In a landmark financial update, Tether Holdings Limited has disclosed its third-quarter results for 2023, reporting the highest percentage of cash reserves in its history. This announcement, detailed in the company’s latest assurance opinion, presents a reassuring picture of Tether’s financial stability, even as the crypto market continues to navigate through unpredictable waters.
The report from Tether showcases a significant detail about its reserve composition — 85.7% of its holdings are in Cash or Cash Equivalents. This considerable portion is primarily invested in US Treasury Bills, amounting to an impressive total of US$72.6 billion.
The crypto market is no stranger to volatility, and Tether’s financial performance stands out as a testament to its robustness. The quarterly returns from its Cash and Cash Equivalent investments are nearing the billion-dollar mark, an achievement that highlights the company’s prudent investment strategies and its ability to generate profit despite market uncertainties.
The latest attestation, executed by a leading public accounting firm ranked within the top five globally, reinforces the company’s financial health. Tether’s reported assets, totaling US$86.38 billion, exceed its liabilities, which confirms the stablecoin operator’s claims of having ample backing for the digital currency it issues.
The assurance opinion serves as a vital indicator of transparency and trust for Tether’s stakeholders and the broader cryptocurrency community. It comes at a critical time when investors and regulators are calling for greater clarity and confidence in the financial practices of digital currency operators.
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