The $62B Stablecoin Giant Tether Publishes Assurance Report Reviewed by Auditor Moore Cayman

Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30.

Tether Publishes Assurance Report

On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said. “Rating of commercial papers is provided by S&P. Many people surely are already missing our famous pie chart,” he added.

Vaneck’s Gabor Gurbacs also tweeted about the report on Monday and said:

The latest Tether attestation is now out. Tether is continuing its effort to provide more transparency on the leading $62 billion stablecoin. In the recent attestation, asset breakdown, quality, and maturity/duration metrics are available. Well done.

The assurance report published by the independent auditor Moore Cayman details that in the company’s “opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 30 June 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated.” Moore Cayman added:

Our findings as of 30 June 2021, at 11:59 PM UTC are: Consolidated total assets amount to at least USD 62,773,190,075 which is correctly classified as set out in the CRR. Consolidated total liabilities amount to USD 62,628,932,116 of which USD 62,610,829,196 relates to digital tokens issued.

A Slew of Stablecoin Issuers Publish Attestation Reports Concerning Reserves This Past Month

Tether’s assurance report follows a number of stablecoin providers who have published attestations during the last 30 days. On July 20, Circle Internet Financial LLC. published a blog post that explains the firm’s stablecoin is backed by “prioritized trust, transparency, and accountability.”

Approximately 24 hours later, the regulated blockchain firm Paxos released data on the stablecoins it backs. Furthermore, Huobi and the stablecoin issuer Stable Universal revealed monthly HUSD attestation reports.

Tether issues USDT and EURT via various blockchain networks like Omni, Tron, EOS, the Simple Ledger Protocol (SLP), Algorand, Liquid, and Solana. Additionally, Tether’s Ethereum-issued contracts also disperse USDT, EURT, CNHT, and XAUT.

What do you think about Tether’s recent assurance report? Let us know what you think about this subject in the comments section below.