by • Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO.
• BDO’s assurance opinion shows that as of Dec. 31, 2022, Tether’s consolidated assets amounted to at least $67 billion exceeding its liabilities by at least $960 million.
• The report also reveals that Tether ended 2022 with zero commercial paper and replaced those investments with United States Treasury Bills.
Tether Completes Reserves Attestation
Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO. The firm released BDO’s assurance opinion on Feb. 9th which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31st 2022.
Assurance Opinion Details
BDO’s assurance opinion shows that as of Dec. 31st 2022, Tether’s consolidated assets amounted to at least $67 billion exceeding its liabilities by at least $960 million. Additionally, it was revealed that Tether completely removed commercial paper from USDT reserves in October 2022 replacing them with United States Treasury Bills instead.
Commitment to Risk Management
Paolo Ardoino – CTO for both Bitfinex and Tether – took to Twitter on Thursday to point out that Tether demonstrated an “impressive resilience” to market black swan events during bear markets in 2022 which is a testament to their commitment towards risk management and leadership within Bitcoin and Stablecoin technologies.
Previously Announced Plan
The plan to remove Commercial Paper from USDT reserves was first announced in June 2022 when it was reported that Commercial Paper accounted for less than 25%of USDT’s total reserves equalling approximately $82 billion dollars at the time.
Conclusion
In conclusion this report demonstrates a commitment towards transparency and trustworthiness from Tether as they continue aiming towards building secure Bitcoin and Stablecoin technologies while maintaining their position as one of the leading companies in cryptocurrency space today
