Tether (USDT), which has been at the center of discussions since the first day of its launch, announced its quarterly report on its reserve assets immediately after the agreement with the BDO company.
Tether is one of the largest public accounting firms globally. BDO announced its 3-month assurance report after the agreement with While the data in the report announced by the company seems positive, to transparency and to reliability commitment was reiterated. In the detailed report review, despite the collapses on the markets since May, Tether’s strongly protect its assets. seen. Tether continues this decline process that has been going on for months.Black Swan” and emphasized that the company continued to strengthen in the process.
in the past months TOPThe chaos environment that started in the market after the deterioration of the stability of ‘s to 1 dollar first hit USDT, the largest stablecoin. In USDT’s 1 dollar balance, the price went down to 0.95 dollars. however, Tether company managed to get out of this crisis successfully. In addition, the recent US government has blocked the addresses of Tornado Cash and is the 2nd largest stablecoin. USDC‘s quick implementation of these decisions, USDC to USDT approx. $1 billion asset transition had caused.
32% increase in reserves
According to the report, in which the data of the last 3 months, including the data for June, are presented, Tether has increased its cash and bank reserves. increased by 32%. In addition, the company, which made statements regarding the reduction of commercial papers in previous periods, He presented data proving that he stood by his word.: According to the report prepared as a result of the BDO audit reduced to $8.5 billion amount of commercial paper down to zero at the end of the year is planned.
Tether CTO commenting on report data Paolo Adoino made the following statements:
We are fully committed to maintaining our role as the leading stablecoin in the market. Tether’s position continues to be supported by the transparency of its reserves and is a leading source of stability, allowing us to build a tool for the global economy. Our commitment to transparency and community is a longstanding pillar of the company’s core values and runs in line with our responsibility as a market leader. We have demonstrated this commitment once again by collaborating with BDO, one of the world’s leading accounting auditing firms. We are determined to continue on this path. We will continue to create standards to guide our competitors and other stablecoins to be released in the future.
In addition, in the latest report announced, Tether’s commercial papers and certificates of deposit The average grade appears to have increased. The company demonstrates its commitment to transparency, reliability and its commitment to remove commercial paper from reserves. In A-1 – A-2 band is said to be watching.