Stablecoin issuer Tether has announced in its verification report covering the last three months that it has reached the highest percentage of cash and cash equivalents in its reserves to date.
“We have reached the highest percentage of cash and cash equivalents held in reserves to date, signaling our commitment to maintaining liquidity and stability in the stablecoin ecosystem.”Tether CEO Paolo Ardoino
Most of the Reserves Consist of US Treasury Bonds
According to Tether’s third-quarter report, cash and cash equivalents make up 85.7% of the total reserves. Additionally, a significant portion of the reserves is composed of US Treasury Bonds, both directly and indirectly, with $72.6 billion of the total reserves coming from these bonds.
Tether also holds $1.7 billion worth of Bitcoin and $3.1 billion worth of gold. Moreover, it is reported that Tether has a surplus of $3.2 billion in reserves, and the outstanding total value of Tether tokens is $83.2 billion.
Finally, the company claims to be working on a system to provide real-time audit reports in 2024 for further transparency.