In brief:
- An independent report from Moore Cayman confirms that USDT is backed by actual fiat
- The report cites Tether’s Consolidated Reserves Report of February 28th as being accurate
- Tether’s consolidated assets exceed its consolidated liabilities
- The team at Tether maintains that USDT has always been fully backed
- USDT’s market cap recently exceeded $40 Billion
A new independent accountant’s report by Moore Cayman shows that Tether’s USDT stablecoin is fully backed by fiat. According to the team at Moore Cayman, Tether’s Consolidated Reserves Report of February 28th is accurate. The report went on to provide the following findings of Tether’s reserves.
- Tether’s consolidated total assets amount to at least $35,276,327,156
- Tether’s consolidated total liabilities amount to $35.154 Billion of which $35.111 Billion relates to USDT issued
- Tether’s consolidated assets exceed its consolidated liabilities
- The group’s reserves held for USDT exceed the amount required to redeem the digital asset issued
Tether Reiterates that USDT has Always Been Fully Backed
The team at Tether has since released a statement regarding the findings of Moore Cayman. According to Tether, USDT has always been fully backed and the growth of the digital asset continues to validate their business. They also added that Tether is very committed to providing the transparency of its businesses by providing further reports moving forward.
Tether’s Market Cap Exceeds $40 Billion
At the time of writing, Tether’s market cap stands at $40.675 Billion according to data from CoinGecko.com. USDT is ranked 4th on the tracking website below Binance Coin and above Cardano as seen in the screenshot below.
A brief look at the Tether website reveals that the company now has $40.889 Billion in total assets. Furthermore, USDT continues to expand to other blockchains such as Solana as broken down in the list below.
- USDT on OMNI – $1.335 Billion
- USDT on Ethereum – $22.416 Billion
- USDT on Tron – $18.594 Billion
- USDT on EOS – $70.251 Million
- USDT on Liquid – $16.561 Million
- USDT on ALgorand – $14 Milion
- USDT on SLP – $6 Million
- USDT on Solana (SOL) – $90 Million
