Tether is the world's largest stable asset publisher by market capitalization and has completed the reserve verification of BDO, the world's leading accounting firm.

The stable investment firm issued BDO's safeguard recommendations on Feb. 9, confirming the accuracy of Tether's Comprehensive inventory report (CRR) as of December 31, 2022.

According to CRR, the combined assets of Tether are at least $67 billion, exceeding the combined debt of $66 billion, and excess reserves are equivalent to at least $960 million.

In addition to lowering the agreed secured borrowing, the report also shows that Tether did not have commercial paper at the end of 2022.

As previously reported, by mid-to-late October 2022, Tether will completely remove commercial paper from US Special drawing Rights (USDT) reserves, followed by US Treasuries. The company first announced plans to deal with commercial paper in USDT reserves in June 2022. At the time, commercial paper accounted for less than 25 per cent of the US Department of Agriculture's total reserves of $82 billion.

On Thursday, Wade Adorno, Tether and Bitfinex's technical director, noted on Twitter that Tether showed "impressive malleability" in the gray rhino incident that weakened several data encryption companies during the bear market in 2022. He wrote:

Tether demonstrated an excellent risk management strategy, thus maintaining a leading level while ramping up profitability. Tether strictly implements its managers who are committed to building bitcoin and smooth BTC technology, and devote themselves to basic projects and infrastructure construction.

BDO pointed out that as of December 31, 2022, the CPA's recommendations were limited to CRR and the corresponding total consolidated assets and liabilities. "after testing the above account balance and information, it does not take into account the activities before and after the time and date here," the company added.

In addition, the financial audit firm stated that it did not implement all procedural processes or provide any assurance for accounting or non-financial activities except for the time or duration mentioned in the report.