The company behind the worldâ€™s largest stablecoin disclosed a report by aiming to show â€œtransparency commitmentâ€ to clarify whether Tetherâ€™s reserves are fully backed or not. Tether Holdings Limited published its â€œAssurance Opinionâ€ 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 â€œalways been fully backed.â€ The report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 â€œat 11:59 PM UTC.â€
Per the accountantâ€™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 â€œany contingent liability in respect of these proceedings has not been accrued.â€
XAUT Wasnâ€™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 accountantâ€™s report mentioned tether gold (XAUT) token, clarifying that its findings were only based on USDT, as XAUT â€œhas 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, tetherâ€™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 accountantâ€™s report on Tether Holdings Limited? Let us know in the comments section below.
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