Tether USDT $299.5M Settlement with BRIC over Celsius
Tether has agreed to a $299.5 million USDT settlement with the Blockchain Recovery Investment Consortium (BRIC), ending a protracted legal battle tied to the 2022 collapse of Celsius Network. Under U.S. bankruptcy court approval, Tether will distribute 299.5 million USDT in installments over 24 months to Celsius creditors, while BRIC will drop all claims. Though Tether neither admits liability nor wrongdoing, the settlement resolves disputes over Bitcoin collateral liquidations linked to USDT loans, streamlines asset recovery for users and removes a major legal overhang. Traders may see reduced regulatory risk and strengthened confidence in USDT, though the deal itself is unlikely to impact the stablecoin’s peg.
Neutral
The settlement removes a significant legal overhang for Tether and clarifies liability concerns, which should strengthen market confidence in USDT. However, as a fiat-pegged stablecoin, USDT’s price remains anchored to the dollar and is unlikely to fluctuate materially. In the short term, traders may view this as a positive regulatory development; over the long term, the peg stability ensures neutral price impact.