Tether, the leading stablecoin issuer, reported in its third-quarter attestation report that cash and cash equivalents accounted for a record-high 85.7% of total reserves.
Tether, the leading stablecoin issuer, reported in its third-quarter attestation report that cash and cash equivalents accounted for a record-high 85.7% of total reserves.
The vast majority of these reserves, $72.6 billion, are kept in US Treasury bills (T-Bills), representing both direct and indirect exposure. Tether also has $1.7 billion in Bitcoin and $3.1 billion in gold on its balance sheet.
Paolo Ardoino, incoming CEO of Tether, said:
“We've achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem."
Tether's total outstanding tokens are valued at $83.2 billion, including $3.2 billion in excess reserves. Tether's USDT stablecoin continues to dominate the market, accounting for 68.4% of total stablecoin supply, or $91.1 billion.
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