Tether Holdings Releases Q3 2023 Financial Report
Tether Holdings Limited has recently published its assurance opinion, backed by an independent assessment conducted by BDO, a globally recognized accounting entity. The attestation, dated October 31, 2023, affirms the accuracy of Tether’s Consolidated Reserves Report (CRR) as of September 30, 2023. This report provides a detailed breakdown of the assets held by the company.
Record Percentage of Cash and Cash Equivalents
The CRR reveals that Tether now holds a historic 85.7% of its reserves in Cash and Cash Equivalents (C&Ceq). A significant portion of these reserves, amounting to US$72.6 billion, is invested in US Treasury Bills. This allocation demonstrates Tether’s commitment to maintaining liquidity and stability in the stablecoin market.
Reduced Secured Loans
The report also highlights a substantial reduction of over $330 million in secured loans extended by Tether. This reduction aligns with the company’s goal of eliminating secured loan exposure from its reserves over time. Tether aims to achieve this objective by utilizing surplus reserves and undistributed profits.
Investments in Research and Excess Reserves
Tether’s financial disclosure reveals investments exceeding $670 million in Q3 2023 and over $800 million year-to-date. These investments are separate from the reserves backing the issued tokens and reflect Tether’s long-term vision and resilience. Despite market fluctuations, Tether maintains a stable excess reserves buffer.
Independent Verification Confirms Financial Health
The independent attestation conducted by BDO confirms that Tether’s consolidated assets, valued at a minimum of US$86.4 billion, exceed its consolidated liabilities of US$83.2 billion. The assessment also emphasizes Tether’s diversification into sustainable energy, Bitcoin mining, data, and P2P technology sectors.
Tether’s Commitment to Transparency and Stability
The Q3 attestation reinforces Tether’s commitment to transparent and responsible financial management. It solidifies the company’s position as a credible and stable entity in the crypto-finance ecosystem.
Hot Take: Tether Demonstrates Financial Strength and Strategic Investments
Tether Holdings Limited has released its Q3 2023 financial report, which showcases the company’s strong financial standing and prudent asset management. With a record percentage of reserves held in Cash and Cash Equivalents, reduced secured loans, and strategic investments in research and development, Tether continues to prioritize liquidity and stability in the stablecoin market. The independent verification by BDO reaffirms Tether’s robust financial health and its commitment to transparency. By diversifying its investment portfolio into sustainable energy, Bitcoin mining, data, and P2P technology sectors, Tether demonstrates resilience amid market volatilities. Overall, Tether remains a credible and stable entity in the crypto-finance ecosystem.
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