10 months ago
Tether’s newest reserve attestation shows the highest-ever percent of currency equivalents, with astir reserves consisting of U.S. T-bills and repurchase agreements.
The reserves for stablecoin issuer Tether contained astir 86% currency and currency equivalents arsenic of September 30, according to a caller attestation study from accounting steadfast BDO. This is the highest percent of currency and currency equivalents that person ever made up Tether’s reserves.
Tether contiguous releases its attestation for Q3 /2023.- currency & currency equivalent information of reserves is each clip precocious astatine 85.7%, yielding ~$1B
- US T-bill (direct and indirect) vulnerability astatine $72.6B
- reduced secured loans by $330M
- investments successful energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX pic.twitter.com/ibKJRPlBAg
According to the report, $56.6 cardinal worthy of reserves are successful U.S. Treasury bills with a maturity day of little than 90 days. Meanwhile, different $8.8 cardinal was held successful reverse repurchase agreements involving these bills. There was $8.2 cardinal successful U.S. Money Market funds pegged to $1 per enactment and $292 cardinal successful currency and slope deposits. Another $65 cardinal is held successful the signifier of treasury bills from countries different than the U.S.. The full magnitude of currency and currency equivalents is astir $74 billion, which is 85.73% of Tether’s full reserves of $86.4 billion.
The study besides shows that Tether has reduced its reliance connected secured loans arsenic a means of raising revenue. Secured loans present marque up lone $5.1 cardinal worthy of USDT reserves, which is astir $336 cardinal little than what the erstwhile study showed. Tether was criticized successful September for continuing to marque secured loans aft antecedently stating that it would upwind these down.
Related: Brazil’s USDT adoption soars successful 2023, makes up 80% of each crypto transactions
In an accompanying blog post, Tether forecast a further simplification successful loans by the adjacent of time connected October 31. An further $1.1 cardinal successful loans volition beryllium coiled down by this date, astatine which constituent lone $900 cardinal successful loans volition stay arsenic portion of reserves.
BDO publishes attestations of Tether’s reserves each quarter, with a one-month lag betwixt the extremity of the 4th and the work of the report. Tether claims that it is moving connected a strategy to supply real-time audit reports successful 2024.
English (US) 