The Tether company today published a new warranty report regarding the provision of the USDT stablecoin issued by it. The report was prepared by the audit firm Moore Cayman and contains information from June 30. Since that time, the company has almost completely suspended the release of new USDT, so the data, at least in part of the issue, should correspond to the current ones.
In the letter, Moore Cayman states that Tether's consolidated assets at that time amounted to at least $62,773,190,075, while its liabilities were equal to $62,628,932,116.
"The group's consolidated assets exceed its consolidated liabilities," the auditor writes. – The group's reserves that provide for the digital assets issued by it exceed the amount necessary to repay all issued digital asset tokens."
A similar guarantee opinion of Moore Cayman was published in March, when the issue of USDT was about 35 billion tokens. In May, Tether released another report that included a breakdown of collateral by specific asset groups. Then it turned out that about half of the USDT collateral is in commercial securities, the nature of which the company did not disclose.
According to the latest publication by Moore Cayman, Tether retains this proportion and holds $30.8 billion in commercial securities. Cash and bank deposits account for $6.28 billion, or about 10% of the total amount of collateral. In May, the share of cash was about 3%. In the Moore Cayman report, however, fiduciary deposits were also included in this category, which in the past were considered as a separate group, so it is impossible to accurately assess the changes. Earlier, the working group on financial markets of the US President with the participation of Finance Minister Janet Yellen drew attention to the risks of Tether due to the company's excessive openness to the commercial securities market.
In July, Tether's chief lawyer, Stuart Hegner, announced in a conversation with CNBC that there may be "several months, not years,"before the publication of a full-fledged audit of USDT. The company is often criticized for its lack of transparency in the release of the largest stablecoin on the market.
In connection with today's publication, Tether Technical Director Paolo Ardoino said:
"As an industry leader, we understand the importance of transparency and accountability. Our latest warranty opinion from Moore Cayman once again confirms that Tether is fully secured. A healthy and conservative portfolio with a focus on liquidity continues to fuel our growth and confidence in our own innovative offer."