Tether (USDT) Managed To Confirm Its Reserve Information: Here’s The Cash In Its Vault!

Announcing its agreement with BDO in the past period, Tether’s quarterly reserve reports were published.

BDO Italia, stablecoin distributor Tether’s (USDT) It confirmed its consolidated reserves report, which showed that commercial note assets fell 58% in the quarter to $8.5 billion as of June 30.

USDT Targets Commercial Note Assets to Zero by the End of the Year

Tether also confirmed its expectation that commercial securities will drop to $200 million by the end of August and will reset before the end of the year.

USDT announced on Thursday that it would undertake the regular audit reports of BDO Italia and stated that the statements would be published monthly instead of quarterly as before.

The BDO report evaluated Tether’s assets as of June 30, showing that at that time Tether had $66.4 billion in assets, in addition to $28.8 billion in Treasury bonds, $6.8 billion in money market funds, $5.4 billion in cash and $8.5 billion in commercial bonds. confirms that it was originally composed of some other minor entities.

Tether CTO Paolo Ardoino wrote on the company’s website:

“The usefulness of Tether continues to be supported by the transparency of its reserves, and it has been an important source of balance that has allowed us to build a product for the global economy.”

As it is known, in early May, Terra (LUNA) cryptocurrency Other stablecoin providers were also scrutinized, as the ecosystem collapsed and the UST price, which should have been stable at $1, approached zero.

In the same period, the quality of Tether’s reserves began to be questioned, as USDT declined to $0.94 for a short time. After that, Tether decided to reduce the amount of commercial paper in its reserves.

*Not investment advice.