It has now been officially confirmed that Tether holds reserves that make the USDT “fully guaranteed”.
THE confirmation came from independent insurer Moore Cayman, who says the information in the company’s consolidated reserves report is accurate.
In fact, the agreement reached with the New York Attorney General’s Office regarding the settlement of the lawsuit against them required an independent company to conduct an audit to see if what Tether says in its Consolidated Reserves Report is accurate.
Moore Cayman explicitly states that he believes that what is stated in the Tether Consolidated Reserves Report is correct, that is, that all USDTs in circulation are supported by reserves.
Moore Global, of which Moore Cayman is a part, is one of the largest accounting networks in the world, with headquarters in London and more than thirty thousand employees.
It was founded in 1907 under the name of Moore, Partridge & Co, while its associate Moore Cayman was founded in 2005 and specializes in auditing services for companies and funds in the financial sector.
Therefore, at the moment, it is possible to say that there is evidence that all USDTs in circulation are covered by adequate reserves and, since the company will be required to submit such audits to the New York Attorney.
Tether General Counsel Stuart Hoegner stated:
“Tether has always been fully supported, and the guarantee opinion we provide today confirms this once again. As our growth in the market continues to validate our business, we understand the public’s interest in this matter and we are pleased to share this certificate as part of our ongoing commitment to transparency.
Since the founding of Tether, we have made sincere and continuous efforts to improve our public disclosures and communications. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins. This last guarantee opinion – and our dedication to providing future reports – is a reflection of that commitment ”.