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New Third-Party Report Confirms All Tethers in Circulation are Fully Backed by U.S. Dollar Reserves
Tether Limited, the leading provider of tokenized fiat currencies, has released a report from Freeh Sporkin & Sullivan, LLP (FSS) confirming that all Tethers (USDT) in circulation are sufficiently backed by U.S. dollar (USD) reserves. Tether is a stablecoin that depends on full USD backing to maintain its peg to $1. The FSS report, based on a random date balance inspection and a full review of relevant bank account documentation, confirms that all Tethers in circulation as of June 1, 2018 are fully backed by existing USD reserves.
“Despite speculation, we have consistently stated that Tether is backed by USD reserves at or exceeding the Tethers in circulation at a given moment, and we’re glad to have independent verification of this to answer some of the questions posed by the public,” said Tether CEO Jan Ludovicus van der Velde. “We are by no means done with our efforts to promote increased transparency at Tether. We are planning to build on this report moving forward and, despite the challenges of applying current accounting and assurance standards to cryptocurrency clients, we continue discuss these issues with potential audit partners.”
Tether engaged the Washington, DC-based law firm in March to conduct an independent review of its bank account balances. The law firm was granted full access to all relevant bank and account documentation, and selected a random date for review without Tether’s knowledge or involvement. On that review date, FSS examined its bank balances and compared it to Tethers in circulation. FSS selected June 1, 2018 as its random review date, confirming that Tether’s bank balances totaled $2,545,067,236.82. On that date, there were $2,538,090,823.52 worth of USDTs in circulation. The report concludes that “FSS is confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.”
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