Bitcoin’s Rebound Drove Most of Tether’s $3.8 Billion Reserve Recovery
By Unchained
AI summary of the source article
Tether reported $7.95 billion in excess reserves as of September 30, an increase of roughly $3.85 billion from June. The growth was primarily driven by valuation gains in its bitcoin and gold holdings.
Why it matters
CEO Paolo Ardoino said the quarter’s profit and excess reserves give the company “a strong foundation for that work,” referring to keeping USDT reliable under market stress.
Key facts
- Tether held $191.45 billion in total assets against $183.5 billion in liabilities on September 30.
- A 42.6% increase in bitcoin's price over the quarter added approximately $2.47 billion to reserve value.
- Tether reported $1.5 billion in net operating profit for the third quarter, largely derived from Treasury bills and reverse repos.
Source excerpt · Unchained
Higher marks on bitcoin and gold account for most of the $3.8 billion recovery in the USDT issuer's cushion, by Unchained's count of its quarterly reserve reports. The post Bitcoin’s Rebound Drove Most of Tether’s $3.8 Billion Reserve Recovery appeared first on Unchained .