In a remarkable move, Tether has substantially increased its T-Bills holdings, reaching $72.5 billion in US Treasury bonds. This shows its commitment to securing the USDT stablecoin with robust reserves and enhancing transparency.
The news was shared by Paolo Ardoino, CTO of Tether, on the Twitter. Through this achievement, Tether surpassed countries like UAE, Mexico, Australia, and Spain in T-bill holdings.
Tether (USDT), the world’s largest stablecoin and the third-largest cryptocurrency, with a substantial market cap of $82.8 billion as per CoinMarketCap, retains its title as the most widely used stablecoin globally.Â
This expansion comes as Tether’s latest 2023 second-quarter report reveals an impressive $850 million surge in excess reserves, bringing the total to a $3.3 billion.
This financial update divulges that Tether now possesses a whopping $86.4 billion in consolidated total assets. It can easily outweighing its consolidated total liabilities of $83.17 billion.
Additionally, Tether’s operational profits have soared by 30% compared to the previous quarter, surpassing $1 billion.
However, amidst these gains, USDT’s market cap has encountered a decline. According to a Bloomberg report citing CCData, USDT’s market cap experienced a 1.2% fall, settling at $82.9 billion in August.
Also Read: Tether’s $11.6B Mortgage Loan Surge in Two Years
