(CoinDesk) CoinDesk is set to square it out with Tether after the news entity petitioned to have access to documents showing the reserves supporting $78.4 billion worth of stablecoins.
The petition happens after, in August, iFinex, Tether’s parent and crypto exchange Bitfinex asked the New York State Supreme court to decline providing documents ordered by CoinDesk for the reserves.
CoinDesk has insisted on the documents, saying it has a stake in the disclosure while the investing public also deserves the information to assess claims to stability.
Tether has in the past declined to provide the information of its reserves, saying it is a competitive trade secret whose reveal can hurt its business. The claim was dismissed on December 6 by Assistant Attorney General James B. Cooney.
Tether and the New York Attorney General’s office are yet to object to CoinDesk’s intervention in the case.
The court has now set February 7 as the day to hear the petition, with Tether given up to February 4 to file its response to the claims raised by CoinDesk.
USDT/USD is up +0.01%.
