Stablecoin-issuer has published a lengthy response to reports that the reserves of Tether (USDT), one of the largest stablecoins, once included securities issued by Chinese companies.

On June 16, mainstream media outlets, including Bloomberg, reported that the company once used held securities issued by Chinese state-owned firms. Bloomberg cited documents released by New York’s Attorney General (NYAG) and highlighted that USDT was once backed by securities from firms like the Industrial and Commercial Bank of China, China Construction Bank (OTC:) and Agricultural Bank of China (OTC:).