Reading Time: 2 minutes by Anthonia Isichei on January 23, 2021 Altcoins Deltec, the Tether (USDT) banker based in the Bahamas, says the popular stablecoin is fully-backed, downplaying long-standing reports of the integrity of its client’s reserves. The declaration is coming as both Tether and Bitfinex are submitting documents to the New York Attorney General (NYAG) concerning an $850 million embezzlement case from April 2019. Tether is More than 100% Backed by Fiat Reserves Appearing on an episode of Laura Shin’s Unchained Podcast, Gregory Pepin, deputy CEO at Deltec clarified Tether’s reserve status, stating: “Every tether is backed by a reserve and their reserve is more than what is in circulation. We can see it first hand, so I can confirm that.”