Tether, the provider of the USDT stablecoin, has released its most recent quarterly report on the most popular token’s reserves. By defauls, investors in the USDT stablecoin may convert their holdings into USD at any moment, assuming the corporation has the funds on hand to do so.
With $67.5 billion in market value, USDT is the third-largest cryptocurrency behind BTC and ETH; it’s no surprise, however, that Tether’s reserves have been under persistent scrutiny.
Tether’s new accounting firm, BDO Italia, has released an independent report detailing the company’s assets as of June 30, claiming they are worth at least 66,409,619,424 USD Tether highlighted that their entire assets were more than their total liabilities of $66,218,725,778.
Paolo Ardoino, CTO of Tether, said in a statement:
“We are fully committed to maintaining our role as the leading stablecoin in the market. The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy.”
Tether’s commercial paper holdings are on -57.5% from $20 billion to $8.5 billion, as stated by the report. This, according to Tether, is in line with the company’s goal of reducing its exposure to commercial paper to $200M by the end of August, this year, and to zero by the end of 2022. Cash and bank deposits were up 32% for the firm throughout the reporting period.
Image by Augusto Ordóñez from Pixabay
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