Moore Cayman: Tether (USDT) Stablecoins Fully Collateralized
Moore Cayman has confirmed that the USDT stablecoins being issued by Tether are fully backed by the firm’s cash and cash equivalents. In an independent report released on August 10, 2021, auditing firm Moore Cayman, stated that Tether had a total of nearly $63 billion in assets as of June 30, 2021.
USDT Fully Backed by Tether Reserves
Moore Cayman, a Cayman Islands-based company focused on providing audit and assurance services to financial technology and blockchain firms, has attested to the correctness of the Consolidated Reserves Report (CRR) released by Tether Holdings Limited on June 30, 2021.
It will be recalled that Tether, a highly controversial issuer of the USDT stablecoin reached an $18.5 million agreement with the New York attorney general’s office earlier in February 2021 and the firm also pledged to be more transparent in its operations by releasing audit reports on a regular basis.
Now, for the second time in 2021, Tether has passed its transparency test in flying colors, as Moore Cayman has confirmed that the firm’s issued USDT stablecoins are fully backed by cash and cash equivalents held in its reserves.
The Numbers
As stated in the independent report by Moore Cayman, as of June 30, the value of Tether’s consolidated total assets stood at $62.77 billion, while its consolidated total liabilities was $62.62 billion, of which $62.61 billion relates to its issued digital assets.
Breaking it down, Moore noted that Tether had just $6.28 billion in cash and bank deposits, its Commercial Paper, and Certificates deposits accounted for $30.80 billion of its reserves, while the value of the firm’s Reverse Repo Notes and Treasury Bills stood at $1 billion and $15.27 billion respectively.
That’s not all, the report showed that the value of Tether’s digital assets holdings was just over $2.5 billion, it had $4.83 billion in Corporate Bonds, Funds, and Precious Metals and another $2.51 billion in Secured Loans.
Interestingly, Moore has made it clear that while its attestation was conducted in strict adherence to international assurance and accounting standards, its opinion is, however, “limited solely to the CRR released by Tether and the corresponding consolidated total liabilities as of June 2021, at 11:59 PM UTC. We have not performed any procedures or provided any level of assurance on the financial or non-financial activity on dates or times other than that noted within this report.”
At press time, tether (USDT) is still maintaining its position as the world’s largest stablecoin, with a market cap of $62.57 billion, as seen on CoinMarketCap.
