MN Coin

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 Tether’s newest reserve attestation shows the highest-ever percentage of cash equivalents, with most reserves consisting of U.S. T-bills and repurchase agreements.
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<div class="cointelegraph">
 <p>The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’s reserves.</p>
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  <p lang="en" dir="ltr">Tether today releases its <a rel="noopener noreferrer nofollow" title="attestation" href="https://thebittimes.com/tag/attestation.html">attestation</a> for Q3 /2023.- cash &amp; cash <a rel="noopener noreferrer nofollow" title="equivalent" href="https://thebittimes.com/tag/equivalent.html">equivalent</a> portion of reserves is all time high at 85.7%, yielding ~$1B<br><br>- US T-bill (direct and indirect) exposure at $72.6B<br>- reduced secured <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a> by $330M<br>- investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX pic.twitter.com/ibKJRPlBAg</p>— Paolo Ardoino (@paoloardoino) October 31, 2023
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 <p>According to the report, $56.6 billion worth of reserves are in U.S. Treasury bills with a maturity date of less than 90 days. Meanwhile, another $8.8 billion was held in reverse repurchase agreements involving these bills. There was $8.2 billion in U.S. Money Market funds pegged to $1 per note and $292 million in cash and bank deposits. Another $65 million is held in the form of treasury bills from countries other than the U.S.. The total amount of cash and cash equivalents is approximately $74 billion, which is 85.73% of Tether’s total reserves of $86.4 billion.</p>
 <p>The report also shows that Tether has reduced its reliance on secured loans as a means of raising revenue. Secured loans now make up only $5.1 billion worth of USDT reserves, which is approximately $336 million less than what the previous report showed. Tether was criticized in September for continuing to make secured loans after previously stating that it would wind these down.</p>
 <p><em><strong>Related: </strong><strong>Brazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactions</strong></em></p>
 <p>In an accompanying blog post, Tether forecast a further reduction in <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a> by the close of day on October 31. An additional $1.1 billion in <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a> will be wound down by this date, at which point only $900 million in <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a> will remain as part of reserves.</p>
 <p>BDO publishes <a rel="noopener noreferrer nofollow" title="attestation" href="https://thebittimes.com/tag/attestation.html">attestation</a>s of Tether’s reserves every quarter, with a one-month lag between the end of the quarter and the publication of the report. Tether claims that it is working on a system to provide real-time audit reports in 2024.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-attestation-shows-cash-and-cash-equivalents-of-86-as-loans-decline-tbt68579.html">https://thebittimes.com/tether-attestation-shows-cash-and-cash-equivalents-of-86-as-loans-decline-tbt68579.html</a></p>

Tether attestation shows cash and cash equivalents of 86% as loans decline

TheBitTimes

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