Summary: Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report, revealing that its cash and cash equivalents have risen to 85.7% of reserves. The report also states that Tether holds $72.6 billion in US T-Bills, $1.7 billion in Bitcoin (BTC), and $3.1 billion in gold.

Tether, the company behind the USDT stablecoin, has published its attestation report for the third quarter of 2023. The report shows that the percentage of Tether’s reserves held in cash and cash equivalents has reached its highest ever level, at 85.7%. This represents an increase in the company’s liquidity and stability within the stablecoin ecosystem. The report also reveals that Tether holds $72.6 billion in US Treasury bills, making it the largest percentage of its cash and cash equivalents. Tether has also significantly reduced its secured loans by over $330 million, showcasing its robust risk management strategies. Tether’s CEO, Paolo Ardoino, has stated that their ability to maintain liquidity and weather market volatility is a testament to their dedication to stability.

Tether’s Bitcoin and Gold Holdings

Aside from its cash and cash equivalents, Tether also disclosed its holdings in other assets. The attestation report shows that Tether holds $1.7 billion worth of Bitcoin and $3.1 billion in gold. It’s worth noting that these investments do not constitute part of the stablecoin’s reserves. Additionally, Tether’s excess reserves as of the end of the third quarter are $3.2 billion, with a forecasted increase to $4.3 billion by October 31. This leaves approximately $0.9 billion in secured loans as part of Tether’s total reserves. Tether’s total issuance reached $83.2 billion by the end of Q3 and increased to $84.5 billion by the end of October, according to the company’s report.

FAQs

What is Tether?

Tether is the issuer of the USDT stablecoin, which is pegged to the US dollar. It is designed to provide stability and convenience for users in the crypto market.

What does the attestation report reveal about Tether’s reserves?

The attestation report for Q3, 2023 shows that Tether’s cash and cash equivalents have increased to 85.7% of reserves. The majority of these reserves are held in US T-Bills, amounting to $72.6 billion.

What other assets does Tether hold?

Aside from cash and cash equivalents, Tether holds $1.7 billion in Bitcoin (BTC) and $3.1 billion in gold. These holdings are not considered part of Tether’s reserves.

What is the total issuance of Tether?

Tether’s total issuance reached $83.2 billion by the end of Q3 and increased to $84.5 billion by the end of October, according to the company’s report.

What is the significance of reducing secured loans?

Tether’s significant reduction in secured loans by over $330 million demonstrates the company’s robust risk management strategies and ability to navigate market volatility.