Tether, the dollar-pegged cryptocurrency often referred to as a stablecoin, has been the center of controversy for much of its existence, peaking recently in the wake of insolvency rumors and its potential use to manipulate the price of Bitcoin.

According to bank statements obtained by Bloomberg, much of the controversy may not be warranted at all. However, it still may not be enough to clear Tether’s name entirely.

Bloomberg: Tether Bank Statements “Show Large Cash Stockpile”

In a new report, Bloomberg News claims to have gained access to four separate months of bank statements pertaining to accounts owned by Tether Holdings Limited. Furthermore, the same bank statements are said to have made their way into the hands of financial market regulators, according to “people with knowledge of the matter.”

In one example, a statement from January showed that Tether had $2.2 billion in an account at Noble Bank in Puerto Rico, during a time when CoinMarketCap data represented 2.195 billion Tether’s in circulation. This would suggest that not only did Tether have enough USD reserves to fully back all corresponding Tether tokens, and then some.

The bank statements also reveal money being moved back and forth between Tether and Bitfinex, and additional instances of Tether’s supply matching the amount of Tether’s circulating the cryptocurrency market. Tether is used by many exchanges as a replacement for fiat trading pairs against other cryptocurrencies like Bitcoin due to its relatively stable price.

Despite Best Efforts, Tether FUD to Continue Indefinitely

Although Bloomberg asserts that the bank statements “were provided by someone with access to the company’s records,” and had their authenticity confirmed by a government official, they are quick to point out that the statements don’t show the origin of the funds. Tether has also struggled to maintain its vital relationships with banks, causing additional concern.

Earlier in the year, Tether came forward with an audit from a third-party law firm that claimed all Tether’s were fully backed. However, Freeh Sporkin & Sullivan, LLP, the firm conducting the audit, is a law firm and not an accounting firm, making the claims less valid.

Tether’s General Counsel dismissed the concerns over the audit not being legitimate, saying that the “barriers to getting audited are simply too big to overcome right now, and not just for us.”

Until Tether is able to receive a full audit from one of the big four auditors validating that all Tether’s are fully backed, the fear, uncertainty, and doubt surrounding Tether will continue indefinitely.