The company behind the USDT stablecoin just dropped some impressive news, because they’ve got $7 billion surplus in reserves.
It’s over for Tether FUDs?
A new audit by BDO Global took a close look at Tether’s finances as of December 31, 2024. The results?
Tether’s assets are sitting pretty at around $143.7 billion, while their liabilities, mostly from USDT issued, total about $136.6 billion. This surplus means Tether has a solid cushion to keep its dollar-pegged cryptocurrency stable.
A hefty chunk, about $118.3 billion, is in cash and cash equivalents, with U.S. Treasury bills leading the pack.
But Tether also holds $5.3 billion in precious metals, $7.8 billion in Bitcoin, $8.1 billion in secured loans, $14 million in corporate bonds, and $3.9 billion in various other investments.
Fierce environment
The company has faced its fair share of controversy over the years. Back in 2022, some investors accused Tether of not properly backing its stablecoin, which led to legal drama and a court order demanding proof of their reserves.
At that time, Tether pushed back against the lawsuit, calling the demands overbroad and claiming they were too much of a burden.
Daily updates
To ease concerns about its backing, Tether has stepped up its game by providing daily updates on its financial status through a transparency page on its website.
These reports are designed to reassure investors and regulators that USDT is fully backed.
And with this latest audit confirming that quite significant surplus, Tether is likely to use these findings to bolster its credibility and fend off ongoing skepticism about stablecoin reserves.
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