Tether’s Reserves Fully Backed According to Latest Independent Assurance Opinion

Stablecoin issuer Tether continues to provide additional proof that it has full reserves backing the number of (USDt) coins that it has in circulation. Today, the company made available its Consolidated Reserves Report for the period ending March 31, 2021.

The report was accompanied by an assurance opinion from the auditing firm Moore Cayman affirming the accuracy of the provided information. Moore said it was Tether’s plan to release Consolidated Reserve Reports and related assurance opinions every quarter.

Some of the things included in the report are opinions and the basis for them, two appendices providing various information.

The report shows that as of 1 March 2021, Tether held consolidated total assets amounting to at least $41.7 billion. Consolidated total liabilities amounted to $40.86 billion of which $40.85 billion relates to digital tokens
issued at the given time.

Hence, Tether’s consolidated assets exceeded its consolidated liabilities during that period, with the reserve also exceeding the amount required to redeem the volume of USDt in circulation at the time.

“We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our assurance opinion,” the report adds.

Tether, for its part, noted that the latest report reflects the company’s continued dedication to making information about the status of its reserve assets public, thereby setting the standard for transparency and commitment in the crypto industry.

Tether, as per a recent settlement with the New York Attorney General’s (NYAG) office, must also submit quarterly reports to the regulator regarding its core operations.

Earlier this week, Tether reached a new milestone of a $50 billion market cap. The stablecoin was also listed by U.S.-based exchange Coinbase. While the listing was on Coinbase’s Pro platform, many believe it effectively ended concerns regarding Tether’s controversial standing with the crypto community.

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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey

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Author: Gideon Geoffrey