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Independent auditor confirms the collateral for the Tether stablecoin

The Cayman-based division of the international auditing and consulting company Moore Global has presented an opinion on the adequacy of the reserves of Tether Holdings Limited to fully support the stablecoin Tether (USDT).

The firm has confirmed the accuracy of the information provided by the stablecoin issuer in the consolidated statement of reserves.

In a statement, Tether Holdings noted that Moore Global’s opinion confirms the company’s position on fully backing USDT. The company has promised to continue to maintain this level of transparency.

Recall that in January, the Bahamas-based bank Deltec, which holds Tether’s assets, announced full coverage of the USDT stablecoin with reserves.

In May 2019, the company’s chief attorney, Stuart Hogner, confirmed that only 74% of USDT’s collateral is fiat money.

In February, the stablecoin issuer and its sister cryptocurrency exchange Bitfinex resolved a conflict with the New York State Attorney’s Office over the loss of $ 850 million. Then the head of the department said that Tether’s claims that its digital asset was fully backed by US dollars were false.

Opinion: Bitfinex and Tether shirk responsibility in $ 850 million loss case

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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