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Tether releases an assurance report that shows its stablecoins are fully backed!

Tether releases an assurance report that shows its stablecoins are fully backed!



View Reddit by satoshinakamoto7View Source

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  1. A few things to note:

    – It’s an attestation, not an audit. The document doesn’t take in account risks and isn’t sufficient for the NYAG settlement requirement or any other legislator requirements.

    – The document doesn’t tell by **what** Tether is backed by! That’s what has always been the main source of fear and doubt in the Tether case. [The document](https://www.coindesk.com/wp-content/uploads/2021/03/Tether-Assurance-ReportCRR-FINAL_SIGNED_3_26_21.pdf) (please always read the actual source) only says that that at some point end of February Tether had a “Consolidated total assets amount to at least $35+ billons”.

    – How much of this is cash? How much of this is in the form of IOU or similar? How much of this is in the form of BTC bought using USDT they minted? We still have no idea thus cannot evaluate the risk.

    If you want to stay safe for now, use DAI or USDC (or avoid stable coins altogether).

  2. I honestly didn’t think they put this out until May. Seems relatively close in structure to the USDC transparency report, for the sake of the market I just hope it’s not a setup like the previous letter.

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