Global Accounting Firm BDO Completes Verification of Tether Assets
BDO, a prominent worldwide accounting company, has attested to Tether’s reserves. Tether is the creator of the biggest stablecoin by valuation. The stablecoin company provided BDO’s assurance statement on Tether’s consolidated reserves report (CRR) as of December 31, 2022, on February 9.
The CRR demonstrates that Tether’s combined assets surpass its consolidated obligations by a minimum of $66 billion, with surplus reserves totaling a minimum of $960 million. Furthermore, to lower its secured loans as agreed, the report indicates that Tether had no corporate debt by the end of 2022.
As initially disclosed, Tether eliminated all corporate debt from USDT (USDT) holdings by the middle of October and replaced it with US Treasury Bills. Initially, the corporation planned to eliminate corporate debt from USDT reserves by June 2022. During that period, corporate debt comprised less than 25 percent of the USDT’s $82 billion in aggregate reserves.
The chief technical officer of Tether and Bitfinex, Paolo Ardoino, tweeted on Thursday that Tether had “amazing resistance” to the black swan occurrences that affected a lot of crypto firms during the bear market of 2022. He authored: “Tether displayed a better method of risk administration, which enabled the company to retain its leading position while solidifying its earnings. Tether reaffirms its dedication to becoming a pioneer in the development of Bitcoin and stablecoin technology by investing in key initiatives and frameworks.
The auditor’s view is confined to the CRR and the accompanying consolidated cumulative assets and combined aggregate liabilities as of December 31, 2022, according to BDO. “Activity before as well as after this time period and the date was not taken into account while verifying the balances and data indicated above,” the company noted. Furthermore, the audit team stated that it had not done any processes or offered any degree of guarantee on the financial or non-financial activities outside of the dates and times specified in the study.