The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’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
According to the report, $56.6 billion worth of reserves are in U.S. Treasury bills with a maturity date of less than 90 days. Meanwhile, another $8.8 billion was held in reverse repurchase agreements involving these bills. There was $8.2 billion in U.S. Money Market funds pegged to $1 per note and $292 million in cash and bank deposits. Another $65 million is held in the form of treasury bills from countries other than the U.S.. The total amount of cash and cash equivalents is approximately $74 billion, which is 85.73% of Tether’s total reserves of $86.4 billion.
The report also shows that Tether…
