Tether Eliminates Commercial Paper Holdings, BDO Attests
Global accounting firm, BDO, has released its latest attestation report that confirms Tether’s claim of eliminating commercial paper holdings from its reserve in the fourth quarter of 2022. The report, which was published on February 8th, thoroughly reviewed Tether’s Consolidated Reserves Report (CRR) as of December 31, 2022.
BDO Verifies Tether’s CRR
The independent accountant report by BDO verifies the accuracy of Tether’s CRR, which states that the company has zero commercial paper holdings and has a consolidated total of $67 billion in assets. This amount surpasses Tether’s liabilities, which are slightly over $66 billion.
Tether’s Risk Management Strategy
Tether’s CRR also highlights the company’s approach to risk management. The company reduced its secured loans by $300 million and increased its allocation for US Treasury Bills, which now make up 58% of its assets. This strategy has allowed Tether to maintain its leadership and consolidate its profits.
Conclusion
In conclusion, the BDO attestation report provides reliable evidence that supports Tether’s claim of eliminating commercial paper holdings from its reserve. The company’s approach to risk management and the successful consolidation of profits further solidify its position as a leader in the stablecoin industry.