Between September and December of last year, USDT stablecoin issuer Tether reduced its reserves allocation to commercial paper by more than one-fifth, falling from about $30.5 billion to $24.16 billion. It does, however, increase its holdings of money market funds and treasury bills. The New York Attorney General (NYAG) alleged that Tether and Bitfinex, the sister company have attempted to cover the loss of around 850 million USD in customer funds. Thereby, as part of an $18.5 million court settlement with the NYAG Office, Tether is legally required to disclose its quarterly reserves from February last year. In 2017-18, Tether was accused of misrepresenting the precise amount of fiat backing USDT. The recent attestation conducted by Cayman Islands-based Accountants MHA Cayman claimed to take Tether as a client in 2022. Outside accounting firms complete attestations to corroborate a company’s statements, in this example, Tether’s reserves report of its stablecoins. A subsidiary of MHA MacIntyre Hudson, MHA Cayman is a mid-tier organization based in the United Kingdom that has recently been on the radar of the Financial Reporting Council for audits issued in 2018-19. According to the study, Tether’s ‘consolidated assets surpass its consolidated liabilities,’ which refers to MHA Cayman discovering Tether’s reserves exceeding the amount necessary to redeem the digital asset tokens issued. Although the difference is small, with tot...
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