Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO.
The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022.
The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million.
In addition to reducing its secured loans as committed, the report also shows that Tether ended 2022 with zero commercial paper.
“Our opinion is limited solely to the CRR and the corresponding consolidated total assets and consolidated total liabilities as of 31 December 2022. Activity prior to and after this time and date was not considered when testing the balances and information described above,” BDO wrote in the report.
Additionally, the firm hasn’t performed any procedures or provided any level of assurance on the financial or non-financial activity on dates or times other than that noted within the report, BDO said.
This is a developing story, and further information will be added as it becomes available.