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Tether has released an assurance report that provides a breakdown of the company's consolidated assets.
Per the report, Tether has a total backing of $62.7 billion, which is roughly the same as the total market cap for the industry's most popular stablecoin.
The minor discrepancy between CoinGecko's current figure of $62.8 billion is likely due to the lapse between now and when the latest assurance report was executed. The report was conducted by Moore Cayman, a Cayman Islands-based auditor, on June 30, 2021.
Of that total backing, $30.8 billion comes from commercial paper and certificates of deposit. Critically, just 10% of Tether's backing comes from cash and bank deposits.
The report has been published following Tether's breakdown of its reserves in May of this year. That report showed that under 3% of all Tether's were backed by cash, despite previous claims that Tethers were 100% backed by cash.
This is a developing story, check back for updates.