{"id":66068,"date":"2022-08-19T18:42:28","date_gmt":"2022-08-19T15:42:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66068"},"modified":"2025-09-06T23:23:22","modified_gmt":"2025-09-06T20:23:22","slug":"fifth-largest-global-accounting-firm-confirms-tether-reserves-back-usdt","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fifth-largest-global-accounting-firm-confirms-tether-reserves-back-usdt\/","title":{"rendered":"Fifth-largest global accounting firm confirms Tether reserves back USDT"},"content":{"rendered":"<p>BDO Italia has presented an opinion on the sufficiency of Tether Holdings&#8217; reserves to fully back the stablecoin USDT.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Tether Releases Independent Auditor Report From Top 5 Accounting Firm BDO, Reinforcing its Dedication To Transparency And Revealing Another Major Cut To Commercial Paper Holdings<a href=\"https:\/\/t.co\/an5O5KX8xd\">https:\/\/t.co\/an5O5KX8xd<\/a><\/p>\n<p>\u2014 Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1560603494411030528?ref_src=twsrc%5Etfw\">August 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm analysed the issuer&#8217;s assets and liabilities as of June 30, 2022.<\/p>\n<p>Tether Holdings&#8217; liabilities on the reporting date stood at $66.2 billion, assets at $66.4 billion. The latter <a href=\"https:\/\/assets.ctfassets.net\/vyse88cgwfbl\/2xJyKdUKicdRUWpC9buRWR\/544a579335ae65ed0e08c162c5a2c5d9\/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf\"> consisted<\/a> of:<\/p>\n<ul class=\"wp-block-list\">\n<li>$28.8 billion in U.S. Treasury bills;<\/li>\n<li>$8.5 billion in commercial paper;<\/li>\n<li>$6.8 billion in money-market funds;<\/li>\n<li>$5.4 billion in cash.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe 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,\u201d wrote Tether&#8217;s CTO Paolo Ardoino.<\/em><\/p>\n<\/blockquote>\n<p>The company said it would increase the frequency of auditor&#8217;s reports \u2014 they will now be issued monthly, rather than quarterly.<\/p>\n<p>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%.<\/p>\n<p>Earlier, Tether called hedge funds&#8217; idea of shorting USDT \u201ccategorically erroneous.\u201d<\/p>\n<p>In mid-May the stablecoin <a href=\"https:\/\/forklog.news\/stejblkoin-usdt-otklonilsya-ot-privyazki-k-dollaru-ssha\/\">deviated from the US dollar peg, testing $0.94<\/a>, but later returned to parity.<\/p>\n<p>On 18 June, the Tether Holdings site was subjected to a major DDoS attack. The issuer&#8217;s CTO said at the time that the incident would not affect the ability to redeem positions in USDT.<\/p>\n<p> Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BDO Italia has presented an opinion on the sufficiency of Tether Holdings&#8217; reserves to fully back the USDT stablecoin.<\/p>\n","protected":false},"author":1,"featured_media":66069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1245],"class_list":["post-66068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66068"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66068\/revisions"}],"predecessor-version":[{"id":66070,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66068\/revisions\/66070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66069"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}