Assurance Report Says Tether Stablecoins Are Fully Backed- Firm Exceeded Its Consolidated Liabilities

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Assurance Report Says Tether Stablecoins Are Fully Backed- Firm Exceeded Its Consolidated Liabilities

The company behind the world’s largest stablemate has made this report public to show its commitment to transparency, to clarify whether Tether’s reserves are fully secured or not. Tether Holdings Limited has issued the affirmative opinion of the Cayman Islands based accounting firm.

According to the statement, Tether Holdings Limited said USD tokens have always been fully supported. The report was filed by Moore Cayman on 26. The agreement was signed on March 28, 2021. February 2021 at 23:59 UTC.

According to the auditor’s report, the total consolidated assets amount to at least $35,276,327,156, which according to Tether Holdings Limited is more than the total amount required to redeem the tokens:

Total consolidated liabilities are $35,154,786,806, of which $35,111,966,857 relates to issued digital tokens. The Group’s consolidated assets exceed its consolidated liabilities.

However, Moore Kaiman has reported two civil actions currently pending before the holding company for which no provision has been made.

XAUT was not insured, says Moore Cayman

At the same time as the report, Tether Holdings Limited provided an explanation of the results:

The transfer has always had full support and today’s assurance confirms this. As Tether’s growth in the marketplace continues to validate our business, we understand the public interest in this topic and are pleased to share this validation as part of our ongoing commitment to transparency.

In addition, the auditor’s report refers to the gold confirmation symbol (XAUT) and states that its conclusions are based solely on U.S. dollars, as the XAUT is not within the scope of our assurance obligation and we therefore do not express an opinion or provide any assurance in this regard.

At press time, the company has a market cap of $40.82 billion, according to market.Bitcoin.com, with volume of over $32.70 billion in the past 24 hours.

What do you think of the recent audit opinion on Tether Holdings Limited? Let us know your comments in the section below.

Tags in this story

Accounting firm, Audit, Cayman Islands, United States, Moore Cayman, Stablecoin, Tether (USDT), Tether Holdings Limited, Transparency, USDT, XAUT

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Emilia James
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