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Results of the financial audit of the Tether company

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financial audit of the Tether

The results of the financial audit of the Tether company became known

The issuer of the stablecoin Tether (USDT) is often accused of allegedly not having sufficient resources to fulfill its obligations to investors. The market supply of USDT this week exceeded $ 40 billion. It is the largest digital asset backed by fiat.   

financial audit of the Tether

Tether status check results

At the end of February 2021, the company Moore Cayman published Tether state test results. This report states that the stablecoin issuer has no financial problems. The company has sufficient reserves to cover each of its tokens.

Tether then submitted a document stating that Moore Cayman will ensure that her partner has no trouble. Moreover, the checking team even found out that Tether’s consolidated assets at the time of publication of the report exceeded its liabilities.

As of February 28, Tether’s total assets were estimated at $ 35.3 billion, while liabilities did not exceed $ 35.2 billion. However, the Moore Cayman report did not specify where the issuer’s reserves are held to provide stablecoins.

In an interview with The Block reporters, Tether fame advisor Stuart Hogner reiterated that the company is ready, if necessary, to fulfill its obligations in full to any holder of this digital asset.

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