The popular stablecoin company Tether has published a consolidated reserve report supporting all USDTs.
Tether has posted its latest Independent Guarantee Notice, which confirms that the company’s reserves are fully guaranteed.
The report, which was reviewed by independent accountant Moore, says Tether is fully supported. Moore’s report states that Tether currently has $ 41 billion in consolidated assets as of March 31, 2021.
Moore also states that Tether’s consolidated assets exceed its consolidated liabilities, which means that the company’s reserves held for issued digital assets exceed the amount required to repurchase issued digital asset tokens.
USDT is backed by company assets
Moore concludes: “We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our assurance report.”
The news is a big step forward for Tether, which has been criticized in the past for not having monetary value while printing more Tether (USDT) continuously.
Tether has seen tremendous growth in recent months as the cryptocurrency market grows exponentially.
Exponential Growth Through TRON Expansion
Most recently, the company announced that it exceeded its market cap by $ 50 billion. The rapid growth of a stablecoin like USDT is attributed to its diversification across multiple blockchains. Tether was originally just an ERC-20 token. However, its change associated with the addition of the TRON network token has expanded significantly.
Due to the high transaction fees on the Ethereum blockchain, the Tron-backed USDT recently exceeded the offer of its own ERC-20 token. USDT on TRON is $ 26 billion, while ethereum’s USDT currently stands at just over $ 24.4 billion.
The report confirms that the USDT digital asset is fully backed by the company’s reserves. Tether comments on the consolidated inventory report, stating, “Today’s release reflects our continued commitment to making this information publicly available as part of our ongoing commitment to transparency and standard setting in our industry. We are committed to this commitment to our community. ”
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