Assurance firm BDO confirmed that Tether has assets worth at least $67 billion and a surplus reserve of at least $960 million.
BDO’s “assurance opinion” confirmed the validity of Tether’s December 2022 consolidated reserve report, in which the USDT issuer said it had reduced secured loans and cut its commercial paper holdings to zero.
According to BDO, Tether reduced its secured loans by $300 million and increased its reserve holdings of U.S. Treasury bills to about 58%. The increase brought Tether's treasury reserves to $39.7 billion. Tether destroys the USDT deposited by customers and sends them an equivalent USD amount from its reserves. Each USDT is worth $1.
The company also added $700 million in net income to its reserves. Consolidated assets exceed liabilities by $960 million by the end of the fourth quarter of 2022.
"With the release of this latest comprehensive reserve report, Tether continues to deliver on our commitment to leading the industry in transparency," Tether's chief technology officer Paolo Ardoino said in a release, praising the company for its resilience in the face of negative headlines. time toughness.
