The UK High Court has ruled that the stablecoin Tether (USDT) is property, marking the first time English law has made a ruling on the status of cryptocurrency following a full trial. The legal status of Tether was a preliminary issue in a case brought by a fraud victim whose stolen crypto included USDT. In his ruling on September 12, Deputy High Court Judge Richard Farnhill stated, “USDT attracts property rights under English law.” The judge added that USDT is “a rather unique form of property not premised on underlying legal rights,” which can be “traced and can constitute trust property like other property.” He noted that “strong authority” suggested that cryptocurrencies were property, a finding made in a 2019 ruling by the same court which did not go to trial. This aligns with the position of the Law Commission for England and Wales in its 2023 report on digital assets, which labeled them as property. (Cointelegraph)