Tether’s assets amount to $67 Billion and exceed liabilities-BDO
2023.02.09 13:24
Tether’s assets amount to $67 Billion and exceed liabilities-BDO
By Tiffany Smith
Budrigannews.com – BDO, a major international accounting firm, has completed Tether’s reserves attestation as the issuer of the world’s largest stablecoin by market value.
On February 9, the stablecoin company made available BDO’s assurance opinion. This opinion reaffirms that Tether’s consolidated reserves report (CRR) as of December 31, 2022 is accurate.
Tether’s consolidated assets exceed its liabilities by at least $66 billion, according to the CRR, with excess reserves totaling at least $960 million.
Tether ended 2022 without any commercial paper, in addition to reducing its committed secured loans.
By mid-October 2022, as previously reported, Tether had eliminated all commercial paper from USDT reserves and replaced those investments with United States Treasury Bills. In June 2022, the company first announced its intention to eliminate commercial paper in USDT reserves. At the time, less than 25% of USDT’s $82 billion in reserves were made up of commercial paper.
On Thursday, Tether and Bitfinex’s chief technology officer Paolo Ardoino commented on Twitter about Tether’s “impressive resilience” in the face of market black swan events that impacted a number of crypto companies during the bear market of 2022. He penned:
On Thursday, Tether and Bitfinex’s chief technology officer Paolo Ardoino commented on Twitter about Tether’s “impressive resilience” in the face of market black swan events that impacted a number of crypto companies during the bear market of 2022. He penned:
“Singlely to the CRR and the corresponding consolidated total assets and consolidated total liabilities” as of December 31, 2022,” according to BDO, the auditor’s opinion is limited. When testing the balances and information described above, activity prior to and after this time and date was not taken into account,” the company added.
In addition, the auditing firm asserted that it had not carried out any procedures or given any assurance regarding the financial or non-financial activity on dates or times other than those specified in the report.
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