By Nermeen Nabil Khear 
An independent audit reveals that stablecoin issuer Tether (USDT) had billions of dollars of excess reserves at the end of last year.
According to a recent audit by accounting firm BDO Global, Tether has $143.7 billion worth of reserves and about $136.613 billion worth of liabilities, bringing it to a surplus of about $7 billion.
“The value of the assets composing the reserves as of 31 December 2024 exceed the value of liabilities of the companies issuing Tether tokens by $7,087,270,541.”
The audit further breaks down the assets behind Tether’s reserves. It finds that the firm has $118.335 billion in cash and other cash equivalents – the majority of which are composed of US Treasury bills. The stablecoin issuer also holds $14 million in corporate bonds, $5.3 billion in precious metals, $7.8 billion in Bitcoin (BTC), $8.1 billion worth of secured loans and $3.9 billion worth of “other investments.”
In 2022, a judge ordered Tether to prove it had the assets it claims it had to be able to back up its dollar-pegged crypto asset after the company was sued by a group of investors who alleged USDT wasn’t backed by anything.
At the time, Tether argued in court that the plaintiffs’ request should be dropped because they were “overbroad” and “burdensome.”
Currently, Tether’s website has a “transparency” page that updates data on its reserve assets on a daily basis.
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The post Stablecoin Issuer Tether Posts $7,087,270,541 in Excess Reserves at End of 2024 appeared first on The Daily Hodl.
An independent audit reveals that stablecoin issuer Tether (USDT) had billions of dollars of excess reserves at the end of last year. According to a recent audit by accounting firm BDO Global, Tether has $143.7 billion worth of reserves and about $136.613 billion worth of liabilities, bringing it to a surplus of about $7 billion.
The post Stablecoin Issuer Tether Posts $7,087,270,541 in Excess Reserves at End of 2024 appeared first on The Daily Hodl. Trading, Bitcoin, BTC, Crypto, News, regulators, reserve assets, stablecoin, tether, usdt