Tether unveils reserves and backing for its USDT stablecoin in new report

To assuage critics and to abide by a legal settlement, Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT, has released a report by an independent accountant, which found that Tether’s tokens are 100% backed by its reserves.

  • In its review of Tether’s latest Consolidated Reserves Report, Cayman Island-based accounting firm Moore Cayman found Tether met its reporting obligations for the period ending June 30, 2021 and that it is “fairly stated.”
  • Tether’s consolidated assets amounted to at least US$62,773,190,075 for the reporting period, while the company’s consolidated total liabilities were US$62,628,932,116, of which $62,610,829,196 were related to USDT, according to Moore Cayman, an auditing firm in the Cayman Islands.

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