@BOMBERuss 23 February 2022 more from that month

#USDT is only 5% backed by dollars — according to the latest audit, the company has $4.18 billion in its accounts, last year this figure was $7.2 billion. Also, the largest stablecoin issuer reduced its commercial paper holdings from $30.5 billion in the period ended in September. to $24.2 billion in December. Instead, the company placed most of its reserves in Treasury bills, nearly doubling its holdings in short-term government securities from $19.4 billion to $34.5 billion. The attestation classifies all $24.2 billion of commercial paper assets as "Cash and cash equivalents and other short-term deposits, and commercial paper," although only $13.4 billion of that amount is redeemable within 90 days. A recent accreditation by sanctioned accounting firm #MHA Cayman announced earlier this year that it would become a Tether client. MHA Cayman is a subsidiary of MHA MacIntyre Hudson, which was recently sued in connection with audits conducted by the company in 2018 and 2019. As part of an agreement with the Attorney General of New York in February 2021, Tether is required to publish quarterly attestations of its assets and liabilities so that users understand what backs up the USDT stablecoin. In March 2021, #Tether released its first attestation report, which revealed the amount of its assets and liabilities. At the time, about 50% of his reserves were held in commercial paper, compared to 30.1%, according to the latest report. As of December 2021, the stablecoin issuer has $78.6 billion in assets, up from $41 billion on March 31, 2021. USDT is used by crypto investors who want to avoid the volatility of other cryptocurrencies. It is supposed to maintain the peg to the US dollar at a ratio of 1:1. The company is considered by many to be one of the biggest scams out there today – their assets are backed by phantom money, the data is virtually undisclosed, and the production of new coins is in full swing.