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Tether Releases Independent Accounting Report Confirming Funds Reserves

Mon, 08/09/2021 - 12:51
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Arman Shirinyan
Tether releases assurance opinion from an independent accounting firm confirming their undisclosed reserves
Tether Releases Independent Accounting Report Confirming Funds Reserves
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Tether has released an assurance opinion that was done by Moore Cayman audit services firm as a step toward the transparency of the funds that the company owns. According to the audit, USDT tokens are fully backed by reserves that Tether owns. The breakdown of the funds is presented in the report.

Tether Reserves
Source: Moore Cayman report

According to the report, Tether owns $62 billion worth of cash or cash equivalents, including short-term deposits and commercial papers. In addition to cash equivalents, the audit report contains the commercial papers section, which shows a $30 billion reserve of certificates of deposit.

Unfortunately, Tether has not disclosed which commercial papers they hold exactly as an answer to recent allegations about the sources of funding for USDT tokens.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.