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November 27, 2022
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Tether’s reserves are “fully backed”, the company cites another audit

Tether has released another escrow public opinion by an audit service provider called Moore Cayman – yet, the cryptocurrency community doesn’t seem convinced.

Tether has once again issued another public opinion by Moore Cayman, an audit services provider that guarantees USDTs are “fully backed by reserves”. However, the company did not disclose the precise nature of the reserves to which it refers, which raised some doubts in the community.

Another public opinion by Moore Cayman

O report states that the Cayman Islands-based audit provider has obtained “sufficient and appropriate” evidence to support its assurance opinion. Performed attestation in accordance with ISAE 3000 (International Standard on Assurance Engagements (revised), among other ethical research standards and guidance for audits and historical financial information.

“These standards require us to plan and conduct the attestation review to obtain reasonable assurance as to whether Tether Holdings Limited management’s assertions in its CRR are fairly stated, based on our investigation of the balances set forth therein, in all material respects. ” – Read the report.

The conclusions of June 30, 2021 were:

  • Total consolidated assets total US$ 62,773,190,075.
  • The total consolidated liabilities amount to US$ 62,628,932, of which US$ 62,610,829,196 refer to digital tokens issued.
  • The group’s consolidated assets exceed its consolidated liabilities.
  • Group reserves held for its issued digital assets exceed the amount required to redeem the issued digital asset tokens.

Concerns About Tether’s Claims

Paolo Ardoino, CTO of Tether, said the stablecoin provider is committed to providing transparency and accountability to its customers and will continue to provide regular updates. It is not known whether Moore Cayman will conduct these warranty reviews.

“As industry leaders, we understand the importance of transparency and accountability. Our latest Moore Cayman warranty review again confirms that Tether is fully guaranteed.

A healthy and conservative portfolio with an emphasis on liquidity continues to fuel our growth and confidence in our innovative offerings. ” said Ardoino.

  • See also: Bitcoin could reach $100k if you follow Ethereum performance

However, there have been numerous concerns about the legitimacy of Tether’s claims. The USDT is supposedly backed by a basket of liquid assets – but they don’t disclose where commercial paper comes from due to “privacy reasons”.

Source: CryptoPotato

The post Tether’s reserves are “fully backed,” the company cites another audit appeared first on Webitcoin.

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