Tether claims it’s fully backed after the court rejects the request to conceal records
Amid overall concerns about the stability of stablecoins following the TerraUSD crash, Tether (USDT) has maintained that its reserves are strong and fully backed.Tether, through its 2022 Q1 quarterly assurance opinion, stated on May 19 that the company’s current reserves are characterised by more consolidated assets than liabilities.
The opinion also claimed that the reserves had recorded a drop in commercial paper investments alongside an increase in U.S. treasury bills. Concerns about Tether’s reserves accelerated after it emerged that investors withdrew over $7 billion following USDT’s brief drop below the dollar peg.Overall, for 2022 Q1, Tether stated its consolidated cumulative assets stood at about $82.4 billion. However, the statement did not mention the consolidated total liabilities for the quarter.
Source
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