Tether froze more than 1.567B USDT tied to the Binance hack within hours.
Then came its Q3 attestation today: $1.5B in net operating profit.
That's a pretty interesting week for one company.
What the report shows, as of Sep 30:
~$191.5B in assets vs ~$183.5B in liabilities
~$7.95B excess reserves, up from $4.1B in Q2
~$132.4B in US T-bills, direct and indirect
~10% in precious metals, ~4.4% in bitcoin
At Q3's average 3-month bill yield of ~3.8%, those T-bills alone earn roughly $1.25B a quarter.
My read is Tether's profit is mostly a rates business now, not a growth one.
$USDT supply went from $187.3B on Jan 1 to $180.5B today, per DefiLlama.
But the Sep 30 numbers predate this week, and the T-bill math is my estimate, not Tether's breakdown.
Does Tether even need supply to grow, as long as rates stay near 4%?
Then came its Q3 attestation today: $1.5B in net operating profit.
That's a pretty interesting week for one company.
What the report shows, as of Sep 30:
~$191.5B in assets vs ~$183.5B in liabilities
~$7.95B excess reserves, up from $4.1B in Q2
~$132.4B in US T-bills, direct and indirect
~10% in precious metals, ~4.4% in bitcoin
At Q3's average 3-month bill yield of ~3.8%, those T-bills alone earn roughly $1.25B a quarter.
My read is Tether's profit is mostly a rates business now, not a growth one.
$USDT supply went from $187.3B on Jan 1 to $180.5B today, per DefiLlama.
But the Sep 30 numbers predate this week, and the T-bill math is my estimate, not Tether's breakdown.
Does Tether even need supply to grow, as long as rates stay near 4%?
