Tether’s big reveal: $7 billion surplus in latest audit

-

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.

Have you read it yet? Russia says focus on investment, not BRICS currency


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

Microsoft quantum-chip sparks Bitcoin doomsday debate

Microsoft dropped a quantum computing chip called Majorana 1, and the Bitcoin world went crazy. Are we closer to a future where quantum computers crack...

Congress should rethink the IRS DeFi rule?

Blockchain Association is making some serious noise in Washington. They’ve rallied 75 members to urge Congress to ditch the IRS regulation that could send U.S....

Crypto wallets should rule over exchanges?

A hot take from Changpeng ‘CZ’ Zhao is that crypto wallets should be your go-to for everyday blockchain interactions, not exchanges. In a chat on X...

Norway busts $80M crypto scam ring

Four men are facing some serious heat after being charged in connection with a crypto investment fraud and money laundering scheme that allegedly swindled unsuspecting...

Most Popular

Guest posts