Moore Cayman audit confirms Tether tokens are surplus

The surplus flow of Tether confirms Tether Holdings Ltd.
  • The company has given the fully consolidated reserve report of Tether and has announced it via Twitter
  • The total amount required to redeem the digital asset tokens as consolidated total liabilities amount to $35.2 billion

Moore Cayman, an audit firm in its report, has mentioned that USDT has assured its clients that its reserves fully back tether tokens. The company has given the fully consolidated Reserve report of Tether. 

Moore Cayman Validating of Tether Backing

Audit firm Moore Cayman in its audit report has mentioned that Tether Holdings Limited, which started the most significant stablecoin Tether (USDT), has assured the clients via a release that its reserves fully back tether tokens.

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The company has given the fully consolidated reserve report of Tether and has announced it via Twitter. The CRR was accompanied by an assurance report from the accounting network Moore Cayman. 

The accountant’s report was signed on March 26. The information intends to prove the accuracy of Tether’s CRR compiled on February 28. The assurance opinion reads that Tether Holdings Limited Group’s management prepared the CRR as of February 2021. UTC is presented following criteria set out therein, and it, in all material respects, has been stated relatively. 

The total amount required to redeem the digital asset tokens as consolidated total liabilities amount to $35.2 billion. The report has also mentioned that the consolidated total assets amount to at least $35.3billion. 

Moore Cayman informed that the company’s assurance is for the USDT. Moore Cayman is an audit firm, provider of audit services to firms and funds in various jurisdictions. It also gives its services in offshore jurisdictions like the Cayman Islands and the British Virgin Islands, Delaware, Hong Kong, United Kingdom, and others. 

Tether Continues To Grow As Leading Stablecoin

The company, in its report, has written that Tether is fully backed by the assurances the company has made by confirming it once again. Tether is the leader in the growing cryptocurrency and is committed to being the most transparent stablecoins. 

Stuart Hoegner, general counsel for Tether and cryptocurrency exchange Bitfinex, believes in releasing attestation periodically in the future. Tether and its sister company Bitfinex settled with the New York attorney general’s office claims that USDT was backed by fiat collateral.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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