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.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


To contact the editor of this story:
Nathan Crooks at
[email protected]