Moore Cayman, a Cayman Islands-based accounting community, has once more affirmed that Tether Holdings Restricted’s USDT stablecoin tokens are absolutely backed by its reserves.
Within the newest report, signed on March 31 and launched Thursday, Moore Cayman confirmed that Tether’s consolidated belongings exceeded its liabilities.
“In our opinion, the [Consolidated Reserves Report] by the administration of Tether HOldings Restricted group as of 31 March 2021 at 11:59 PM UTC, is offered in accordance with the factors set out therein and is, in all materials respects, pretty said,” the report read.
The unbiased analysis discovered that Tether’s complete consolidated belongings had been valued at $41,017,565,708. Complete liabilities amounted to $40,868,295,798, with $40,855,204,950 associated to digital tokens issued.
Moore Cayman completed a similar review one month earlier and got here to the identical conclusion relating to Tether’s reserves. On the time, the corporate’s complete belongings had been $35.3 billion versus liabilities of $35.2 billion.
Though many have questioned the validity of Tether’s one-for-one peg with the U.S. greenback, the newest assurance reviews recommend the agency is assembly its obligations. Tether agreed to submit periodic reviews about its reserves in February after concluding an $18.5 million settlement with the Workplace of the New York Legal professional Normal. On the time, New York authorities alleged that Tether’s guardian firm misrepresented the diploma to which USDT was backed by collateral.
Tether achieved a serious milestone earlier this week as its market capitalization eclipsed $50 billion for the first time, underscoring the continued development of stablecoins through the bull market. A $50 billion market cap implies greater than 50 billion USDT in circulation.
As of Thursday, Tether’s market cap had reached $51 billion, according to Coingecko.
USDT stays the dominant stablecoin for cryptocurrency merchants, accounting for round 65% of the general market capitalization. USDC, the second-largest stablecoin by market cap, accounts for simply 14%.