Tether’s general counsel told the New York Supreme Court that it can only back about 74% of USDT in circulation as of Tuesday.
Source: https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents
Tether Lawyer Admits Stablecoin Now 74% Backed by Cash and Equivalents
April 30, 2019
CoinDesk
