{"id":238540,"date":"2021-04-29T20:00:00","date_gmt":"2021-04-29T17:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tethers-reserves-are-fully-backed-according-to-latest-assurance-opinion\/"},"modified":"2021-04-29T20:00:00","modified_gmt":"2021-04-29T17:00:00","slug":"tethers-reserves-are-fully-backed-according-to-latest-assurance-opinion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tethers-reserves-are-fully-backed-according-to-latest-assurance-opinion\/","title":{"rendered":"# Tether\u2019s reserves are fully backed, according to latest assurance opinion"},"content":{"rendered":"

“# Tether\u2019s reserves are fully backed, according to latest assurance opinion <\/strong>”
\n<\/p>\n

Moore Cayman, a Cayman Islands-based accounting network, has again affirmed that Tether Holdings Limited\u2019s USDT stablecoin tokens are fully backed by its reserves.\u00a0<\/p>\n

In the latest report, signed on March 31 and released Thursday, Moore Cayman confirmed that Tether\u2019s consolidated assets exceeded its liabilities. <\/p>\n

\u201cIn our opinion, the [Consolidated Reserves Report] by the management of Tether HOldings Limited group as of 31 March 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 the report read<\/a>. <\/p>\n

The independent evaluation found that Tether\u2019s total consolidated assets were valued at $41,017,565,708. Total liabilities amounted to $40,868,295,798, with $40,855,204,950 related to digital tokens issued. <\/p>\n

Moore Cayman completed a similar review one month earlier and came to the same conclusion regarding Tether\u2019s reserves. At the time, the company\u2019s total assets were $35.3 billion versus liabilities of $35.2 billion. <\/p>\n

Although many have questioned the validity of Tether\u2019s one-for-one peg with the U.S. dollar, the latest assurance reports suggest the firm is meeting its obligations. Tether agreed to submit periodic reports about its reserves in February after concluding an $18.5 million settlement with the Office of the New York Attorney General<\/a>. At the time, New York authorities alleged that Tether\u2019s parent company misrepresented the degree to which USDT was backed by collateral. <\/p>\n

Tether achieved a major milestone earlier this week as its market capitalization eclipsed $50 billion for the first time, underscoring the continued growth of stablecoins during the bull market. A $50 billion market cap implies more than 50 billion USDT in circulation. <\/p>\n

As of Thursday, Tether\u2019s market cap had reached $51 billion, according<\/a> to Coingecko. <\/p>\n

USDT remains the dominant stablecoin for cryptocurrency traders, accounting<\/a> for around 65% of the overall market capitalization. USDC, the second-largest stablecoin by market cap, accounts for just 14%. <\/p>\n