- Tether Ltd reports a record high of $86.5 billion in total assets for the quarter ending June 30, 2023, showing increased trust and solidity.
- Despite past controversy with the US Commodity Futures Trading Commission, Tether’s consistent transparency efforts, including publishing quarterly attestation reports, have reinforced its reputation.
Tether Ltd, the prominent Hong Kong-based stablecoin issuer, has released its latest quarterly holdings report. The document reveals a remarkable surge in consolidated total assets, reaching an unprecedented high of $86.5 billion as of June 30, 2023.
Tether’s Growth: Reflecting Trust Amidst Turmoil
Stablecoins, like Tether’s USDT, are cryptocurrencies anchored to the value of a fiat currency, aiming to circumvent the volatility common to digital currencies. These asset-backed cryptocurrencies offer crypto traders the ease of entering and exiting positions while minimizing risk exposure, all without disengaging from the cryptocurrency sphere. Tether mints its dollar-pegged stablecoin USDT across numerous blockchains, each token supported by a 1:1 ratio with cash or equivalent reserves.
Yet, the road to success for Tether has not been without its bumps. A couple of years ago, the US Commodity Futures Trading Commission (CFTC) confronted Tether Ltd for allegedly mingling its cash reserves with “unsecured receivables and non-fiat assets”. This controversy was eventually put to rest when Tether opted to pay a $41 million fine and committed to regularly publishing quarterly reports detailing its reserves, a move that proved crucial in restoring and solidifying its credibility in the market.
The company’s latest report, verified by the reputable accountancy firm BDO Italia, reveals that the major portion of its total holdings at the quarter’s end – $55.8 billion – is accounted for by US Treasury Bills, marking a 5.2% increase from the previous reporting period. Additionally, Tether’s balance sheet includes $5.5 billion of secured loans, $3.3 billion in precious metals, $1.7 billion in bitcoin, $115 million in corporate bonds, $62.9 million in non-US Treasury Bills, and $2.4 billion in a category termed “other investments”.
Expressing immense pride in Tether’s latest reserves attestation, Paolo Ardoino, Tether’s Chief Technology Officer, emphasized the company’s staunch commitment to transparency.
“Transparency is not merely a catchphrase for us; it forms the bedrock of our philosophy. We are firm believers in open communication and robust financials fostering trust and dependability, qualities especially needed in a year that has witnessed several failures across the banking and crypto industry”,
Ardoino stated.
Best Crypto Exchange for Everyone:
- Invest in Tether and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
