Company Tether Today Released A New Report With Regards To The Warranty Provision Produced It Stable coin Usdt. The Report Was Prepared By The Auditing Firm Moore Cayman And Contains Information As Of June 30th. Since That Time, The Company Has Almost Completely Suspended The Issue Of New Usdt, So The Data, At Least In Terms Of The Issue, Should Correspond To The Current Ones.
In The Letter, Moore Cayman States That Tether’s Consolidated Assets Were At Least $ 62,773,190,075 At The Time, With Liabilities Of $ 62,628,932,116.
The Group’s Consolidated Assets Exceed Its Consolidated Liabilities,” The Auditor Writes. “The Group’s Reserves Backing The Digital Assets It Issued Exceed The Amount Required To Redeem All Issued Digital Asset Tokens.”
A Similar Guarantee Opinion Was Published By Moore Cayman In March, When The Usdt Issue Was About 35 Billion Tokens. In May, Tether Released Another Report That Included A Breakdown Of Collateral By Specific Asset Group. Then It Turned Out That About Half Of The Usdt Collateral Is In Commercial Papers, The Nature Of Which The Company Did Not Disclose.
According To The Latest Publication By Moore Cayman, Tether Maintains This Proportion And Holds $ 30.8 Billion In Commercial Paper. Cash And Bank Deposits Account For $ 6.28 Billion, Or About 10% Of The Total Collateral.in May, The Share Of Cash Was About 3%. In The Moore Cayman Report, However, Fiduciary Deposits Were Also Included In This Category, Which In The Past Were Treated As A Separate Group, So It Is Impossible To Assess The Exact Changes. Earlier , The Us President’s Working Group On Financial Markets With The Participation Of Treasury Secretary Janet Yellen Drew Attention To The Risks Of Tether Due To The Company’s Excessive Openness To The Commercial Paper Market .
In July, Tether’s Chief Attorney, Stuart Hegner, Told Cnbc That There Might Be “Months, Not Years” Before A Full Audit Of Usdt Is Published. The Company Is Often Criticized For Lacking Transparency In Issuing The Largest Stable coin On The Market.
In Connection With Today’s Posting, Tether Cto Paolo Ardoino Stated:
“As an industry leader, we understand the importance of transparency and accountability. Our latest guarantee opinion from Moore Cayman once again confirms that Tether is fully secured. A healthy and conservative portfolio with a focus on liquidity continues to fuel our growth and confidence in our own innovative offering. ”
