Ahmed Ali BDO, a globally recognized independent accounting agency, authenticated Tether Holdings Ltd.’s Q3 2023 financial records on Tuesday. The agency provided an assurance verdict, uncovering a substantial $3.2 billion in excess reserves that back the firm’s tokens, with a portion of these reserves underpinned by U.S. Treasuries.
Documentation Affirms Over 85% of Tether’s Reserves Consist of Cash and Analogous Assets
Tether’s asset distribution was illustrated in its Q3 2023 financial report, as verified by BDO. The Consolidated Reserves Report (CRR) stated that 85.7% of Tether’s reserves are encompassed in “Cash and Cash Analogous Assets,” with the primary holding being US T-Bills. Moreover, the report highlighted a marked decline in collateralized borrowings, surpassing $330 million.
The CRR provides an insightful perspective on Tether’s fiscal tactics and risk oversight. Paolo Ardoino, Tether’s CEO, commented, “The pinnacle proportion of our reserves in Cash and Cash Analogous Assets has been achieved, underscoring our unwavering commitment to ensuring liquidity and a stable presence in the stablecoin arena.”
Tether also disclosed its proactive engagement in sectors pertinent to their industry, registering investments that exceed $800 million from the year’s commencement. Ardoino further detailed, “Our capital allocations in green energy, Bitcoin mining operations, data analytics, and P2P technologies resonate with our vision of sculpting a sustainable and universal financial landscape.”
Having recently assumed the CEO role on October 13, 2023, Ardoino succeeded Jean-Louis van der Velde. Concurrently, Tether has been expanding its investment horizons, delving into Bitcoin (BTC) mining and making remarkable advances in the artificial intelligence (AI) domain through a $420 million investment in Nvidia GPUs. As the data from November 1, 2023, indicates, there’s an 84.80 billion USDT in circulation across diverse blockchains, predominantly partitioned between Tron and Ethereum.
Your insights regarding Tether’s recent financial revelations would be greatly appreciated. Kindly express your views and perspectives on this topic in the comments section beneath.
Table Of Contents
Frequently Asked Questions (FAQs) about Tether’s Q3 2023 Financial Report
What does Tether’s Q3 2023 financial report disclose about their reserves?
Tether’s Q3 2023 report reveals a substantial $3.2 billion in excess reserves. A significant portion of these reserves back the firm’s tokens, with some underpinned by U.S. Treasuries.
How much of Tether’s reserves are in Cash and Analogous Assets according to the Q3 2023 report?
85.7% of Tether’s reserves are encompassed in “Cash and Cash Analogous Assets,” with the primary holding being US T-Bills.
What significant reduction in borrowings did the report highlight?
The report highlighted a marked decline in collateralized borrowings, surpassing $330 million.
In which sectors has Tether made substantial investments?
Tether has registered investments exceeding $800 million since the beginning of the year in sectors such as green energy, Bitcoin mining operations, data analytics, and P2P technologies.
Who is the current CEO of Tether as of Q3 2023?
Paolo Ardoino is the CEO of Tether, having assumed the role on October 13, 2023, succeeding Jean-Louis van der Velde.
Has Tether ventured into the artificial intelligence (AI) domain?
Yes, Tether has made remarkable advances in the artificial intelligence (AI) domain through a $420 million investment in Nvidia GPUs.
As of November 1, 2023, how much USDT is in circulation and on which main blockchains?
There is an 84.80 billion USDT in circulation across diverse blockchains, predominantly partitioned between Tron and Ethereum.
More about Tether’s Q3 2023 Financial Report
- Tether’s Official Website
- BDO Global’s Official Website
- Overview of Stablecoins
- US T-Bills Explained
- Bitcoin Mining Overview
- Nvidia’s AI and GPU Technologies
- Introduction to Tron Blockchain
- Ethereum’s Official Website
7 comments
wow, that’s a lot in reserves. but why so much in bitcoin? isn’t it risky?
tether always in the news for some reason or other. keeping an eye on this one.
Their spread between Tron and Ethereum is interesting. any reason theyre not considering other blockchains.
Anyone else curious about their AI investment? Nvidia GPUs are great and all but wondering what theyre actually doing with them…
Paolo Ardoino stepping in as CEO seems promising. i’ve heard good things about him.
the report seems solid but im still skeptical. remember the whole bitfinex thing?
Is it just me or do these numbers from Tether seem a bit inflated? Hard to trust everything these days…