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).
Assurance Opinion Confirms @ Tether_to’s Reserves Fully Backed; Company Shares as Part of Ongoing Transparency Commitment
Our statement: https://t.co/uWHQWBxIYg
Assurance opinion: https://t.co/MqJCsSk8uD
— Tether (@Tether_to) March 30, 2021
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.</p></p>