The order requires the biggest stablecoin issuer to release “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements,” as well as records for all trades or transfers of stablecoins and other cryptocurrencies by Tether. The company is also obligated to disclose details about its accounts at crypto exchanges Bitfinex, Bittrex, and Poloniex.
Judge Katherine Polk Failla argued that the documents plaintiffs requested are “undoubtedly important” since access to financial records is a crucial part of the discovery process. “[The] Plaintiffs plainly explain why they need this information: to assess the backing of USDT with US dollars,” she wrote.
In a statement issued on Wednesday, Tether labeled the court's request to produce financial records a "routine discovery order." The company also added that the order "does not in any way substantiate plaintiffs’ meritless claims."
"We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with plaintiffs’ baseless lawsuit in due course," Tether wrote.