Tether slapped with $41 million fine for 'untrue or misleading statements' on fiat currency backing

Stablecoins
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Tether was fined $41 million by the CFTC for "untrue" statements when it came to its fiat currency backing.
The agency found Tether only held sufficient fiat reserves to back USDT tokens for only 27.6% of the days during a sample period.
CFTC also discovered Tether relied on unregulated entities and third parties to hold their funds.
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Tether on Friday was slapped with a $41 million