{"id":214618,"date":"2021-03-30T16:54:54","date_gmt":"2021-03-30T13:54:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tether-stablecoin-is-fully-backed-says-new-assurance-report\/"},"modified":"2021-03-30T16:54:54","modified_gmt":"2021-03-30T13:54:54","slug":"tether-stablecoin-is-fully-backed-says-new-assurance-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tether-stablecoin-is-fully-backed-says-new-assurance-report\/","title":{"rendered":"# Tether stablecoin is fully backed, says new assurance report"},"content":{"rendered":"

“# Tether stablecoin is fully backed, says new assurance report <\/strong>”
\n<\/p>\n

Tether Holdings Limited, a company behind the world\u2019s largest stablecoin Tether (USDT), has released an assurance opinion to confirm that Tether tokens are fully backed by its reserves.<\/p>\n

In a statement shared<\/a> on Twitter<\/a> Tuesday, Tether provided the company\u2019s Consolidated Reserves Report, or CRR, accompanied by an assurance report from accounting network Moore Cayman.<\/p>\n

Signed<\/a> on March 26, the accountant\u2019s report intends to prove the accuracy of Tether\u2019s CRR compiled on Feb. 28. \u201cIn our opinion, the CRR as prepared by the management of Tether Holdings Limited Group as of February 2021 at 11:59 PM UTC is presented in accordance with criteria set out therein and it, in all material respects, fairly stated,\u201d the assurance opinion reads.<\/p>\n

The report goes on to state that Tether\u2019s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens as consolidated total liabilities amount to $35.2 billion, while consolidated total assets amount to \u201cat least\u201d $35.3 billion.<\/p>\n

Moore Cayman noted that its assurance opinion is limited to USDT as information covering Tether\u2019s gold-backed XAUT stablecoin\u00a0\u201chas not been subject to the scope of our assurance engagement.\u201d<\/p>\n

Moore Cayman is a provider of audit services to firms and funds in various jurisdictions, including offshore jurisdictions like the Cayman Islands and British Virgin Islands, as well as Delaware, Hong Kong, the United Kingdom and others.<\/p>\n

\u201cTether has always been fully backed, and the assurance opinion we made available today confirms it once again. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins,\u201d Tether Holdings wrote.<\/p>\n

Tether Holdings did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n

USDT’s 1:1 peg with the U.S. dollar has long been the subject of some skepticism, with many questioning the validity of its backing.\u00a0<\/p>\n

In February, Tether and its sister firm Bitfinex settled with the New York Attorney General<\/a>\u2019s Office over claims the firm misrepresented the degree to which USDT was\u00a0backed by fiat collateral. As part of the settlement, New York regulators forced the firms to pay $18.5 million for damages as well as submit to periodic reporting of their reserves. <\/p>\n