Tether Publishes Q3 2023 Attestation Report with Highest Ever Cash and Cash Equivalent Reserves

The recently published Tether report for Q3 2023 show that the company’s cash reserves are healthy and secured loans have been reduced.

Tether Holdings Limited, the company responsible for the world’s largest stablecoin by market cap, USDT, has published its attestation for Q3 of 2023. According to Tether, the attestation re-affirms that Tether’s Consolidated Reserves Report (CRR) is accurate. The attestation report for Q3 2023 was completed by BDO, a major global independent public accounting firm.

Tether Figures for Q3 2023

Tether says it recorded the highest percentage of reserves held in Cash and Cash Equivalents (C&Ceq), which came in at 85.7%. Most of the funds are Treasury Bills, a total of $72.6 billion. Tether says this indicates the company’s commitment to ensuring that the USDT ecosystem is stable by maintaining strong liquidity. Tether also noted that it has reduced its secured loans by more than $330 million.

In addition to the above, the company boasted its efforts at risk management, which took the C&Ceq near $1 billion. Tether also said it has invested more than $800 million in industry-related research since the year began, noting that Q3 2023 alone saw nearly $670 million in investments.

Tether specified that the investments are unconnected to the reserves backing its USDT token.

The report also contained several other data points. For instance, the company noted that as of the end of Q3, Tether Group’s consolidated total assets was $86.3 billion, with total liabilities at $83.1 billion.

The company also stated that it has made several large investments into sustainable energy, Bitcoin mining, data, and P2P technology, spending more than $1.48 billion.

Speaking on Tether’s Q3 202, CEO Paolo Ardoino praised the company’s successes, especially with increasing C&Ceq and reducing loans, despite heavy market volatility. Ardoino added:

“We are proud of the robustness of Tether’s operational profits, showcasing our financial strength and resilience. Moreover, our investments in sustainable energy, Bitcoin mining, data, and P2P technology exemplify our commitment to building a more sustainable and inclusive financial future for all.”

Tether Accusing of Helping to Fund Terrorism and Warfare

In an interesting turn of events, a US Senator has accused Tether and Binance of financing Palestinian militant group Hamas. Senator Cynthia Lummis (R-WY) asked the US Department of Justice (DOJ) to take action against both companies. This follows a Wall Street Journal report that accused both companies of functioning as middlemen in the alleged Hamas funding.

In a letter co-signed by House Financial Services Subcommittee Chair French Hill, Lummis urged the DOJ to investigate the extent of both companies’ involvement and take “swift action” to “choke off funding sources for the terrorists currently targeting Israel.”

Both companies have earlier frozen accounts connected to terrorism. A little over 2 weeks ago, Tether said it froze more than 30 addresses linked to warfare and terrorism in Ukraine and Israel. These addresses reportedly held a total of $873,118. Binance has also frozen accounts linked to Hamas as requested by the Israeli Police.

Blockchain News, Cryptocurrency News, News

Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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