December 8, 2023

Audit Firm Confirmed Tether Collateral

The Cayman-based division of the international audit and consulting company Moore Globalprovided an opinion on the adequacy of the reserves of Tether Holdings Limited to fully support the stablecoin Tether (USDT).

The firm has confirmed the accuracy of the information provided by the stablecoin issuer in the consolidated statement of reserves.

In a statement, Tether Holdings noted that Moore Global's opinion confirms the company's position on fully backing USDT. The company has promised to continue to maintain this level of transparency.

In January, the Bahamas-based bank Deltec, which holds Tether's assets, announced full coverage of the USDT stablecoin in reserves.

In May 2019, the company's chief attorney, Stuart Hogner, confirmed that only 74% of USDT's collateral is fiat money.

In February, the issuer of the stablecoin and its relatedCryptocurrency exchange Bitfinex settled a conflict with the New York State Attorney's Office in the case of the loss of $ 850 million. Then the head of the department said that Tether's claims that its digital asset was fully backed by US dollars were a lie.