According to the latest financial attestation for the second quarter of 2023, published by Tether, a blockchain firm, Tether continues to increase its treasury reserve holdings backing circulating USDT tokens, stated Cointelegraph.
“Tether Excess Reserves increase by 850 million to reach $3.3 billion as Leading Stablecoin Reveals $72.5 billion overall exposure in US T-Bills and Unveils Energy-Related Investments,” Tether tweeted.
Sources revealed that the report also mentioned that this is the first time the company has disclosed its indirect exposure to United States Treasury held by money market funds as well as U.S. Treasury collateralising its overnight repo. “By aggregating them together, the amount of Treasuries backing Tether’s stablecoins is about $72.5 billion,” Cointelegraph added.
Furthermore, “We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry,” Paolo Ardoino, chief technology officer, Tether, told Cointelegraph.
(With insights from Cointelegraph)