as the Industrial and Commercial Bank of China, the China Construction Bank and the Agricultural Bank of China. There were previously rumors that the firm was backing USDT with Chinese securities. Meanwhile, in 2021 #Tether denied that he owns commercial papers of the troubled Chinese company Evergrande.