Tether Attestation

USDT stablecoin issuer Tether cut its reserves allocation to commercial paper by more than one fifth between September and December last year, dropping from around $30.5 billion to $24.16 billion. Tether is legally required to disclose its reserves every quarter as part of an $18.5 million court settlement with the Office of the New York Attorney General from February 2021. The firm was alleged to have misrepresented the specific amount of fiat backing USDT in 2017 and 2018. The latest attestation was conducted by Cayman Islands-based Accountants MHA Cayman and provides a breakdown of Tether’s reserves as of 31 December 2021. The report states that Tether’s “consolidated assets exceed its consolidated liabilities,” however the difference is minimal with total assets tallied $78.67 billion ...