Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT found that Tether’s tokens are 100% backed by its reserves.
- Cayman Island-based accounting firm Moore Cayman determined that Tether met its reporting obligations of reserves, noting that it is “fairly stated.”
- Tether had a total assets valued at $62,773,190,075 for the reporting period, while the company’s consolidated total liabilities was $62,628,932,116, of which $62,610,829,196 were related to USDT.
- Tether’s CRR report revealed the majority of Tether’s assets were cash and cash equivalents, up to $53.3 billion.
- Tether’s quarterly reserve disclosure reached a $18.5 million dollar settlement with the New York State Attorney General. The investigation examined whether Tether and Bitfinex covered up to $850 million loss in funds.
Legal troubles continue to plague the company. Tether is still under scrutiny for allegedly hiding crypto transactions years ago.
USDT USD up +0.03%
Source: Forkast
