Bitcoin’s Rebound Drove Most of Tether’s $3.8 Billion Reserve Recovery

Tether held $7.95 billion more in reserves than it owed USDT holders on Sept. 30, up about $3.85 billion from the end of June, the stablecoin issuer said in its third-quarter attestation on Friday. The report , reviewed by accounting firm BDO, puts total assets at $191.45 billion against $183.5 billion in liabilities, nearly all of it tokens in circulation. Tether said USDT issuance has held near $184 billion so far this year. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Bitcoin Did Most of the Work Tether didn’t explain the jump. The three reserve reports Tether has filed this year show the answer sits mostly in two lines: bitcoin and gold.

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