Tether’s total assets as of the end of the last quarter stood around $66.4 billion, the USDT issuer said in its latest quarterly assurance report.
The stablecoin issuer, whose USDT token is the largest and most widely used in the world, said accounting firm BDO Italia had completed this assurance opinion.
As Invezz reported on Thursday, Tether revealed an alignment with the Italy-based BDO firm, (a member of the larger and top 5 accounting group BDO global), to provide attestations and assurance update of the stablecoin issuer’s global reserves.
Tether’s total assets fall amid crypto crash
The 2022 bear market bit harder in Q2, with the demise of algorithmic stablecoin TerraUSD and cryptocurrency LUNA helping sink prices across the crypto market.
Tether, which had reported total global assets of over $82 billion in the first quarter, got hit – least with the USDT stablecoin also briefly depegging to send people scampering for redemptions. As this happened, the firm’s assets fell to reach the $66.4 billion mark by the end of June.
But despite the reduction in total global assets, the quarterly assurance report suggests that Tether’s consolidated liabilities amounted to $66,218,725,778 at the end of Q2. This, according to the report, compares to $ 66,204,234,509 of issued digital tokens, indicating the firm’s assets exceed consolidated liabilities.
Tether also increased its cash and bank deposits holdings by 32% in the last three months, according to the report.
Commercial paper holdings
Tether has reportedly continued to cut the amount of commercial paper holdings on its portfolio, with details as of 30 June showing a 58% decrease over Q2. CP is one of the key areas spotlighted by regulators and critics, with demand for not only more transparency, but also removal from the portfolio to assure customers of easy redemptions.
Tether has sought to go that route, with its commercial paper holdings falling from $20 billion to $8.5 billion over the second quarter. According to Tether CTO Paolo Ardoino, the company is on track to cutting CP holdings to $200 million by the end of this month (August) and then pushing it to zero by the end of October 2022.
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