the staff of the Ridgewood blog
Ridgewood NJ, Tether, the issuer of the world’s largest stablecoin, USDT, has released its latest quarterly attestation report compiled by its new accounting firm, BDO Italia. Tether (USDT) is an Ethereum token that is pegged to the value of a U.S. dollar (also known as a stablecoin). Tether’s issuer claims that USDT is backed by bank reserves and loans which match or exceed the value of USDT in circulation.
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Tether has released its latest quarterly attestation report. Its holdings of commercial paper fell by 58% from the previous quarter while reverse repurchase agreements rose to $3 billion from $105 million. USDT’s market cap is down 19% from a peak of $83 billion in May 2022. Tether’s attestation report emphasizes that its assets exceed its liabilities.
USDT reserves have been called into question many times over the years, including by the office of the New York Attorney General (NYAG). In February 2021, Tether was ordered to provide quarterly reserve reports and pay an $18.5M settlement.