Tether’s Q3 2023 Attestation Reveals Over $330M Reduction in Secured Loans

Tether Holdings Limited has released its assurance opinion for Q3 of 2023, which was reviewed by the independent auditing firm BDO. The review confirms the accuracy of Tether's Consolidated Reserves Report (CRR) for the third quarter, outlining Tether's assets as of September 30th, 2023.

The CRR indicates that Tether now holds the highest percentage of its reserves in Cash and Cash Equivalents (C&Ceq) at 85.7%.

The majority of these reserves, totaling $72.6 billion, are in the form of U.S. T-Bills while reducing its secured loans by over $330 million.

Tether disclosed that their quarterly returns from Cash and Cash Equivalent investments are nearly $1 billion. The company also invested over $800 million in industry-related research this year, including nearly $670 million in Q3 2023. These investments are separate from the reserves supporting the issued token.

https://twitter.com/paoloardoino/status/1719365334728065057

The CRR and BDO's review confirm that Tether's consolidated assets continue to exceed its consolidated liabilities as of September 30th, 2023.

As of that date, Tether Group's consolidated total assets amount to at least US$86,384,653,832, while consolidated total liabilities stand at $83,176,997,409, with $83,153,363,663 related to digital tokens issued. This confirms that Tether's consolidated assets surpass its liabilities.

Tether Group has made large investments in sustainable energy, Bitcoin mining, data, and P2P technology in Q3 2023, totaling $668,891,473, and $809,491,473 since the beginning of the year. These investments are separate from the reserves backing the issued token.

CEO of Tether Paolo Ardoino stated:

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. Our ability to reduce secured loans and weather market volatility is a demonstration of our robust risk management strategies. 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.