Tether's Q3 Financial Disclosure Highlights $3.2 Billion Surplus, $1.7 Billion Bitcoin Reserves.
In its recently published financial disclosure for Q3 2023, Tether presented details of its assets, as confirmed by BDO. The Consolidated Reserve Report (CRR) shows that 85.7% of Tether's reserves are held in “Cash and Cash Equivalents,” primarily US T-Bills. The report also noted a significant decline in secured loans, totaling more than $330 million.
CRR highlights Tether's financial and risk management strategies. “We have achieved the highest percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability in the stablecoin ecosystem,” said Paolo Ardoino, CEO of Tether.
Tether further disclosed active investments in industry-related research, with total investments of more than $800 million since the start of the year. “Our investments in sustainable energy, Bitcoin mining, data and P2P technology demonstrate our commitment to building a more sustainable and inclusive financial future for all,” explained Ardoino.
Having just assumed the CEO position on October 13, 2023, Ardoino took over from Jean-Louis van der Velde. Tether has also diversified its investment portfolio, venturing into bitcoin (BTC) mining and making significant progress in the artificial intelligence (AI) sector with a $420 million investment in Nvidia GPUs. As of November 1, 2023, data shows 84.80 billion USDT circulating across different blockchains, with the majority split between Tron and Ethereum.
