Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
The stablecoin issuer’s US Treasury holdings are comparable to those of major foreign holders, while its Bitcoin reserves were valued at $8.37 billion at the end of September.
Tether reported $1.5 billion in third-quarter operating profit as its excess reserves nearly doubled to $7.95 billion, according to figures released alongside its latest attestation prepared by independent accounting firm BDO.
The company held $191.5 billion in assets against $183.5 billion in liabilities at the end of September, leaving a reserve surplus of $7.95 billion, nearly double the $4.1 billion reported in June. Its assets included $132.4 billion in direct and indirect US Treasury bill holdings.
That exposure is comparable to South Korea’s $134.2 billion in US government debt and exceeds the United Arab Emirates’ $116.1 billion, according to August data from the US Treasury Department.