Tether and Bitfinex General Counsel confirm that only about 74% of USDT is supported by cash and equivalents

Tether and Bitfinex's general counsel, Stuart Hoegner, confirmed in an affidavit on Tuesday that USDT no longer has 100% (fund and equivalent) support. Hoegner said: "As of the date of signing the affidavit, Tether's cash and cash equivalents (short-term securities) totaled approximately $2.1 billion, accounting for approximately 74% of the current outstanding USDT." According to Omni Resource Manager data, as of this writing At the time of publication, the USDT circulation supply was approximately 2.8 billion.