According to Ethereum World News, a report carried out by Freeh Sporkin & Sullivan LLP (FSS) states that Tether (USDT) is adequately backed by real USD reserves. The FSS audit report is the result of an examination of the USDT balance carried out on a random date and a comprehensive review of the pertinent details of Tether Ltd’s bank accounts.
FSS confirmed that Tether (USDT) is backed by US Dollar reserves
Freeh Sporkin & Sullivan LLP (FSS) is a law firm based in Washington, DC. The firm was given complete access to all the banking details and documentation for their audit report on Tether (USDT) and Tether Ltd.
Accordingly, on June 1st, the FSS reported that Tether’s bank accounts totaled $2,545,067,236.82. At the same date, the number of USDT on the market was $2,538,090,823.52. The survey then said that Tether’s total assets were more than the fully-backed USDT in circulation.
Despite speculation, we have consistently stated that Tether is backed by USD reserves at or above the outstanding Tether at any given time, and we are pleased to have independent verification of this to answer some of the questions raised by the public.
Jan Ludovicus van der Velde, CEO of Tether Ltd.
The report that confirms that Tether (USDT) is indeed backed by US Dollars reserves is excellent news for Tether Ltd.
This is excellent news from Tether Ltd, as every digital asset has been subject to considerable controversy recently due to recent investigations carried out by members of the finance department at the University of Texas (Austin), and who postulated that Tether (USDT) would have been employed to prop up the price of Bitcoin (BTC) through BTC downturn periods.
Now, the Freeh Sporkin & Sullivan LLP (FSS) report only solves out a part of the issues surrounding Tether Ltd and its Tether (USDT) cryptocurrency. Namely, the report confirms that Tether (USDT) is backed by US Dollar reserves.
