According to auditing firm, Moore Cayman, the amount reserved to redeem stablecoin has been exceeded by Tether;s reserve for its USDT.
An assurance opinion has been released by Tether Holding Limited, the firm that is behind the biggest stablecoin Tether (USDT) to validate that Tether tokens are fully backed by its reserves.
The Company’s Consolidated Reserves Report was provided by Tether in a statement shared on Twitter, Tuesday and also an assurance report from Moore Cayman network.
The accountant report is to prove the authenticity of Tether’s CRR , which was compiled on February, 28. The assurance report reads: the management of Tether Holdings Limited Group CRR as at February, 2021 at 11:59 PM UTC is presented in accordance with the criteria set out therein and in all material respects faily stated’.
Furthermore, the reserves for USDT stablecoin exceed the amount that is need to redeem the digital asset token as consolidated total liabilities amount to $35.2 billion while total asset consolidated amout to at least $35.3 billion.
Moore Cayman noted that its assurance opinion is limited to USDT as information covering Tether’s gold-backed XAUT stablecoin “has not been subject to the scope of our assurance engagement.”