Tether claims to have raised total assets by $21B

Tether Holdings has been declaring its reserves and liabilities as part of a settlement with the New York Attorney General’s office in Feb 2021.

Tether claims to have raised total assets by $21B

The company behind the USDT stablecoin, Tether Holdings Limited disclosed an independent account report yesterday claiming that its token USDT are fully backed by its reserves. 

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

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

Moore Cayman said“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.”

According to the data, Tether’s consolidated assets were worth $41,017,565,708 as of 29 April, 2021. The report of June further revealed that cash and cash equivalents amounted to $53.3 B of Tether’s total assets. This included $30.8 B 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 was 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%.

The market capitalization of USDT currently stands at $62.6 billion, at the time of news writing 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.

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