75.85% of Tether is Backed by Cash & Cash Equivalents Reveals USDT Quarterly Report
Dominant stablecoin USDT issuer Tether Holdings Limited has released its quarterly report providing the breakdown of its reserves backing the issued Tether tokens.
As part of the settlement deal with NYAG, Tether will be releasing these breakdowns on a quarterly basis for the next two years.
Tether which currently has a market cap of nearly $60 billion, reported that as of March 31, 2021, 75.85% of the USDT is backed by Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper.
This is further breakdown into Commercial Paper (65.39%), Fiduciary Deposits (24.20%), Cash (3.87%), Reverse Repo Notes (3.60%), and Treasury Bills (2.94%), states the report.
12.55% of the reserves account for Secured Loans not made to affiliated entities. Corporate Bonds, Funds & Precious Metals made up 9.96% of the reserve, while the rest 1.64% includes other Investments, including digital tokens. Tether said,
“Today’s publication reflects our continued dedication to making this information public as part of our ongoing commitment to transparency and setting the standard in our industry.”