Tether’s external audit confirms USDT coins are fully backed by reserves
Tether has been one of the most controversial cryptocurrency projects. It has been accused of artificially inflating Bitcoin’s 2017 rally, and some claimed that the Tether (USDT) coins were not fully backed by fiat currencies. However, an external audit recently carried out showed that the company is backed by reserves.
USDT coins are fully backed by reserves
Tether, the parent company behind the USDT stablecoin, announced earlier today that an external audit confirmed the coins are fully backed by reserves. In its blog post earlier today, the company stated that “Tether Holdings Limited proactively made available a recent assurance opinion by Moore Cayman confirming that information in the company’s Consolidated Reserves Report (CRR) is accurate.”The stablecoin issuer added that the attestation by an independent accountant re-confirms the company’s long-stated position that all Tether tokens are fully backed by Tether’s reserves. The recent attestation shows that all $40 billion USDT coins are backed by real fiat currencies.
Moore Cayman pointed out that its confirmation was based on the information it received last month. “Our opinion is solely limited to the CRR and the corresponding consolidated total assets and consolidated total liabilities as of 28 February 2021,” the accountancy firm added,
Tether has been embroiled in several controversies over the past few years as they have been accused of minting USDT coins that are not backed by fiat currencies. Moore Cayman stated that it didn’t conduct any activity or procedure prior to the above-mentioned date.
Tether claims transparency
The cryptocurrency company said its reserves have always backed its USDT coins. The firm stated that “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.”The transparency report comes at a time when stablecoins are gaining recognition from some traditional financial institutions. Visa announced yesterday that it would be using the USDC stablecoins to settle transactions on the Ethereum blockchain. Thus, making it the first major payments platform to adopt a stablecoin.
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