Tether’s reserves are fully backed, according to latest assurance opinion
“The group’s consolidated assets exceed its consolidated liabilities,” Moore Cayman wrote of Tether Holdings Limited. Moore Cayman, a Cayman Islands-based accounting network, has again affirmed that Tether Holdings Limited’s USDT stablecoin tokens are fully backed by its reserves. In the latest report, signed on March 31 and released Thursday, Moore Cayman confirmed that Tether’s consolidated assets exceeded its liabilities. “In our opinion, the [Consolidated Reserves Report] by the management of Tether HOldings Limited group as of 31 March 2021 at 11:59 PM UTC, is presented in accordance....
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Tether’s reserves for its USDT stablecoin exceed the amount required to redeem the digital asset tokens, according to auditing firm Moore Cayman. Tether Holdings Limited, a company behind the world’s largest stablecoin Tether (USDT), has released an assurance opinion to confirm that Tether tokens are fully backed by its reserves.In a statement shared on Twitter Tuesday, Tether provided the company’s Consolidated Reserves Report, or CRR, accompanied by an assurance report from accounting network Moore Cayman.Signed on March 26, the accountant’s report intends to prove the accuracy of....
The company behind the world’s largest stablecoin disclosed a report by aiming to show “transparency commitment” to clarify whether Tether’s reserves are fully backed or not. Tether Holdings Limited published its “Assurance Opinion” issued by an auditing firm based in the Cayman Islands. Accounting Firm Recognizes Two Ongoing Legal Cases According to the statement, Tether Holdings Limited stated that USDT tokens have “always been fully backed.” The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021....
Tether’s cash and bank deposits also dropped 42% to 4.187 billion, while its allocation to money market funds increased 200% to $3 billion, and its treasury bills grew 77.6% to $34.52 billion. USDT stablecoin issuer Tether cut its reserves allocation to commercial paper by more than one fifth between September and December last year, dropping from around $30.5 billion to $24.16 billion. Tether is legally required to disclose its reserves every quarter as part of an $18.5 million court settlement with the Office of the New York Attorney General from February 2021. The firm was alleged to....
Tether has been publishing periodic accounting reports to the public after reaching a settlement with the New York Attorney General’s office in February 2021. Tether Holdings Limited, the company behind the USDT stablecoin, released an independent accountant report on Monday claiming that its tokens are fully backed by its reserves. Moore Cayman, an accounting network based in the Cayman Islands, reviewed Tether’s latest Consolidated Reserves Report, or CRR, and determined that the company met its reserve obligations for the period that ended on June 30, 2021. According to the report,....
“This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative and liquid," said Paolo Ardoino. USDT Stablecoin issuer Tether has reported it cut its reserves allocation to commercial paper investments and increased that of United States Treasury bills over the first quarter of 2022.In a Thursday blog post, Tether reported its reserves were “fully backed,” seemingly in an effort to assuage many users’ fears around USDT briefly depegging from the dollar on May 12. According to the stablecoin issuer, its commercial....