Tether has finally fulfilled its obligations by disclosing its reserves
2 min readTether, company behind largest stablecoin USDT, has again released its reserve data. The commitments made in the past to the New York Attorney General’s Office appear to have been fulfilled. According to the latest reports, all USDT tokens are covered by the company’s reserves.
Tether must cover its back from growing competition
A more specific look at Tether’s reserves was provided by Moore Cayman. It is an accounting network based in the Cayman Islands. According to an accounting firm survey, Tether’s reserves are in order and meet all required liabilities.
Total consolidated assets amount to approximately 62,773,190,075 USD.
Moore Cayman’s opinion:
“In our opinion, the CRR prepared by the Tether Holdings Limited Group on June 30 is presented in full compliance with the criteria and is presented in all respects.”
According to the June report, supporting its reserves are not only cash but also securities and digital assets, among others. These include:
- over $30 billion is in commercial paper and certificates of deposit;
- $15 billion is in treasury bills;
- more than $2 billion in digital tokens.
In the official announcement, Tether points out that:
“The report again clearly and unambiguously shows that all Tether tokens are fully backed by reserves and provides a comprehensive breakdown of those reserves”.
USDT still tops stablecoins
According to market capitalization, the USDT token is currently still the largest among stablecoins. However, competition is growing. The USD coin from the Circle company, which has huge ambitions, breathes on his back.
USDT’s market capitalization is at around $ 62.6 billion. Tether set off its 50-billion coin in April before a major correction. The current bullrun in the cryptomen market could also start a renewed demand for stablecoins.
