BDO Italia has presented an opinion on the sufficiency of Tether Holdings’ reserves to fully back the stablecoin USDT.
Tether Releases Independent Auditor Report From Top 5 Accounting Firm BDO, Reinforcing its Dedication To Transparency And Revealing Another Major Cut To Commercial Paper Holdingshttps://t.co/an5O5KX8xd
— Tether (@Tether_to) August 19, 2022
The firm analysed the issuer’s assets and liabilities as of June 30, 2022.
Tether Holdings’ liabilities on the reporting date stood at $66.2 billion, assets at $66.4 billion. The latter consisted of:
- $28.8 billion in U.S. Treasury bills;
- $8.5 billion in commercial paper;
- $6.8 billion in money-market funds;
- $5.4 billion in cash.
“The usefulness of USDT is underpinned by the transparency of its reserves. The source of stability allows us to create a tool for the world economy,” wrote Tether’s CTO Paolo Ardoino.
The company said it would increase the frequency of auditor’s reports — they will now be issued monthly, rather than quarterly.
The USDT issuer confirmed plans to reduce the amount of commercial paper to $200 million by the end of August, with full elimination of these assets by year end. In Q2, the position fell by 58%.
Earlier, Tether called hedge funds’ idea of shorting USDT “categorically erroneous.”
In mid-May the stablecoin deviated from the US dollar peg, testing $0.94, but later returned to parity.
On 18 June, the Tether Holdings site was subjected to a major DDoS attack. The issuer’s CTO said at the time that the incident would not affect the ability to redeem positions in USDT.
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