Tether Offers Transparency Report to Prove Its Reserves Are Fully Backed

Tether, the USDT stablecoin issuer has presented its first transparency report for its USDT supply and fully backed resrves in the form of assurance opinion from Moore Cayman. As a stablecoin issuer, the circulating supply of USDT must be backed by an equivalent amount of USD in resrves, however Tether has often been marred into controversy for not offering third-party auditing report to prove its claim until now.

Assurance Opinion Confirms @Tether_to’s Reserves Fully Backed; Company Shares as Part of Ongoing Transparency Commitment

Our statement: https://t.co/uWHQWBxIYg

Assurance opinion: https://t.co/MqJCsSk8uD

— Tether (@Tether_to) March 30, 2021

Tether came under heavy criticism post NYAG lawsuit against the firm  for misappropriating of revenue in 2018 and during that ongoing court battle, the stablecoin issuer had changed its claims from 100% backed to 70% USD backed, while claiming that the rest of the supply is backed by a portfolio of assets including Bitcoin.

NYAG settled the case with Tether last month with $18.5 million fine and it was barred from offering its services or carry out operations from New York. Both the parties claimed victory in the case where Tether suggested authorities had nothing against them.

Tether & @Bitfinex have reached a settlement with @NewYorkStateAG. After 2.5 years and 2.5M pages of info shared, we admit to no wrongdoing and will pay US$18.5M to resolve this matter. 1/3

— Tether (@Tether_to) February 23, 2021