Tether Reports Highest Percentage of Cash and Cash Equivalents in Reserves
Tether, the company behind the popular stablecoin USDT, has released its attestation report for the third quarter, revealing that cash and cash equivalents make up 85.7% of its total reserves. This is the highest percentage ever recorded by Tether.
The majority of these reserves are held in U.S. Treasury Bills (T-Bills), with a total exposure of $72.6 billion. Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to maintaining liquidity and stability within the stablecoin ecosystem.
In addition to cash and T-Bills, Tether also holds $1.7 billion worth of bitcoin and $3.1 billion worth of gold. The report states that Tether has excess reserves of $3.2 billion, while the total value of Tether tokens in circulation is $83.2 billion.
Tether’s Dominance in the Stablecoin Market
According to The Block’s Data Dashboard, Tether’s USDT stablecoin currently accounts for 68.4% of the total stablecoin supply, amounting to $91.1 billion as of October 30th.
Hot Take: Tether Continues to Strengthen Its Reserves
Tether’s latest attestation report showcases its dedication to maintaining a high percentage of cash and cash equivalents in its reserves, demonstrating stability and liquidity in the stablecoin market. With a significant portion invested in U.S. Treasury Bills and substantial holdings of bitcoin and gold, Tether continues to solidify its position as a leading player in the cryptocurrency industry. As the dominant stablecoin, USDT’s market share remains strong, reflecting its widespread use and trust among crypto investors. Tether’s commitment to transparency through regular reports further enhances its credibility and reinforces its role as a vital component of the digital asset ecosystem.
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