Tether Shared an Assurance Report

by in Cryptocurrency News

Tether assurance report

Tether stablecoin 1:1 backed to USD, issued a certitude report carried out by accounting operations provider Moore Cayman. The paper states that USDT units are 100% sustained. Earlier, Paxos stablecoin released a similar report.

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Moore Cayman's estimations show that Tether’s holdings as of Feb. 28, 2021, at 23:59 UTC were $35.28 B in entire assets, against cumulative liabilities of $35.15 M. According to the paper, Tether's reserves surpassed the sum needed to cover the stablecoins released.

This document came after the case when Tether Limited and cryptocurrency trading platform Bitfinex faced allegations from New York Attorney General's (NYAG's) Office that USDT cryptocurrency isn't backed completely. The sides concluded an agreement on February 23, when Bitfinex and Tether gave the legal authority office $18.5 M in a penalty to end the inquest and admitted no misconduct.

The contract suggests Tether providing quarterly documentation on tokens' reserve status for the following two years. Previously, in 2018, the company ended its partnership with audit company Friedman LLP.

USDT is in fourth place by market cap which stands at around $40.6 B.