Tether reserves verified claims Moore Cayman! Tether reserves for its USDT Stablecoins exceeds the amount required to redeem the digital asset tokens according to auditing firm Moore Cayman!
Tether Holdings Limited, a company behind Tether, has released an assurance opinion to confirm that Tether tokens are fully backed by reserves.
Tether provided the company’s Consolidated Reserves Report, or CRR, via a statement shared on Twitter on Tuesday. It accompanied an assurance report from accounting firm Moore Cayman.
Signed on March 26, the report intends to prove the accuracy of Tether’s CRR compiled on Feb. 28th. “In our opinion, the CRR as prepared by the management of Tether Holdings Limited Group as of February 2021 at 11:59 PM UTC is presented in accordance with criteria set out therein and it, in all material respects, fairly stated,” the assurance opinion reads.
The report states that Tether’s reserves for USDT exceeds the amount required to redeem the digital asset – with total assets combined amount to “at least” $35.3 billion – tether’s total liabilities amount to $35.2 billion.
Moore Cayman is a provider of audit services to firms and funds in various jurisdictions, including the Cayman Islands, British Virgin Islands, Hong Kong, the United Kingdom, and others.
“Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins,” Tether Holdings wrote.
“We do intend to release attestations periodically going forward,” Stuart Hoegner, general counsel for Tether and cryptocurrency exchange Bitfinex, told Cointelegraph. He added that the CCR was executed on March 26, so it was not available until very late last week.
Tether’s USDT 1:1 peg with the US Dollar has long been subject to criticism and skepticism. In February, Tether and Bitfinex settled with the New York Attorney General’s Office over claims to the degree USDT was backed by fiat monies. As part of the settlement, they must submit to periodic reporting of their reserves.
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