April 11, 2021

Tether stablecoin is fully backed, says new assurance report

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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 Tether’s CRR compiled on Feb. 28. “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 goes on to state that Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens as consolidated total liabilities amount to $35.2 billion, while consolidated total assets amount to “at least” $35.3 billion.

Moore Cayman noted that its assurance opinion is limited to USDT as information covering Tether’s gold-backed XAUT stablecoin “has not been subject to the scope of our assurance Title: Tether stablecoin is fully backed, says new assurance report
Sourced From: cointelegraph.com/news/tether-stablecoin-is-fully-backed-says-new-assurance-report
Published Date: Tue, 30 Mar 2021 14:54:54 +0100

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