BDO Italia offered an opinion on the adequacy of Tether Holdings reserves to fully support the USDT stablecoin.

Tether Releases Independent Auditor Report From Top 5 Accountants BDO, Strengthens Commitment To Transparency And Announces Another Big Cut In Business Paper Holdingshttps://t.co/an5O5KX8xd

— Tether (@tether_to) 19 August 2022

The Firm reviewed the issuer’s assets and liabilities as of June 30, 2022.

Tether Holdings’ liabilities at the reporting date were $66.2 billion, assets – $66.4 billion. The latter consisted of:

• $28.8 billion in US Treasury bills;
• $8.5 billion commercial paper;
• $6.8 billion money market fund;
• $5.4 billion in cash.

“The utility of USDT is supported by the transparency of its reserves. The source of stability allows us to create a tool for the global economy.”, wrote CTO Tether Paolo Ardoino.

The company announced an increase in the frequency of publication of audit reports – now they will be published monthly rather than quarterly.

The USDT issuer has confirmed its plans to reduce its commercial paper stock to $200 million by the end of August and to completely divest these assets before the end of the year. In the second quarter, the position decreased by 58%.

Previously, Tether described the idea of ​​shorting USDT by hedge funds as “categorically incorrect”.

Recall that in mid-May, the stablecoin diverged from its peg to the US dollar and tested the $0.94 level, but later returned to the pair.

On June 18, the Tether Holdings website suffered a massive DDoS attack. Subsequently, the issuer’s CTO denied the impact of the event on his ability to use positions in USDT.

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