World's 5th Largest Auditor Confirms Tether Collateral

World's 5th Largest Auditor Confirms Tether Collateral

Fifth world's largest auditor confirms Tether backing

BDO Italia has issued an opinion on the adequacy of Tether Holdings' reserves to fully back the USDT stablecoin.

https://twitter.com /Tether_to/status/1560603494411030528?ref_src=twsrc%5Etfw

The firm reviewed the issuer's assets and liabilities as of June 30, 2022.

Tether Holdings liabilities as of the reporting date amounted to $66.2 billion, assets — $66.4 billion. The latter consisted of:

  • $28.8 billion in US Treasury bills;
  • $8.5 billion in commercial paper
  • $6.8 billion in money market funds
  • $5.4 billion in cash

“USDT's utility is supported by the transparency of its reserves. The source of stability allows us to create a tool for the global economy,” wrote Tether CTO Paolo Ardoino.

The company announced an increase in the frequency of publication of audit reports – now they will be released monthly, not quarterly .

The USDT issuer confirmed plans to reduce commercial paper stock to $200 million by the end of August, with a full disposal of these assets before the end of the year. In the second quarter, the position decreased by 58%.

Earlier, Tether called the idea of ​​shorting USDT by hedge funds “categorically wrong”.

Recall that in mid-May, the stablecoin deviated from its peg to the US dollar , having tested the level of $0.94, but later returned to parity.

On June 18, the Tether Holdings website was subjected to a massive DDoS attack. The issuer's CTO then ruled out the impact of the incident on the ability to redeem USDT positions.

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