Today, Tether Holdings Limited made available its latest quarterly assurance opinion which not only includes the composition of its reserves but also provides a clear breakdown of the ratings and maturity of its commercial paper and certificates of deposit. It re-affirms once again that the information in the company’s Consolidated Reserves Report is correct.

The attestation, completed by an independent accounting firm, Moore Cayman—a member of Moore Global, one of the largest accounting networks in the world—verifies again our long-stated position that all Tether tokens are fully backed by Tether’s reserves.

According to the Consolidated Reserves Report as of September 30, 2021, nearly all new money that has entered the Tether ecosystem since June 30, 2021 through issuances has been kept in cash and bank deposits or invested in treasury bills. It also shows a clear reduction in commercial paper investments in percentage terms. The reduction in commercial paper exposure comes as a response to community feedback and is consistent with Tether’s investment policy and risk framework. Tether is committed to continuing to reduce these types of investments further over the coming months.

You can read the assurance opinion and the Consolidated Reserves Report here tether-assurance-sept-30-2021.

Paolo Ardoino, Tether CTO, said:

“We are proud to share that this attestation validates again what we’ve said from the beginning: Tether tokens are and have always been fully backed. We started Tether with a commitment to provide more global, democratized, and transparent access to the global financial system. We are pleased to share this attestation as part of that ongoing commitment.”