Bitcoin News and Finance The $62B Stablecoin Giant Tether Publishes Assurance Report Reviewed by Auditor Moore Cayman Skip to main content

The $62B Stablecoin Giant Tether Publishes Assurance Report Reviewed by Auditor Moore Cayman

The $62B Stablecoin Giant Tether Publishes Assurance Report Reviewed by Auditor Moore Cayman

Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30.

Tether Publishes Assurance Report

On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said. “Rating of commercial papers is provided by S&P. Many people surely are already missing our famous pie chart,” he added.

Vaneck’s Gabor Gurbacs also tweeted about the report on Monday and said:

The latest Tether attestation is now out. Tether is continuing its effort to provide more transparency on the leading $62 billion stablecoin. In the recent attestation, asset breakdown, quality, and maturity/duration metrics are available. Well done.

The assurance report published by the independent auditor Moore Cayman details that in the company’s “opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 30 June 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated.” Moore Cayman added:

Our findings as of 30 June 2021, at 11:59 PM UTC are: Consolidated total assets amount to at least USD 62,773,190,075 which is correctly classified as set out in the CRR. Consolidated total liabilities amount to USD 62,628,932,116 of which USD 62,610,829,196 relates to digital tokens issued.

A Slew of Stablecoin Issuers Publish Attestation Reports Concerning Reserves This Past Month

Tether’s assurance report follows a number of stablecoin providers who have published attestations during the last 30 days. On July 20, Circle Internet Financial LLC. published a blog post that explains the firm’s stablecoin is backed by “prioritized trust, transparency, and accountability.”

Approximately 24 hours later, the regulated blockchain firm Paxos released data on the stablecoins it backs. Furthermore, Huobi and the stablecoin issuer Stable Universal revealed monthly HUSD attestation reports.

Tether issues USDT and EURT via various blockchain networks like Omni, Tron, EOS, the Simple Ledger Protocol (SLP), Algorand, Liquid, and Solana. Additionally, Tether’s Ethereum-issued contracts also disperse USDT, EURT, CNHT, and XAUT.

What do you think about Tether’s recent assurance report? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory