Tether, the issuer of the world’s largest stablecoin by market capitalization, has completed reserve certification by the major global accounting firm; BDO.
The stablecoin firm published BDO’s assurance opinion on Feb. 9, which reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR) as of Dec. 31, 2022.
The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equivalent to at least USD 960 million.
In addition to reducing its collateralized loans as committed, the report also shows that Tether ended 2022 with zero commercial paper.
As previously reported, Tether completely de-papered USDT (USDT) reserves in mid-October of last year, substituting those investments for US Treasury Bills. The firm originally announced the plan to divest commercial paper in USDT reserves in June 2022. At that time, commercial paper represented less than 25% of the total USDT reserves of USD 82 billion.
Paolo Ardoino, CTO of Tether and Bitfinex, took to Twitter on Thursday to point out that Tether demonstrated “impressive resilience” to market black swan events that hit more than cryptocurrency companies in the midst of the 2022 bear market. Wrote:
“Tether demonstrated a superior approach to risk management, which allowed it to maintain its leadership while consolidating its gains. Tether reiterates its commitment to be a leader in building Bitcoin and stablecoin technologies, investing in key projects and infrastructure “.
BDO noted that the auditor’s opinion is limited “solely to the CRR and the corresponding consolidated total assets and consolidated total liabilities” as of December 31, 2022. “Activity before and after this time and date was not taken into account when checking the balances and information described above,” added signature.
In addition, the auditing company said that it has not carried out any procedure or provided any level of guarantee on financial or non-financial activity on dates or times other than those indicated in the report.
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