Crypto Money Laundering: Tether Attestation Shows 86% Cash and Cash Equivalents As Loans Decline.
Tether attestation shows cash and cash equivalents of 86% as loans decline

Tether’s Cash and Cash Equivalents Reserves

Tether, a stablecoin issuer, has the highest percentage of cash and cash equivalents that have ever made up its reserves, according to a new attestation report from accounting firm BDO. The report states that out of the total reserves of $86.4 billion, $56.6 billion is in U.S. Treasury bills with a maturity date of less than 90 days, $8.8 billion is held in reverse repurchase agreements involving these bills, $8.2 billion is in U.S. Money Market funds pegged to $1 per note, $292 million is in cash and bank deposits, and $65 million is in treasury bills from countries other than the U.S.. This brings the total amount of cash and cash equivalents to approximately $74 billion, which is 85.73% of Tether’s total reserves.

Tether has also reduced its reliance on secured loans as a means of raising revenue. The current amount of USDT reserves from secured loans is $5.1 billion, which is $336 million less than the previous report. The company had been criticized in September for continuing to make secured loans after previously stating that it would wind these down. Tether has forecast that by the close of day on October 31, an additional $1.1 billion in loans will be wound down, leaving only $900 million in loans as part of reserves.

BDO puts out attestations of Tether’s reserves every three months, with a one-month delay between the end of the quarter and the release of the report. Tether has expressed that it is developing a system to provide real-time audit reports by 2024, which is the current crypto market.

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