And again we are talking about Tether stablecoin, because it plays a rather important role in the cryptocurrency market, allowing you to make a quick and easy logging in and out. Now Tether has shown a quarterly report on its stocks. About the stocks are being discussed all the time.
And so the issuer of stablecoins Tether has just received a new monthly audit from the leading European auditing company BDO Italia. This includes drawing up cryptocurrency reserves and checking the company’s bank accounts.
The report shows that Tether holds $28.9 billion in US government bonds, $6.8 billion in money market funds, $5.4 billion in cash and bank deposits, almost $3 billion in repurchase agreements and $397 million in non-US government bonds. The total losses in the second quarter increased by $16 billion.
Tether announced that its reserves decreased to $66 billion at the end of June from $82.4 billion at the end of March.
The audit process will continue on a monthly basis, due to an agreement with BDO Italy. Since May 2022, Tether has lost about 19% of its capitalization, but this has not caused any problems with offering liquidity to customers who requested it. An important sign of strength in the midst of one of the biggest crises in the history of Bitcoin and the cryptocurrency market as a whole. An important manifestation of strength in a crisis in the stablecoin sector, especially in the algorithmic sector.
There is also other news from the Tether report: there has been a significant reduction in commercial securities, that is, short-term loans to listed companies, securities that are generally quite safe, but which in recent months have been increasingly attacked by Tether’s detractors, in our opinion, not without reason. Thus, what was the part of restoration plan, continues to be executed.
Tether aims to stay on top
Tether continues and, in all likelihood, will continue to be the most relevant project in the world of stablecoins in the future. Paolo Ardoino, its leader, also spoke about this:
“We strive to retain the role of the leading stablecoin in the market. The usefulness of Tether is still supported by the transparency of its reserves and is a source of stability that has allowed us to create a tool for the global economy. Our commitment to transparency and community is the foundation of the company’s ethics, and is also consistent with our role as a market leader. We have once again demonstrated this commitment by entering into an agreement with BDO, one of the world’s leading accounting firms.”
That was the comment of the project manager, at the end of the report, which marks an important milestone for Tether. Tether will still have more or less heterodox detractors, but at the same time it will remain a force of enormous scale to be reckoned with.