In a groundbreaking decision, the Singapore Supreme Court officially recognized USDT as a form of fiduciary property.
Singapore High Court Declares USDT as Property in Bybit Case
The landmark case involved Seychelles-based exchange Bybit and Ho Kai Xin, a former contractor whose actions are at the center of the legal dispute.
Bybit had filed a lawsuit against Ho Kai Xin for alleged breach of his employment contract by abusing his position to transfer 4.2 million USDT to addresses under its control.
Judge Philip Jeyaretnam, who presided over the case, argued that “USDT, like anything else, can be held on a fiduciary basis.” The decision reveals that crypto assets have enforceable value and may be subject to court orders.
The judge also referred to a public consultation response issued by the Monetary Authority of Singapore on July 3, 2023, which supports the idea that digital assets can be identified and separated, making them eligible for trust status.
*Not investment advice.
