Tether Reveals 58% Decrease in Commercial Paper Holdings in Latest Attestation
Tether, the issuer of the industry’s largest stablecoin USDT, today published its latest quarterly attestation report for the token’ reserves. The USDT stablecoin is reportedly backed by the U.S. dollar, meaning that holders are expected to be able to redeem their holdings to an equal amount of the greenback at any time—provided the company has enough cash reserves to do that.
With a market capitalization of $67.5 billion, USDT is also the third-largest cryptocurrency behind Bitcoin and Ethereum only, and with so much at stake it’s little wonder Tether’s reserves have been under constant scrutiny. Today’s independent report, completed by Tether’s new auditing firm BDO Italia, breaks down the assets held by the company as of June 30, 2022, and asserts that consolidated total assets amounted to at least $ 66,409,619,424. Tether stressed.
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