Tether Holdings Limited Reaffirms Accuracy of Reserves Report
Tether Holdings Limited has released its assurance opinion for Q3 2023, confirming the accuracy of Tether’s reserves report. The report revealed that cash and cash equivalent reserves accounted for 85.7% of Tether’s holdings, with the majority being US T-Bills totaling $72.6 billion in direct and indirect exposure.
Weathering a Volatile Market
Tether also highlighted its ability to withstand market volatility, reporting quarterly returns of $1 billion from Cash and Cash Equivalent investments. In addition, Tether reduced its secured loans by $330 million, showcasing its proficiency in managing financial assets.
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… pic.twitter.com/ibKJRPlBAg— Paolo Ardoino 🍐 (@paoloardoino) October 31, 2023
In the Interest of Transparency
Furthermore, Tether’s new leadership emphasized its commitment to transparency by announcing the ability to publish real-time data on its reserves. This move aims to address longstanding questions from the crypto community since Tether’s inception in 2014.
Hot Take: Tether Maintains Stability and Improves Transparency
Tether Holdings Limited has provided reassurance of the accuracy of its reserves report for Q3 2023, showcasing its stablecoin’s resilience in a volatile market. With cash and cash equivalent reserves at an all-time high and reduced secured loans, Tether demonstrates its ability to manage financial assets effectively. The company’s commitment to transparency is further demonstrated by its real-time data publication on reserves. This announcement addresses concerns that have lingered within the crypto community for years. Tether’s efforts contribute to building trust and confidence in the stablecoin ecosystem.
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