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.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.