Tether, the issuer of the USDT stablecoin, released a report on March 30 showing that the company has enough support in house for USDT:
For years, the question was in the market whether the company actually had the necessary support for the largest stablecoin on the market.
The company did not have third-party audits, which created a lot of fear, uncertainty & doubt (FUD) in the market and eventually even led to a settlement with the New York Attorney General (NYAG) and a fine of $ 18. 5 million.
By the way, this is an assurance report from accountancy firm Moore Cayman and that is not the same as an audit. An audit is an evaluation of the accounts and checks the correctness of financial reports, an attestation evaluates whether the data examined by the auditor is correct.
The report, prepared by accounting firm Moore Cayman, reports that Tether’s reserves exceed the amount needed.
“Tether has always been fully supported and the assurance we have made available today confirms this once again. As a leader in the growing cryptocurrency industry, we remain committed to being one of the most transparent stablecoins. ”
Tether reports that this report is separate from the periodic report the company is required to file with the NYAG as part of the settlement. USDT has grown tremendously over the past year; on April 2, 2020, the market capitalization was still at $ 4.3 billion, on April 2, 2021 it jumped to $ 41.8 billion.