Tether’s latest transparency report shows that it holds most of its reserves in cash and cash equivalents
Tether Holdings, the firm behind the USDT stablecoin, published his independent accounting report yesterday. The independent report claims that the USDT tokens issued by the company are fully backed by its reserves.
The report is for the period ending June 30, 2021. According to the report, the company held about $ 62,773,190,075 in assets, with most of the funds in cash and cash equivalents. In addition, Tether’s liabilities during that period were $ 62,628,932,116, of which $ 62,610,829,196 relates to its stablecoin.
The review was conducted by Moore Cayman, the Cayman Islands-based accounting firm that launched its latest transparency report in April. The Consolidated Reserve Report or CRR indicates that Tether has met its reserve obligations for the period ending June.
Tether’s latest report claims that the company has added more than $ 21 billion to its total assets over the past few months. The April report indicated this Tether held $ 41,017,565,708 in total assets while now holding $ 62,773,190,075.
Moore Cayman wrote that “In our opinion, the CRR as drafted by the management of the Tether Holdings Limited Group will be presented from 30 June 2021 at 23:59 UTC in accordance with the criteria set out therein and has, in all material respects, been equated.. “
According to the report, 85% of Tether’s (USDT) reserves are held in cash and cash equivalents. This means that of the $ 62.8 billion reserve, $ 53.4 billion is cash and cash equivalents. This includes $ 30.8 billion in commercial paper and deposits, $ 15.3 billion in treasury bills, $ 6.3 billion in cash and bank deposits and $ 1 billion in reverse repo notes.
Tether holds 8% of its total assets in corporate bonds, funds and precious metals, 4% in secured loans and 3% in other investments such as digital tokens. The company publishes the transparency report as part of a settlement with the New York Attorney – General’s office in February earlier this year.