On Friday, Tether, the digital asset company behind the biggest stablecoin in crypto, presented its quarterly assurance report independently audited by a top-tier public accounting firm named BDO.
The stablecoin issuer used BDO’s service to further verify the earlier-released Consolidated Reserves report. Indeed, the study focused on the company’s assets as of the end of the second quarter of 2022.
BDO’s examination of Tether’s reserves revealed a 58% decline in commercial paper holdings. The overall amount of such holdings in the company’s reserves decreased from $20 billion to $8.5 billion during the last quarter of 2022.
Notably, this is consistent with prior statements made by CTO Paolo Ardoino on plans to dramatically lower the stablecoin issuer’s short-term business debt. Earlier this year, Ardoino was cited as saying that the digital asset behemoth will eliminate its commercial paper by the end of 2022.
According to the audit report released on Friday, the corporation increased its cash holdings and bank deposits by almost 32% over the preceding quarter. Moreover, the audit conducted on Friday confirmed the company’s reserve statements for assets held as of June 30, 2022.
At press time, Tether’s USDT remains the most valuable stablecoin, with a market capitalization of over $60 billion. CoinMarketCap data indicates that Circle’s USDC is the closest rival with a market capitalization exceeding $50 billion.
Ardoino commented that the company intends to preserve its leadership position while contributing to the global digital economy.
Also Read: Ethereum price may fall compared to Bitcoin for the first time in 7 weeks
