Tether, the company behind stablecoin USDT, has released data for the third quarter. The data was also certified by BDO. Let us point out that BDO is a global independent public accounting firm ranked in the top five in the world.
Details of Tether statement
The data announced by Tether includes a breakdown of the assets held by the company as of September 30. Accordingly, 85.7% of the reserve is held in Cash and Cash Equivalent Assets (C&Ceq). The majority of this is in US bonds. Accordingly, the numerical equivalent is 72.6 billion dollars. Tether also explains why. The main reason here is to preserve liquidity and ensure stability.
The report also highlights that there has been a significant decrease in the amount of secured loans provided by Tether, amounting to over $330 million. This move further increases confidence in Tether’s ability to prudently manage its financial assets. It also underlines its commitment to transparency and accountability in the cryptocurrency space.
Revenues are also announced
In a continuation of its commitment to transparency, Tether announced that quarterly returns from Cash and Cash Equivalent investments have once again approached $1 billion, leveraging its robust risk management strategies and capacity to withstand market volatility. Tether, the company behind USDT, also invests in research across sectors. Accordingly, the relevant quarter announced that it made an investment of 670 million dollars.
Tether also announced that it was reducing some of its gold and BTC reserves. Accordingly, there is a decrease of $116 million for gold and $195 million for Bitcoin. Tether points out that this is for the purpose of balancing excess reserves. It is also noted that this situation contributes to financial positions for Tether.
Consolidated assets
Tether also pointed out clear details in the statement regarding its holdings. Accordingly, the company’s assets exceed its liabilities. The group’s consolidated total assets amount to at least US$86,384,653,832. The Group’s consolidated total liabilities are US$83,176,997,409, of which US$83,153,363,663 relates to issued stablecoins. The company also holds $1.7 billion worth of Bitcoin. He also has gold worth 3.1 billion dollars. Other assets worth $3.7 billion stand out.
Tether states that the loan discount continues for secured loans. Additionally, Bitcoin and Gold continue to serve as important hedges. The company does not consider investments in sustainable energy, Bitcoin mining, data and P2P technology as part of its reserves backing the issued tokens. Investments in these areas have reached 668,891,473 US dollars in the 3rd quarter of 2023. When we look at Kriptokoin.com, the figure is 809,491,473 US dollars since the beginning of the year.
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