Tether, the issuer of the most popular stablecoin, tether (USDT), published its independent accountant's report that claims that the company's assets exceed its consolidated liabilities "as of 28 February 2021 at 11:59 PM UTC."
Cayman-based auditor, Moore Cayman, said that, in their opinion, the Consolidated Reserves Report by Tether is "fairly stated."
Per the report, on February 28, Tether had USD 35.276bn in assets, while its consolidated total liabilities amounted to almost USD 35.155bn of which almost USD 35.112 relates to "digital tokens issued." Since then, the market capitalization of USDT jumped by more than USD 5bn and surpassed USD 40bn at the end of March.
"Activity prior to and after this time and date was not considered when testing the balances and information described above. In addition, we have not performed any procedures or provided any level of assurance on the financial or non-financial activity on dates or times other than that noted within this report," Moore Cayman said.
"Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As Tether’s growth in the market continues to validate our business, we understand the public’s interest in this matter and are pleased to share this attestation as part of our ongoing commitment to transparency," the company added.
As reported, Tether was obliged by the New York Attorney General’s Office to disclose how tethers are backed in more detail. Per the Office, Tether must offer public disclosures, by category, of the assets backing tethers, including disclosure of any loans or receivables to or from affiliated entities. The report by Moore Cayman has only provided consolidated numbers.
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Learn more:
- Imagine Regulators Shutting Tether Down - What Happens to Bitcoin?
- King of Stablecoins, Tether, Faces Regulatory Uncertainties - Report
- Ethereum's Buterin Says Tether Is Bitcoin's 'Ticking Time Bomb Demon'
- Bitfinex Repays USD 550m to Tether
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(Updated at 12:43 PM UTC with a quote from Tether.)
