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Tether claims to have boosted its overall assets by $21B in a recent accounting review

Chide Austin by Chide Austin
9 months ago
in News
Reading Time: 3 mins read
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Tether began producing public accounting reports in February 2021, following a settlement with the New York Attorney General’s office.
Tether claims to have boosted its overall assets by $21B in a recent accounting review

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 recent Consolidated Reserves Report, or CRR, and decided that the firm complied with its reserve responsibilities for the period ending June 30, 2021.

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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.

Moore Cayman’s position is as follows:

“In 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.”

According to Cointelegraph, Tether’s consolidated assets were valued at $41,017,565,708 on April 29, 2021.

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.

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.

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.

According to industry data, the market capitalisation of USDT 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.

In April, Tether created its 50 billionth currency as Bitcoin (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 in the near future.

Tags: bitcoinNew YorkTetherUSDT

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