{"id":7480,"date":"2021-08-09T23:31:38","date_gmt":"2021-08-09T22:31:38","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7480"},"modified":"2021-08-09T23:31:42","modified_gmt":"2021-08-09T22:31:42","slug":"tether-claims-to-have-boosted-its-overall-assets-by-21b-in-a-recent-accounting-review","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tether-claims-to-have-boosted-its-overall-assets-by-21b-in-a-recent-accounting-review\/","title":{"rendered":"Tether claims to have boosted its overall assets by $21B in a recent accounting review"},"content":{"rendered":"\n
Tether <\/a>began producing public accounting reports in February 2021, following a settlement with the New York Attorney General's office.<\/h5>\n\n\n\n
\"Tether<\/figure>\n\n\n\n

On Monday, Tether Holdings Limited, the firm behind the USDT stablecoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, released an independent accountant report saying that its tokens are fully guaranteed by its reserves.<\/p>\n\n\n\n

Moore Cayman, a Cayman-based accounting network<\/use><\/svg><\/span><\/a>, assessed Tether's most recent Consolidated Reserves Report, or CRR, and decided that the firm complied with its reserve responsibilities for the period ending June 30, 2021.<\/p>\n\n\n\n

Tether's consolidated total assets, according to the report, totaled at least $62,773,190,075 for the reporting period. Total liabilities of the corporation were $62,628,932,116, of which $62,610,829,196 were tied to USDT.<\/p>\n\n\n\n

Moore Cayman's position is as follows:<\/p>\n\n\n\n

\u201cIn 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.\u201d<\/p><\/blockquote>\n\n\n\n

According to Cointelegraph, Tether's <\/a>consolidated assets were valued at $41,017,565,708 on April 29, 2021.<\/p>\n\n\n\n

Cash and cash equivalents accounted for $53.3 billion of Tether's total assets, according to the June report. There was $30.8 billion in commercial paper and certificates of deposit, $6.2 billion in cash and bank deposits, $1 billion in reverse repo notes, and $15.2 billion in Treasury bills.<\/p>\n\n\n\n

Secured loans that were not associated with any of Tether's affiliates totaled $2.5 billion. Additionally, the corporation had more than $4.8 billion in corporate bonds, mutual funds, and precious metals. Approximately $2 billion was kept in “other investments,” which included digital tokens.<\/p>\n\n\n\n

In May of this year, Tether disclosed its asset split for the first time. Commercial paper accounted for 65.39 percent of the company's “cash, cash equivalents, other short-term deposits, and commercial paper” category as of March 31, 2021. This proportion had decreased to 57.72 percent for the June reporting period.<\/p>\n\n\n\n

According to industry data, the market capitalisation of USDT <\/a>is presently $62.6 billion. USDT remains by far the largest stablecoin in the world, while its market share has decreased as significant competitors such as USDC continue to gain popularity.<\/p>\n\n\n\n

In April, Tether created its 50 billionth currency as Bitcoin <\/a>(BTC) and other cryptocurrencies reached fresh all-time highs. The bull market's second leg, which appears to be started this month, may spark more demand for dollar-pegged stablecoins <\/a>in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether began producing public accounting reports in February 2021, following a settlement with the New York Attorney General’s office. On Monday, Tether Holdings Limited, the firm behind the USDT stablecoin , released an independent accountant report saying that its tokens are fully guaranteed by its reserves. Moore Cayman, a Cayman-based accounting network, assessed Tether’s most […]<\/p>\n","protected":false},"author":13,"featured_media":7492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,1811,1103,2061],"class_list":["post-7480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-new-york","tag-tether","tag-usdt"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-89.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7480"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7492"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}