Tether Holdings Limited, the company behind the world’s largest stable Tether coin (USDT), has issued a conclusion confirming that Tether Tokens are fully supported by their reserves.
In a statement on Twitter on Tuesday, Tether unveiled the company’s consolidated inventory report, or CRR, along with an insurance report from the Moore Cayman Accounting Network.
The accounting officer’s report, signed on 26 March, aims to confirm the accuracy of the CRR Tether prepared on 28 February. “In our opinion, CRR, prepared by the management of Tether Holdings Limited Group from and including February 2021 at 23:59 UTC, in accordance with the criteria set out there and which is fair in all material respects, the conclusion Providing Trust says.
The report goes on to say that Tether’s USDT stable reserves exceed the amount required to repurchase digital asset tokens, with consolidated liabilities totaling $ 35.2 billion, while total corporate assets are “at least” $ 35.3 billion dollars.
Moore Cayman suggested that the hedging agreement is limited to USDT, as the information on the Tether XAUT gold-backed stablecoin was “outside the scope of our escrow agreement.”
Moore Cayman is a provider of audit services to companies and organizations in various jurisdictions, including foreign jurisdictions such as the Cayman Islands and the British Virgin Islands, as well as Delaware, Hong Kong and the United Kingdom among others.
“Tether has always had full support, and the report we presented today confirms this once again. As a leader in the growing cryptocurrency industry, we continue to strive to be one of the most transparent stable currencies, ”wrote Tether Holdings.
“We actually plan to issue certificates on a regular basis in the future,” Stuart Hugner, Attorney General for Tether and the Bitfinex cryptocurrency exchange, told Cointelegraph. He added that the CCR was implemented on March 26, so it was not available until the end of last week.
The 1: 1 USDT stick to the US dollar has always caused some doubt, and many question the validity of this support.
In February, Tether and its subsidiary Bitfinex reached an agreement with the New York City Attorney’s Office on allegations that the company misjudged the extent to which the US dollar was secured by statutory security. As part of the settlement, New York City regulators forced companies to pay $ 18.5 million in damages and submit periodic reports on their reserves.