The main backbone of the crypto money markets is stablecoins. While all kinds of claims about stablecoins are making a big impact on the market, whether Tether, the highest coin in the pie, is backed by real reserves is still a matter of debate.
Tether has changed its transparency policy as of 2021 to ease these discussions a bit. Accordingly, Tether’s reserves began to be examined and reported by independent accountants at regular intervals.
In the report released today by the independent accountant Moore, it was stated that Tether was backed by its reserves as of September 30.
The report included the following statements:
“Our findings as of September 30, 2021 at 23:59 UTC:
• Consolidated total assets amount to at least USD 69,156,771,674, correctly classified as stated in the CRR.
• Consolidated total liability amount is USD 69.010.581.556, of which USD 68,994,393,701 is related to digital tokens.
• The group’s consolidated assets exceed its consolidated liabilities.
• The Group’s reserves held for issued digital assets exceed the amount required to use digital asset tokens.
• The reporting date is limited to a time point at 23:59 UTC on September 30, 2021.
• At the reporting date, Tether Holdings Limited is a defendant in three pending lawsuits.”
*Not Investment Advice.