Report on Tether Stablecoin Says it is Backed One to One with the US Dollar

In a post on its site, Tether Holdings Limited said a recent assurance opinion by Moore Cayman confirms that “information in the company’s Consolidated Reserves Report is accurate.”

The report, a snapshot document from February 28, 2021, indicates that at that time Tether effectively held a one-to-one relationship with the US dollar. On that day, Tether held a market cap of around $35 billion.

Tether continues to be the most popular stablecoin in the crypto-sphere but the digital asset has been criticized in the past for not having a stablecoin fully backed by the US dollar.

Tether states that it has always been fully backed, and the assurance opinion confirms it once again. Additionally Tether claims:

“Since the founding of Tether, we have made earnest and continuing efforts to enhance our public disclosures and communications. As a leader in the growing cryptocurrency industry, we remain committed to being among the most transparent stablecoins. This latest assurance opinion—and our dedication to providing further reports moving forward—is a reflection of that commitment.”

Tether, and related crypto firm Bitfinex, is currently the target of two legal cases including one from the New York Department of Financial Services.

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