Independent auditor confirms Tether reserves fully back USDT

The Cayman-based arm of the international auditing and consulting group Moore Global has produced a conclusion on the sufficiency of Tether Holdings Limited’s reserves to fully back the Tether stablecoin (USDT).

The firm confirmed the veracity of the information presented by the issuer of the stablecoin in the consolidated reserves report.

In a statement, Tether Holdings noted that Moore Global’s opinion confirms the company’s position on the full backing of USDT. The company pledged to maintain such a level of transparency going forward.

Earlier, in January, the Bahamas-based bank Deltec, which holds Tether’s assets, said that there was full backing of the USDT reserves.

In May 2019, the company’s general counsel Stuart Hogner confirmed that only 74% of USDT’s backing consisted of fiat money.

In February, the stablecoin issuer and related cryptocurrency exchange Bitfinex settled the dispute with the New York Attorney General’s office over the $850 million loss. At that time the attorney general said that Tether’s claims that its digital asset was fully backed by US dollars were false.

Opinion: Bitfinex and Tether shirked responsibility in the $850 million loss case

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