Tether, the issuer of the world’s largest stablecoin by market worth, has accomplished reserves attestation by main international accounting agency BDO.
The stablecoin agency released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022.
The CRR shows that Tether’s consolidated property quantity to no less than $67 billion, exceeding consolidated liabilities of $66 billion, with extra reserves equaling no less than $960 million.
Along with lowering its secured loans as dedicated, the report additionally exhibits that Tether ended 2022 with zero industrial paper.
“Our opinion is restricted solely to the CRR and the corresponding consolidated complete property and consolidated complete liabilities as of 31 December 2022. Exercise previous to and after this time and date was not thought-about when testing the balances and knowledge described above,” BDO wrote within the report.
Moreover, the agency hasn’t carried out any procedures or offered any degree of assurance on the monetary or non-financial exercise on dates or instances apart from that famous inside the report, BDO stated.
It is a growing story, and additional data shall be added because it turns into accessible.