Michael Barr, the head of the central bank's regulatory division, emphasized that the Federal Reserve is currently in the preliminary research stage and would require official legislation from Congress to formalize any action.
Acquired through a Freedom of Information Law inquiry, the documents provide a valuable yet restricted glimpse into the reserves supporting USDT, the largest stablecoin in the cryptocurrency market.
The R stablecoin derives its value from a single crypto asset, specifically the staked ether (stETH) provided by Lido, a prominent leader in liquid staking.
USDT has surged to a market capitalization of $83.2 billion, successfully recuperating all the losses suffered since the collapse of the blockchain project Terra over a year ago.
On Friday, the Office of Foreign Assets Control (OFAC) revealed that an Irish citizen played a role in assisting affluent Russians in evading sanctions and concealing funds in the United Arab Emirates (UAE).
The report highlights that Tether has been steadily capturing a larger share of the market cap, overshadowing its competitors such as USD Coin.
If you squint your eyes, you might notice similarities between Do Kwon's bitcoin purchases during Terra/Luna's peak periods.
Last month, Binance granted a fee exemption of zero for the BTC-TUSD trading pair, while excluding the same promotion for Tether's USDT.
The 20% year-on-year growth in market capitalization can be attributed primarily to Tether's aggressive issuance on Tron, a competing blockchain to Ethereum.
Bitfinex and Tether's attorneys also want the law firm to return or destroy all defendant-issued documents and confirm that they have not been disseminated.