Tether Holdings Limited released an independent accountant report on Monday. In the report, the company claims that its tokens are fully backed by its reserves.
Moore Cayman reviewed Tether’s latest Consolidated Reserves Report. The report determined that the company met its reserve obligations for the period that ended on June 30, 2021.
Tether not only included the composition of its reserves but also provided:
- A breakdown of the ratings and maturity of its commercial paper (CP)
- Certificates of deposit (CDs)
According to the report, Tether’s consolidated total assets amounted to at least $62,773,190,075 for the reporting period. The company’s consolidated total liabilities were $62,628,932,116, of which $62,610,829,196 were related to USDT.
Moore Cayman’s opined: “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.”
Also Read: Tether Will Show Its Transparency With Financial Audits
The June report also revealed that Tether has cash and cash equivalents amounted to $53.3 billion in its total assets. This includes $30.8 billion in commercial paper and certificates of deposit. There’s $6.2 billion worth of cash and bank deposits, $1 billion in reverse repo notes, and $15.2 billion in Treasury bills.
“Our most recent assurance opinion from Moore Cayman again confirms Tether is fully backed,” said Tether CTO Paolo Arduino. “A healthy and conservative portfolio with an emphasis on liquidity continues to fuel our growth and confidence in our innovative offerings.”
