We are approaching the end of the second half of the year and crypto companies are already starting to take stock. In general, several companies are insolvent, only a few, like Tether, manage to get their heads above water in a particularly difficult context. Indeed, according to its last quarterly certificate, the issuer of USDT would have assets of 68.06 billion dollars at the end of the third quarter. That’s an impressive number considering that amount exceeds its total liabilities by almost $67.8 billion.
The latest quarterly certificate from Tether Holdings is reassuring
On November 10, Tether, stablecoin issuer released its latest quarterly certificate. The news is rather reassuring, especially after FTX’s disillusionment with Binance’s refusal to buy it back. Whereas industry faces widespread insolvencythe transmitter of theUSDT shows extremely liquid assets during the 3rd quarter.
According to the information we have in our possession, nearly 82% of its reserves would be held as cash. Investors can therefore be reassured, because the exposure that Tether faces to commercial paper is so low, it is only worth 0.07% of its turnover.
The company surfs in optimism and prides itself on having healthy accounts. Even the reduction of its commercial paper holdings had no negative impact on its cash flow. Tether maintains that he lost nothing, on the contrary, he took the opportunity to make earnings throughout the third quarter.
On September 30, 2022, the stablecoin issuer had a over $60 million as a profit. It is therefore quite confident that the Chief Technology Officer of Tether Paolo Ardoino, showed his satisfaction. He did not fail to underline the extent to which the the company’s financial situation was sound and transparent. This is BDO Italywhich carried out the quarterly attestation in question and in the process, Tether made it public in order to defend its USDT.
Conclusion
Good news, especially after USDT dipped slightly on November 10th. The fault is certainly the implosion of the second largest crypto exchange at the start of the week. Ardonio was reassuring by stating in a tweet that “No exits. We continue “. And only a few hours later, his stablecoin started trading again on its one-dollar inking. Tether has yet to prove to its competitors that it remains the largest stablecoin in terms of its market capitalization.
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