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Tether Reports $3.2B Excess Reserves, but Lags in Reducing Secured Loans
The USDT stablecoin currently has a market cap of roughly $84 billion.
Updated Oct 31, 2023, 6:24 p.m. Published Oct 31, 2023, 4:32 p.m.
Tether reported $3.2 billion of excess reserves backing the value of its stablecoins including USDT, according to its Q3 attestation released Tuesday.
Signed off on by accounting firm BDO Italy, the attestation disclosed $86.4 billion of assets in reserves as of September 30 against $83.2 billion in liabilities. Those $86.4 billion in assets included about $72.6 billion exposure to U.S. Treasuries such as direct T-bill investments, repurchase agreements and deposits in money market funds.
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The assets also included $5.2 billion of secured loans, a reduction of $330 million from the previous quarter, but with much work left to be done if the company is to fulfill its December 2022 promise to reduce loans to zero in 2023.
Tether's USDT is the most popular stablecoin, now boasting an $84 billion market capitalization. The company also issues a number of other digital currencies pegged to fiat currencies and gold.
Higher interest rates have made the business quite profitable, with the Tether saying quarterly returns on its holdings are once again close to $1 billion.
The firm recently announced the promotion of Paolo Ardoino as CEO. He has promised to work towards introducing real-time data about reserves in the coming years.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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