Tether- Is it Backed?
According to an Assurance Opinion Tether’s is alleged to be fully backed.
In its quarterly assurance opinion published today, Tether Holdings Limited not only details the composition of its reserves, but also explains the ratings and maturity of its commercial paper and certificates of deposit. The company reaffirms once again that its Consolidated Reserves Report contains accurate information.
As a member of one of the largest international accounting networks, Moore Cayman, an independent accounting firm that completed the attestation, confirmed our long-held position that all Tether tokens are fully backed by Tether’s reserves.
In the Consolidated Reserves Report as of September 30, 2021, nearly all new money that has entered the Tether ecosystem since June 30, 2021 has been deposited in cash or bank accounts or invested in treasury bills. In percentage terms, there has also been a clear reduction in commercial paper investments. The reduction in commercial paper exposure is a response to community feedback and is consistent with Tether’s investment policy and risk framework. Tether is committed to continuing to reduce these types of investments further over the coming months.
You can review the consolidated report here from the Assurance opinion.
The above is reassuring as Tether has had its doubters and naysayer, essentially saying that it is the largest scam of its kind. It is covered in great detail in this Bloomberg articles as the entire premise of Tether is that it is a backed stablecoin with a 1:1 ratio and full transparency. It has also been reviewed by youtube investigative journalist Coffeezilla, in the video seen here. It appears Tether is taking the claims and accusations seriously as they keep a balance posted on their website for transparency seen here.