The firm behind the world’s leading stablecoin, Tether, is facing more regulatory pressure this week with U.S. financial watchdogs scrutinizing the composition of its reserves.
According to a July 27 Bloomberg report the Acting Comptroller of the Currency Michael Hsu said regulators are looking into Tether’s stockpile of commercial paper to see whether each USDT token really is backed by the equivalent of one U.S. dollar.