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While pegging the USDT to the US dollar (1: 1) continues to be questioned by some, one of the companies behind the stablecoin has just increased the asset’s credibility in the market. Tether Holdings Limited has indeed published a report which confirms that USDT tokens are fully backed by its reserves. Validating its content after an audit, the firm Moore Cayman confirmed that the asset can now be considered fully secured.
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USDT guaranteed, XAUT will have to wait
Last February, Tether Holdings Limited provided the consolidated reserves report (CRR) of the company. This specifies that Tether’s reserves for its USDT stablecoin exceed the amount required to redeem the tokens. Providing auditing services to companies and funds in various jurisdictions, the firm Moore Cayman confirmed this version of events in a report signed on March 26. « In our opinion, the CRR prepared by the management of Tether Holdings Limited Group as of February 20, 2021 at 11:59 p.m. UTC is presented in accordance with the criteria set out therein and is, in all material respects, true to reality. »Specifies this one.
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Indeed, with total consolidated assets of at least $ 35.3 billion, Tether finally has enough to cover the total consolidated liabilities of $ 35.2 billion. However, the cabinet made it clear that only theUSDT could be considered as assured following his expertise. He specifies that Tether’s other stablecoin, namely XAUT which is guaranteed by gold, had not been the subject of its audit as part of an assurance audit. For its part, Tether reaffirmed its desire to be transparent in the management of the USDT. “Tether has always been fully supported, and the assurance notice we made available today confirms this once again. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins » the company said.
Tether is committed to regularly publishing reports on its reserves
As a result of the agreement reached with the Attorney General’s office of New York last February, Tether and Bitfinex fined $ 18.5 million as damages. The two companies were also invited to submit to periodic reports on their reserves. General Counsel of the two companies, Stuart Hoegner reaffirmed the willingness of its customers to respect this second point. ” We do intend to issue attestations periodically in the future. He said, thus corroborating the content of Tether’s official statement on the subject.
Despite these good intentions, stablecoins still do not have a good press with banking institutions, especially in Europe. The ECB would also like us to create tailor-made laws to regulate – or even refute – stablecoins!
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