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

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

The company behind the world’s largest stablecoin disclosed a report by aiming to show “transparency commitment” to clarify whether Tether’s reserves are fully backed or not. Tether Holdings Limited published its “Assurance Opinion” issued by an auditing firm based in the Cayman Islands.

Accounting Firm Recognizes Two Ongoing Legal Cases

According to the statement, Tether Holdings Limited stated that USDT tokens have “always been fully backed.” The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 “at 11:59 PM UTC.”

Per the accountant’s report, consolidated total assets amount to at least $35,276,327,156, which, according to Tether Holdings Limited, exceeds the total amount required to redeem the tokens:

Consolidated total liabilities amount to $35,154,786,806 of which $35,111,966,857 relates to digital tokens issued. The group’s consolidated assets exceed its consolidated liabilities.

Still, Moore Cayman highlighted the two ongoing civil litigation proceedings that the holding is currently facing, but “any contingent liability in respect of these proceedings has not been accrued.”

XAUT Wasn’t Subject of the Assurance Opinion, Says Moore Cayman

Together with the report, Tether Holdings Limited issued a comment in regards to the findings:

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.

Also, the accountant’s report mentioned tether gold (XAUT) token, clarifying that its findings were only based on USDT, as XAUT “has not been subject to the scope of our assurance engagement and, accordingly, we do not express an opinion or provide any assurance on it.”

As of press time, according to data from markets.Bitcoin.com, tether’s market capitalization stands at $40.82 billion, with a volume of over $32.70 billion in the last 24 hours.

What do you think about the recent accountant’s report on Tether Holdings Limited? Let us know in the comments section below.

Tags in this story
accounting firm, audit, Cayman Islands, fiat-backed USDT, Moore Cayman, Stablecoin, Tether (USDT), Tether Holdings Limited, Transparency, USDT, XAUT

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Published at Thu, 01 Apr 2021 12:30:06 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.