Tether publishes a detailed report on what supports the digital stablecoin USDT
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Answer Tether publishes a detailed report on what supports the digital stablecoin USDT
Tether company published report New showing what supports the total value of the digital stablecoin Tether, USDT.
Tether has a total value of $62.7 billion.
The report was supervised by Cayman Moore, an auditor in the Cayman Islands, on June 30, 2021.
Total support for Tether, $30.8 billion of which comes from commercial paper and certificates of deposit.
While only 10% of Tether support comes from cash and bank deposits.
Tether reserve in May:
The report was published after Tether collapsed its reserves in May of this year.
This May report indicated that as of March 31, 2021, 76% of the Tether reserve was held in cash or cash equivalent.
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Specifically, the report also showed that less than 3% of all tethers are backed by cash, despite previous claims that tether was 100% backed by cash.
The remaining quarter not held in cash or cash equivalents was held in loans, secured bonds and other investments including bitcoin.
Today, Tether Chief Technology Officer Paolo Arduino stated that Tether understands the importance of transparency and accountability.
The company has faced sharp criticism in the past in this regard.
The report published in May is the first published to show the reserve supporting USDT to the public in seven years.
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