A declaration from USDT issuer Tether Holdings Limited unveiled data from an independent attestation about the company’s previous quarter’s performance. An Italian based accounting firm BDO Italia made assessment of Tether’s assets, as reported by Cointelegraph.
According to Cointelegraph, Tether had publicly made a commitment of decreasing its commercial paper holdings. The report’s data showed a 58% decrease in commercial paper exposure since the previous quarter from $20 billion to $8.5 billion. Paolo Ardoino, chief technology officer, Tether, tweeted about plans to continue decreasing its commercial paper holdings to $200 million by the end of August and nullify it by the following October.
On the basis of Cointelegraph, total amount of consolidated assets kept by Tether during the time period valued at over $66.4 billion. Meanwhile, total amount of consolidated liabilities equaled close to $66.2 billion, with majority of it being related to digital tokens. In May, 2021, Tether began releasing quarterly statements of its stablecoin deposits through a settlement agreed with the New York attorney general. This happened after a lawsuit against Tether made the claim that USDT didn’t get complete backing in its reserve at all times. In accordance to company’s reports, with emphasise on the oversight of BDO, it aims to get back to being a transparent platform. “The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability, allowing us to build a tool for the global economy,” Ardoino commented.
Moreover, Cointelegraph noted that Tether’s attestation report was released a week after the United States government sanctioned cryptocurrency mixer Tornado Cash, which contributed to an increase in USDT’s cicrculating supply. Reportedly, USDT holds the top spot as the world’s largest stablecoin in terms of market capitalisation, according to CoinMarketCap’s data. Tether intends to align itself with upcoming Ethereum merge to proof-of-stake.
(With insights from Cointelegraph)
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