Tether Holdings Ltd.’s Q3 2023 financial report, validated by BDO, reveals a $3.2 billion surplus and a significant portion of reserves in Cash and Cash Equivalents, emphasizing liquidity and stability. CEO Paolo Ardoino discusses strategic investments, including Bitcoin mining and AI.
Tether Holdings Ltd. has released its Q3 2023 financial statements, solidified by BDO, a renowned independent accounting firm. The report showcases a substantial $3.2 billion surplus underpinning the company’s tokens.
Notably, 85.7% of Tether’s reserves consist of “Cash and Cash Equivalents,” primarily U.S. T-Bills, indicating a strong commitment to liquidity and stability in the stablecoin ecosystem. The report also highlights a significant reduction in secured loans, surpassing $330 million.
CEO Paolo Ardoino stated, “We’ve reached the highest-ever percentage of our reserves held in Cash and Cash Equivalents,” reflecting the company’s dedication to stability.
Tether’s strategic investments in sustainable energy, Bitcoin mining, data, and P2P technology, totaling over $800 million, underscore their commitment to a more sustainable financial future.
Furthermore, Tether’s recent CEO transition and diversification into Bitcoin mining and AI with a $420 million investment in Nvidia GPUs signify the company’s evolving strategies.
As of November 1, 2023, 84.80 billion USDT circulate across multiple blockchains, with a significant presence on Tron and Ethereum.