One of the enduring mysteries in crypto is how Tether, an offshore firm with a long history of dodgy business and accounting practices, has held its role as one of the most important pillars of the industry. Skeptics have for years predicted the stablecoin giant, whose $82 billion market cap is the third biggest in crypto, would collapse—yet Tether continues to grow bigger and more influential.
On Wednesday, the firm sought to show that its finances are in order by releasing an "assurance report" that purports to show it is not only solvent but in better shape than ever. The document, prepared by an outfit called BDO Italia, shows Tether has assets that exceed its liabilities by more than $2 billion and it is now holding sizable chunks of gold and Bitcoin.
