According to new sources, the Tether stablecoin’s parent company, Tether Holdings Ltd, has recently undergone an audit from an accounting firm amidst the absurd numbers that the stablecoin was pulling off consistently, which didn’t much make sense.
Tether currently stands at the top of the list of stablecoins. Its company recently submitted a report in which the company highlighted to provide full transparency of their assets, holdings and also provide information on the backing of their reserves.
But things went south as the audit finally revealed the truth to the public. According to the information provided by Tether Holdings ltd, it was mentioned that the USDT token reserve has been supported for a long time.
The Accountant’s Report
Now, if we take a look at the report that the accountant submitted, it revealed the total combined asset worth of nearly $35,276,327,156. Comparing to the amount which is required to attain tokens, the total asset worth had crossed way far ahead than the total asset power needed for the digital tokens to be distributed, which was around $35,111,966,857.
Adding to that, the report also mentioned that the discovery of the difference was calculated with respect to only USDT. XAUT is another one of Tether’s token which was not yet taken into account during the audit as the accountant stated that it was not the focus of the audit and he doesn’t wish to provide any further opinions on XAUT.
Tether Holdings stood with confidence in response to the accountant’s statements. The company published a public comment stating that Tether has always been supported throughout, which makes their initial report valid. Furthermore, the report from the accountant also confirmed the increase in popularity of the token from Tether, which has managed to reach a huge worth, marking their business as a completely legit choice. Tether also stated that they respect the public’s notice of their progress and are always ready to provide complete transparency of their work.
As of now, statistics from multiple sources have revealed that Tether has reached a current market cap of nearly $40 Billion and has no plans to stop continuing to provide its users the benefits they seek.