accounting firm, audit, Cayman Islands, fiat-backed USDT, Moore Cayman, Stablecoin, Tether (USDT), Tether Holdings Limited, Transparency, USDT, XAUT

The company behind the world’s largest stablecoin disclosed a report by aiming to show “transparency commitment†to clarify whether Tether’s reserves are fully backed or not. Tether Holdings Limited published its “Assurance Opinion†issued by an auditing firm based in the Cayman Islands.

Accounting Firm Recognizes Two Ongoing Legal Cases

According to the statement, Tether Holdings Limited stated that USDT tokens have “always been fully backed.†The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 “at 11:59 PM UTC.â€

Per the accountant’s report, consolidated total assets amount to at least $35,276,327,156, which, according to Tether Holdings Limited, exceeds the total amount required to redeem the tokens:

Still, Moore Cayman highlighted the two ongoing civil litigation proceedings that the holding is currently facing, but “any contingent liability in respect of these proceedings has not been accrued.â€

XAUT Wasn’t Subject of the Assurance Opinion, Says Moore Cayman

Together with the report, Tether Holdings Limited issued a comment in regards to the findings:

Also, the accountant’s report mentioned tether gold (XAUT) token, clarifying that its findings were only based on USDT, as XAUT “has not been subject to the scope of our assurance engagement and, accordingly, we do not express an opinion or provide any assurance on it.â€

As of press time, according to data from markets.Bitcoin.com, tether’s market capitalization stands at $40.82 billion, with a volume of over $32.70 billion in the last 24 hours.

What do you think about the recent accountant’s report on Tether Holdings Limited? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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