An announcement from USDT issuer Tether Holdings Limited reveals information from an independent certifying document of the company’s previous quarter’s results. The auditor, the leading accounting firm of BDO Italia, assessed Tether’s assets as of June 30, 2022.
Tether previously announced its commitment to reduce its holdings of short-term private bonds by the end of August 2022, where data from the report revealed that short-term private bonds fell 58 percent since the previous quarter, from $20 billion to $20 billion. $8.5 billion
Tether’s chief technology officer, Paolo Ardoino, tweeted that Tether plans to further reduce its holdings of short-term private bonds to $200 million by the end of August. and complete it in October next year.
As of June 30th, more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B.
CP portfolio will be $200m by end of August and 0 by end of October. https://t.co/g5lJgs1r3n— Paolo Ardoino
(@paoloardoino) August 19, 2022
Additionally, the total amount of total assets held by Tether at the time of the review washave value $66.4 billion meanwhile The total amount of total debt is nearly $66.2 billion, with almost 99% of them involved in digital tokens.
Back in May 2021, Tether began to disclose its stablecoin reserves on a quarterly basis afterreach an agreementwith the Attorney General of New York This comes after a lawsuit against Tether, alleging that USDT was not fully supported.
The company said these reports In particular, BDO’s oversight is “reinforcing transparency.” Ardoino commented on the certification, saying:
“Tether continues to be supported by the transparency of its reserves, enabling us to build tools for the global economy.”
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