Tether says accountants have verified that all of the stablecoins in circulation are fully backed with reserves, as the company tries to quell concerns over transparency.
An independent accountant’s report, completed by Moore Cayman, found that Tether had total assets of $35,276,327,156 as of February 28 — beyond the 35,111,966,857 tokens that had been issued as of that time.
A single Tether is designed to be pegged on a 1:1 basis with the U.S. dollar, but the company has long faced criticism about whether it has the dollars sitting in a bank account to honor all of the USDT in existence.
A Transparent Approach
Tether says Moore Cayman is one of the largest accounting networks in the world — adding that it proactively shared the accountant’s report to reconfirm “our long-stated position that all Tether tokens are fully backed by Tether’s reserves.”
In a statement posted to its website, the stablecoin issuer added:
“Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As Tether’s growth in the market continues to validate our business, we understand the public’s interest in this matter and are pleased to share this attestation as part of our ongoing commitment to transparency.”
The company also vowed that it will be providing further reports like this in the future.
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