Tether reveals asset reserve figures

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Last Updated on August 20, 2022 by Bitfinsider

Tether released details on its reserves on Friday, after announcing a partnership with public accounting firm BDO Italia. The stablecoin’s backer stated that it has $66.4 billion in reserves. In comparison to the previous quarter, the firm reported less reliance on commercial paper holdings. Tether said it increased its cash and bank deposit holdings by 32%.

Tether had assets worth $66.4 billion at the end of June, according to a BDO audit report. This compares to the previous quarter’s asset total of $82.4 billion. Tether’s consolidated total liabilities total $66.22 billion, the majority of which is in digital token issuance. According to the company, the report demonstrates its resilience and ongoing commitment to transparency.

Tether announced plans to withdraw commercial papers from reserves. Tether’s commercial paper holdings fell by more than 58% in the last quarter, according to the company. The company would provide daily updates on issued tokens and reserves under the new accounting process.

In a departure from its previous practice of reporting audit data quarterly, the company announced that it would now release data monthly. Tether announced on Thursday that it had begun working with the new accounting firm. It emphasized transparency and accountability in disclosing asset data.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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