The world’s largest stablecoin moved a massive share of its reserves to Capital Union Bank after settling with New York regulators over claims that it had falsely misrepresented its assets.

It’s one of crypto’s biggest mysteries: Where are the billions of dollars backing Tether, and are these reserves robust enough to support the world’s largest and most important stablecoin? Despite government investigations and demands for transparency, Tether has never produced an audit of its balance sheet and has generally refused to name its banking partners — conjuring existential fears over the $68 billion stablecoin’s dependability.

https://www.forbes.com/sites/davidjeans/2023/02/10/tether-reserves-cantor-capital-union-ansbacher/?