Tether Completes Reserves Attestation by Major Global Accounting Firm - Blockchain.News
News

Tether Completes Reserves Attestation by Major Global Accounting Firm

BDO, a global accounting company, has attested Tether's reserves.


  • Feb 11, 2023 06:36
Tether Completes Reserves Attestation by Major Global Accounting Firm

The completion of the reserves attestation for the cryptocurrency Tether has been accomplished with flying colors by the prestigious international accounting firm BDO. The attestation that Tether is the world's biggest stablecoin by market value was carried out by BDO, and the coin is issued by the company that owns the stablecoin with the highest value.

The stablecoin company released a statement on February 9 about the issuing of BDO's assurance opinion. This opinion restates the reassurance that the right information may be seen in Tether's consolidated reserves report (CRR) as of December 31, 2022.

According to the CRR, Tether's consolidated assets are worth at least $67 billion, which is more than the company's consolidated liabilities, which are at $66 billion, and the company has surplus reserves that are worth at least $960 million. Tether's consolidated assets are greater than the company's consolidated liabilities, which are at $66 billion. The whole amount of Tether's consolidated assets is $67 billion, which is more than the total amount of the company's consolidated liabilities, which is $66 billion.

In addition to the reduction in its committed secured loans, the report reveals that by the end of 2022, Tether had no outstanding commercial paper. This comes after a drop in the amount of its total committed secured loans. [There must be other citations for this]

As was first indicated, by the middle of October 2022, Tether will have totally eliminated commercial paper from (USDT) reserves and will have replaced those assets with United States Treasury Bills. This will have been accomplished in accordance with the original timetable. The first step in the company's first strategy was to announce that it would begin removing commercial paper from USDT reserves in the month of June 2022. On the other hand, this proposal was ultimately abandoned. At that time, the total reserves held by the USDT were $82 billion, and commercial paper accounted for less than 25 percent of those reserves. Commercial paper accounted for less than 25 percent of those reserves.

Image source: Shutterstock