Tether claims to have increased total assets by $21B in new accounting review

stock market forex trading graph graphic concept 3 1 scaled

Tether has been publishing periodic accounting reports to the public after reaching a settlement with the New York Attorney General’s office in February 2021.

Tether Holdings Limited, the company behind the USDT stablecoin, released an independent accountant report on Monday claiming that its tokens are fully backed by its reserves.

Moore Cayman, an accounting network based in the Cayman Islands, reviewed Tether’s latest Consolidated Reserves Report, or CRR, and determined that the company met its reserve obligations for the period that ended on June 30, 2021.

According to the report, Tether’s consolidated total assets amounted to at least $62,773,190,075 for the reporting period. The company’s consolidated total liabilities were $62,628,932,116, of which $62,610,829,196 were related to USDT.

Moore Cayman’s opinion on the matter is stated as follows:

“In our opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 30 June 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated.”

As Cointelegraph reported, Tether’s consolidated assets were said to be worth $41,017,565,708 as of April 29, 2021.

The June report further revealed that cash and cash equivalents amounted to $53.3 billion of Tether’s total assets. This included $30.8 billion in commercial paper and certificates of deposit, $6.2 billion in cash and bank deposits, $1 billion in reverse repo notes and $15.2 billion in Treasury bills.

Secured loans not related to any of Tether’s affiliates amounted to $2.5 billion. The company also held over $4.8 billion in corporate bonds, funds and precious metals. A little over $2 billion were held in “other investments” including digital tokens.

Tether revealed its asset breakdown for the first time in May of this year. As of March 31, 2021, commercial paper accounted for 65.39% of its “cash, cash equivalents, other short-term deposits and commercial paper” category. For the June reporting period, that figure had fallen to 57.72%.

Related: Tether discloses full reserve breakdown for the first time

The market capitalization of USDT currently stands at $62.6 billion, according to industry data. USDT remains by far the world’s largest stablecoin, though its share of the overall market has declined as major competitors like USDC continue to grow in popularity.

Tether minted its 50 billionth coin in April as Bitcoin (BTC) and other cryptocurrencies reached new all-time highs. The second leg of the bull market, which appears to be underway this month, could ignite bigger demand for dollar-pegged stablecoins in the near future.

Related: No, Bitcoin isn’t entering a 2018-like bear cycle, new data suggests, as BTC targets $45K

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 65,106.44
ethereum
Ethereum (ETH) $ 3,166.44
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 571.46
solana
Solana (SOL) $ 150.67
usd-coin
USDC (USDC) $ 0.999802
staked-ether
Lido Staked Ether (STETH) $ 3,162.33
xrp
XRP (XRP) $ 0.526720
dogecoin
Dogecoin (DOGE) $ 0.162860
the-open-network
Toncoin (TON) $ 6.20
cardano
Cardano (ADA) $ 0.505808
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.17
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,250.48
bitcoin-cash
Bitcoin Cash (BCH) $ 511.08
polkadot
Polkadot (DOT) $ 7.20
tron
TRON (TRX) $ 0.111036
chainlink
Chainlink (LINK) $ 14.92
internet-computer
Internet Computer (ICP) $ 15.86
matic-network
Polygon (MATIC) $ 0.734314
near
NEAR Protocol (NEAR) $ 6.32
litecoin
Litecoin (LTC) $ 84.88
uniswap
Uniswap (UNI) $ 7.84
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 10.10
ethereum-classic
Ethereum Classic (ETC) $ 27.99
blockstack
Stacks (STX) $ 2.79
mantle
Mantle (MNT) $ 1.23
filecoin
Filecoin (FIL) $ 6.64
first-digital-usd
First Digital USD (FDUSD) $ 0.999653
crypto-com-chain
Cronos (CRO) $ 0.131391
render-token
Render (RNDR) $ 9.12
cosmos
Cosmos Hub (ATOM) $ 8.63
stellar
Stellar (XLM) $ 0.115585
okb
OKB (OKB) $ 55.59
arbitrum
Arbitrum (ARB) $ 1.22
immutable-x
Immutable (IMX) $ 2.20
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,197.46
bittensor
Bittensor (TAO) $ 477.28
hedera-hashgraph
Hedera (HBAR) $ 0.088078
dogwifcoin
dogwifhat (WIF) $ 3.09
vechain
VeChain (VET) $ 0.042180
maker
Maker (MKR) $ 3,124.64
kaspa
Kaspa (KAS) $ 0.120950
the-graph
The Graph (GRT) $ 0.289604
injective-protocol
Injective (INJ) $ 29.30
fetch-ai
Fetch.ai (FET) $ 2.52
optimism
Optimism (OP) $ 2.50
pepe
Pepe (PEPE) $ 0.000006