<\/p>\n
Tether, issuer of stablecoin USDT, revealed on Thursday that its assets have fallen slightly to $86.1 billion, down from $86.5 billion in July.<\/p>\n
Total liabilities dropped to $82.8 billion from $83.2 billion last month.<\/p>\n
The difference of $3.3 billion, or about 4% of its liabilities, Tether cites as a shareholder equity buffer in an update<\/a>.<\/p>\n Tether issue USDT tokens across 15 different blockchains. Among these, the Solana ecosystem is pre-authorized for the highest value of issuance at $1.57 billion, followed by Ethereum and Tron with pre-authorized values of $617 million and $353 million, respectively, according to the latest update.<\/p>\n The transparency report from Tether supplements its quarterly reserve attestation, intended to address ongoing concerns about the stablecoin\u2019s asset backing and liquidity.<\/p>\n The report doesn\u2019t detail the composition of reserve assets backing USDT. Industry observers have questioned<\/a> the reserves dwindling cash and bank deposits position which was down to $90.8 million as on June 30, from $481.3 million the previous quarter.<\/p>\n In Oct. 2021, Tether agreed to a $41 million penalty from the Commodity Futures Trading Commission for making inaccurate statements about its reserves.\u00a0<\/p>\n As part of a 2021 agreement with the New York Attorney General\u2019s office, Tether committed<\/a> to releasing quarterly reserve reports for a two-year period. The company said on its website<\/a> that it fulfilled this obligation earlier this year.<\/p>\n After bringing on BDO Italia as its accounting firm, Tether said it would publish its financial reports monthly from the start of 2023.<\/p>\n No transparency reports from Tether have drawn regulatory scrutiny over the past two years.<\/p>\n Earlier this month, Tether said it decided to discontinue support for Kusama, Bitcoin Cash SLP, and Omni Layer implementation.<\/p>\n \u201cWhile this shift signifies a transition, the focus will now be on directing resources toward the development of RGB,which is a client-side validated state and smart contracts system that operates on Layer 2 and 3 of the Bitcoin ecosystem,\u201d a spokesperson said.<\/p>\n Coinbase plans to remove USDT trading<\/a> for Canadian users starting in September, citing compliance with listing standards.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Tether, issuer of stablecoin USDT, revealed on Thursday that its assets have fallen slightly to $86.1 billion, down from $86.5 billion in July. Total liabilities dropped to $82.8 billion from $83.2 billion last month. The difference of $3.3 billion, or about 4% of its liabilities, Tether cites as a shareholder equity buffer in an update. […]<\/p>\n","protected":false},"author":2,"featured_media":142311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142310"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142310\/revisions"}],"predecessor-version":[{"id":146678,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142310\/revisions\/146678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142311"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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