Tether assets exceed liabilities in new reserves report by BDO

Tether, the issuer of the world’s largest stablecoin by marketplace value, has completed reserves attestation by large planetary accounting steadfast BDO.

The stablecoin firm released BDO’s assurance sentiment connected Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves study (CRR) arsenic of Dec. 31, 2022.

The CRR shows that Tether’s consolidated assets magnitude to astatine slightest $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling astatine slightest $960 million.

In summation to reducing its secured loans arsenic committed, the study besides shows that Tether ended 2022 with zero commercialized paper.

“Our sentiment is constricted solely to the CRR and the corresponding consolidated full assets and consolidated full liabilities arsenic of 31 December 2022. Activity anterior to and aft this clip and day was not considered erstwhile investigating the balances and accusation described above,” BDO wrote successful the report.

Additionally, the steadfast hasn’t performed immoderate procedures oregon provided immoderate level of assurance connected the fiscal oregon non-financial enactment connected dates oregon times different than that noted wrong the report, BDO said.

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.