Assurance Report Says Tether Stablecoins Are Fully Backed- Firm Exceeded Its Consolidated Liabilities – Altcoins Bitcoin News


Assurance Report Says Tether Stablecoins Are Fully Backed- Firm Exceeded Its Consolidated Liabilities

The company behind the world’s largest stablecoin disclosed a report by aiming to show “transparency commitment” to clarify whether Tether’s reserves are fully backed or not. Tether Holdings Limited published its “Assurance Opinion” issued by an auditing firm based in the Cayman Islands.

Accounting Firm Recognizes Two Ongoing Legal Cases

According to the statement, Tether Holdings Limited stated that USDT tokens have “always been fully backed.” The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 “at 11:59 PM UTC.”

Per the accountant’s report, consolidated total assets amount to at least $35,276,327,156, which, according to Tether Holdings Limited, exceeds the total amount required to redeem the tokens:

Consolidated total liabilities amount to $35,154,786,806 of which $35,111,966,857 relates to digital tokens issued. The group’s consolidated assets exceed its consolidated liabilities.

Still, Moore Cayman highlighted the two ongoing civil litigation proceedings that the holding is currently facing, but “any contingent liability in respect of these proceedings has not been accrued.”

XAUT Wasn’t Subject of the Assurance Opinion, Says Moore Cayman

Together with the report, Tether Holdings Limited issued a comment in regards to the findings:

Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As Tether’s growth in the market continues to validate our business, we understand the public’s interest in this matter and are pleased to share this attestation as part of our ongoing commitment to transparency.

Also, the accountant’s report mentioned tether gold (XAUT) token, clarifying that its findings were only based on USDT, as XAUT “has not been subject to the scope of our assurance engagement and, accordingly, we do not express an opinion or provide any assurance on it.”

As of press time, according to data from, tether’s market capitalization stands at $40.82 billion, with a volume of over $32.70 billion in the last 24 hours.

Tags in this story
accounting firm, audit, Cayman Islands, fiat-backed USDT, Moore Cayman, Stablecoin, Tether (USDT), Tether Holdings Limited, Transparency, USDT, XAUT

What do you think about the recent accountant’s report on Tether Holdings Limited? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

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