Is USDT Tethered to FUD?

Tether just released their Quarterly Assurance Opinion, demonstrating that they have the appropriate reserves and showing that their consolidated assets are greater than their liabilities. According to the report:

• They have reduced commercial paper holdings by 17% over the prior quarter from $24.2B to $20.1B.
• They continued this reduction by reducing commercial paper holdings by another 20% since April 1st which will be reflected in their Q2 report.
• Secured loans have been reduced by $1B.
• They have increased their balance of US Treasury Bills by 13% from $34.5B to $39.2B.
• The average rating of the commercial paper that they hold has gone from A-2 to A-1.
• This assurance opinion was reviewed and attested to by the independent accountants MHA Cayman, reaffirming the accuracy of the Consolidated Reserves Report.

Unlike Circle (the company behind USDC) Tether is not a US-traded company and therefore is not held to the requirements of the SEC, something that gives some investors reassurance about the health of a company and its balance sheet. Annual reports, audits, disclosures, and SEC filings are one reason that USDC is not questioned as often as USDT.

Tether has long been under fire by the market with claims that it did not have the appropriate reserves to redeem every USDT in issuance for $1. They began releasing reports and third-party attestations in an effort to change market perspective.