Tether (USDT) has released its independent accountant’s report that the company’s assets exceed its consolidated liabilities. Tether’s reserves for its USDT exceed the amount required to redeem the digital asset tokens.
On Tuesday, Tether has presented its first transparency report for its tokens supply and fully backed reserves in the form of assurance opinion from Moore Cayman, one of the largest accounting networks in the world.
Moore Cayman confirms Tether tokens are fully backed by its reserves. Tether (USDT) had at least $35.28 billion in total assets against total liabilities of $35.15 million.
Signed on March 26, the accounting report aims to demonstrate the accuracy of Tether’s CRR drawn up on February 28.
The auditor checked and made the confirmation but they aren’t an accredited audit firm. Moore Cayman has prepared the assurance report based on a consolidated reserves report that Tether provided to them. In fact, the report doesn’t describe how Tether held its reserves.
Moore Cayman added that information regarding Tether’s gold-backed XAUT stabelcoin was not the subject of the research. The report provided only consolidated numbers.
In February, Tether (USDT) has been forced by the New York Attorney General’s Office (NYAG) to disclose how tethers are being supported in more detail. According to the office, Tether must offer public information, by category, of the assets supporting the tethers, including the disclosure of any loans or credits to or from affiliated entities.
Tether now plans to issue another attestation for March after it ends, and from then on a quarterly basis, starting in June, according to the company. These attestations are separate from the disclosures Tether intends to produce for the New York Attorney General’s office.