Tether touts highest ever percentage of cash and cash equivalents in reserves

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By BitcoinWiki News

Key Takeaways:

– Tether’s attestation report for Q3 shows that cash and cash equivalents account for 85.7% of its total reserves.
– The majority of these reserves are in U.S. T-Bills, with a total exposure of $72.6 billion.
– Tether also holds $1.7 billion worth of BTC (Bitcoin) and $3.1 billion worth of gold.
– The company has excess reserves of $3.2 billion, with a total of $83.2 billion worth of Tether tokens outstanding.
– Tether’s USDT stablecoin is dominant in the market, accounting for 68.4% of the total stablecoin supply at $91.1 billion as of Oct. 30.

Heading 1: Tether’s Third Quarter Reserves Report

Heading 2: Cash and Cash Equivalents Reach Record High

Tether’s attestation report for the third quarter revealed that cash and cash equivalents accounted for 85.7% of its total reserves, making it the highest percentage ever recorded.

Heading 2: Reserves Composition

The report highlighted that the “vast majority” of Tether’s reserves are invested in U.S. Treasury Bills, with a total exposure of $72.6 billion. This exposure includes both direct and indirect investments.

Heading 2: Commitment to Stability

Paolo Ardoino, the CEO of Tether, emphasized the company’s dedication to maintaining liquidity and stability within the stablecoin ecosystem. He stated that the achievement of the highest ever percentage of reserves held in cash and cash equivalents reflects this commitment.

Heading 2: Additional Assets and Excess Reserves

In addition to cash and cash equivalents, Tether holds $1.7 billion worth of bitcoin and gold worth $3.1 billion. The report also revealed excess reserves of $3.2 billion.

Heading 2: Stablecoin Dominance

Tether’s stablecoin, USDT, accounts for 68.4% of the total stablecoin supply, reaching $91.1 billion as of October 30th, according to data from The Block’s Data Dashboard.

Disclaimer: This article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.

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