Tether’s total assets exceed its consolidated liabilities, according to an independent review conducted by BDO Italia.
USDT issuer Tether recently published its latest quarterly attestation report for the token’s reserves in a bid to improve transparency. USDT, with a market capitalization of $67.5 billion, is the third-largest cryptocurrency behind Bitcoin and Ethereum.
The independent report conducted by Tether’s new auditing firm, BDO Italia, estimates that the company’s total assets are at least $66,409,619,424. Tether had previously stated that it would reduce its holdings of commercial paper by the end of August 2022. True to its commitment, Tether reported a 58% drop in commercial paper exposure from $20 billion to $8.5 billion during the previous quarter.