The post Tether attestation shows cash & cash equivalents rose to 85.7% appeared on BitcoinEthereumNews.com.

Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report. It shows the company’s cash and cash equivalents increased to 85.7% of reserves, with $72.6 billion in US T-Bills. Tether holds $1.7 billion in BTC and $3.1 billion in gold. Tether has released its attestation report for Q3, 2023 that shows the USDT stablecoin issuer’s cash and cash equivalent reserves have risen to its highest ever percentage share of total reserves. Per the report published Tuesday, cash and cash equivalents stood at 85.7% as of September 30 this year. Of this, the largest percentage was in US T-Bills at $72.6 billion – which were in both direct and indirect exposure. Tether also reported a significant reduction in its secured loans, with this at more than $330 million. “We’ve achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem. Our ability to reduce secured loans and weather market volatility is a demonstration of our robust risk management strategies,” Tether CEO Paolo Ardoino said. Tether’s Bitcoin, gold holdings Cash and cash equivalent investments returns in the quarter was nearly $1 billion, while investments in industry-related research projects was $670 million for the quarter and $800 million for the year. Notably, the USDT issuer says the investments do not constitute part of the stablecoin’s reserves. Tether today releases its attestation for Q3 /2023.- cash & cash equivalent portion of reserves is all time high at 85.7%, yielding ~$1B – US T-bill (direct and indirect) exposure at $72.6B– reduced secured loans by $330M– investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX pic.twitter.com/ibKJRPlBAg — Paolo Ardoino 🍐 (@paoloardoino) October 31, 2023 The consolidated reserves shows $1.7 billion in Bitcoin (BTC) and $3.1 billion worth…

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Filed under: News - @ October 31, 2023 8:10 pm