This Audit Firm Says Tether Has Enough Reserve for its Issued Tokens
Tether Holdings Limited, the company behind the largest stablecoin USDT, has released its Consolidated Reserves Report (CRR) for June. Per the data published, the firm has enough Dollar reserves for its issued tokens.
The Cayman Islands-based independent auditor affirmed the report that Tether’s claims about its reserves for June are indeed correct.
The USDT stablecoin has maintained its dominance in the cryptocurrency industry with a current market capitalisation of $62.48 billion. Per the published CRR, the firm’s Consolidated Total Assets came in at $62,773,190,075, while the consolidated liabilities were pegged at $62,628,932,116 for the period under review. Of these liabilities, those associated with USDT amounted to a total of $62,610,829,196.
The difference between the assets and liabilities leaves a remarkable difference, and according to the report, “The consolidated group’s reserves held for the digital tokens issued exceeds the amount required to redeem the digital tokens issued.”
“In our opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 30 June 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated,” the audit firm, Moore Cayman said.
Tether has always been embroiled in controversies related to its reserve assets, besides being faced with many allegations of market manipulations with the stablecoin, which it notably denied. The company behind the token had to ink a settlement with the New York Attorney General’s office back in February. The periodic release of its CRR was amongst the deals agreed on.
With the report and the confirmation of its accounting records, Tether may keep rewriting its transparency record with regulators and consumers alike.
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