Tether touts highest ever percentage of cash and cash equivalents in reserves

Quick Take

Stablecoin issuer Tether noted in its third quarter attestation report that it holds the largest percentage of cash and cash equivalents ever in reserves.
The firm also maintains $1.7 billion in bitcoin.

Tether's attestation report for the third quarter said that cash and cash equivalents accounted for 85.7% of its total reserves, the highest percentage ever.

Tether noted a "vast majority" of those reserves are U.S. T-Bills, which comprised $72.6 billion in both direct and indirect exposure.

“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," Paolo Ardoino, CEO of Tether, said in a statement.

Tether also holds $1.7 billion worth of bitcoin, as well gold worth $3.1 billion. It has excess reserves of $3.2 billion, it said in the report, noting total Tether tokens outstanding worth $83.2 billion.

Tether's stablecoin dominance

Tether's USDT stablecoin accounts for 68.4% of the total stablecoin supply at $91.1 billion as of Oct. 30, The Block's Data Dashboard shows.