The company’s total assets reached $81.8 billion. Of these, about $2.44 billion are claimed as excess reserves to support the liquidity of the USDT stablocoin.
According to auditing firm BDO Italia, most of Tether’s reserves are in U.S. Treasury bills.
In addition, Tether holds $1.5 billion in bitcoin reserves (BTS) (about 2% of total assets) and $3.4 billion in gold reserves, which is about 4% of total combined assets.
“We monitor the risk-adjusted returns on all assets in our portfolio on an ongoing basis and make adjustments as necessary as the overall economic environment changes,” commented Paolo Ardoino, Tether’s CTO, on the report.
In its quarterly report, Tether disclosed its VTC and gold reserves for the first time.
Although the company’s gold reserves exceed cryptocurrency reserves by 2 times, the very fact of reserving funds in bitcoins has caused bewilderment in some part of the cryptocommunity.
“It turns out that Tether is trading bitcoins.. Imagine a stable coin backed by highly volatile assets that can be manipulated. Tether can inflate the VTC price to cover any shortfall,” tweeted Bitfinex’ed user.
According to the latest USDT Stablecoin issuer’s February 2022 attestation, the company’s consolidated assets exceeded its consolidated liabilities by $140 million.