Tether (USDT) Reports $82.4 Billion in Reserves: Claims to be Fully Backed

Tether Holdings Limited, the company behind the USDT stablecoin, released an independent accountant report on Monday claiming that its tokens are fully backed by its reserves. This report is crucial for addressing ongoing concerns about the stability and backing of the world\'s leading stablecoin.

The assurance report revealed that Tether\'s USDT tokens are fully backed. According to Cayman, the company\'s reserve holdings add up to about 82.4 billion USD. Tether released a report demonstrating and reaffirming its reserve strength by revealing $82.4 billion in assets.

The world’s biggest stablecoin has just released its quarterly transparency report a day before the deadline of May 20. The report indicates that Tether’s reserves were analyzed and audited by independent parties. The report, available here, again clearly and unambiguously shows that all Tether tokens are fully backed by reserves and provides a comprehensive breakdown of those reserves.

The report confirms the accuracy of the company’s Financials Figures and Reserves Report (FFRR), offering a detailed view of the assets backing its fiat-denominated Tether. Paolo Ardoino, Tether’s CTO, emphasized the importance of transparency in building trust within the cryptocurrency community.

Tether’s USDT is claimed to be backed 1:1 by reserves, but critics have raised concerns about the company’s failure to provide sufficient proof of this backing. These concerns were partially addressed with the release of this latest independent report, aiming to dispel doubts about Tether\'s solvency and ability to redeem USDT tokens at their stated value.