Tether Holdings Limited has issued a report assuring that there are sufficient reserves to back the stability of the world's leading stablecoin, Tether (USDT).
Posting on Twitter, the company's Consolidated Reserves Report (CRR) was backed by a report by accounting network Moore Cayman.
Moore Cayman's report argues that the CRR report by Tether Holdings is “presented in accordance with criteria set out therein and it, in all material respects, fairly stated”.
Tether's reserves, it turns out, even exceed the amount required to redeem the digital asset tokens.
The number of consolidated total assets stands at $35.3bn at the very least, Tether and Moore Cayman argued. Tether Holdings has not hesitated to add its own two-satoshis-worth on the matter, arguing that the currency had always been fully backed.
The assurance opinion that was published was just another confirmation, the company said. “As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins”, Tether said.
To help dispel any uncertainty over the nature of USDT, Tether is going to publish such attestations periodically moving forward, according to Tether general counsel Stuart Hoegner. Tether has been one of the most sustainable cryptocurrencies.
Its value is pegged 1:1 to the value of the US dollar giving it remarkable stability and allowing consumers to benefit from lightning-fast banking and quick services.
Tether was briefly bogged down in a lawsuit that stipulated that the company had inaccurately presented the degree to which USDT was backed by the US dollar, but this was settled.