😨 74% of tethers backed by cash and cash equivalents, says Tether attorney

In an affidavit, Tether's ($USDT) general counsel Stuart Hoegner says Tether is 74% backed by cash and short-term securities with reserves totaling $2.1 billion of the $2.8 billion outstanding tokens. The affidavit, entitled "Tether Holders Are Not At Risk," was an Order to Show Cause against the NY AG's recent lawsuit. Hoegner claims the lending agreement between Tether and Bitifinex, whom he also represents, was made for market protection.