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World’s 5th Largest Auditor Approves Tether Collateral

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

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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Source: Fork Log



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