Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report. It shows that the company’s cash and cash equivalents have increased to an all-time high of 85.7% of reserves, with $72.6 billion in US T-Bills. Additionally, the company also holds $1.7 billion in Bitcoin (BTC) and $3.1 billion in gold.
According to the report, 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 states that these investments do not constitute part of the stablecoin’s reserves.
Tether CEO Paolo Ardoino commented, “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.”
The consolidated reserves show $1.7 billion in Bitcoin (BTC) and $3.1 billion worth of gold. Meanwhile, excess reserves as of the end of the third quarter was $3.2 billion and forecast $4.3 billion for October 31, which will leave roughly $0.9 billion in secured loans as part of the total reserves.
Tether issuance stood at $83.2 billion as of the end of Q3, and rose to $84.5 billion by the end of October, 2023. This attestation report signals Tether’s dedication to maintaining liquidity and stability within the stablecoin ecosystem.