USDT Issuer Tether Attestation Shows $3.2B in Excess Reserves

Tether reported $3.2 billion in excess reserves backing the value of its stablecoins, including USDT, according to Q3 certificate It was released on Tuesday.

Approved by the accounting firm BDO Italy. certification disclosed that as of September 30, it had $86.4 billion in assets in reserves against $83.2 billion in liabilities. The $86.4 billion in assets includes approximately $72.6 billion of exposure to U.S. Treasury securities, including direct investments in Treasury bills, repurchase contracts and deposits in money market funds.

The assets also include $5.2 billion in secured loans, down $330 million from the previous quarter, but much work remains for the company to meet its December 2022 commitment. . to reduce debt It will be reduced to zero in 2023.

Tether’s USDT is the most popular stablecoin, currently boasting a market capitalization of $84 billion. The company also issues a number of other digital currencies pegged to fiat currency and gold.

Rising interest rates have made the business sizable, with Tether saying its quarterly profits from its holdings are once again approaching $1 billion.

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