Tether has released a report prepared by the accounting firm Moore Cayman that shows USDT stablecoins are fully backed. The report is dated February 28 and contains assurances from Moore Cayman that Tether's total assets exceeded total liabilities as of that date.
Tether's total assets as of February 28 were nearly $35.3 bln, and its total liabilities were $35.2 bln, of which $35.1 bln was associated with issued stablecoins. According to the report, Tether's reserves have exceeded the amount required to repurchase the issued stablecoins.
The released report places Tether on a par with other stablecoin issuers such as Center, Gemini and Paxos. USDT is now the largest stablecoin with a market capitalization of more than $40 bln. Tether plans to undergo attestation at the end of March, and thereafter to conduct attestations on a quarterly basis.