Another article by Forbes Magazine, another huge Traditional FInance Outlet reports Tethers Market Cap at 120 billion. - That means there are 120 billion Tether Dollars in circulation.
People world wide have exchanged their US Dollars or other cryptocurrencies like bitcoin and Ether and now store their wealth in the world's Global Currency the US Dollar.
Tether Audit
An Italian Audit firm recently released these audited numbers on Tethers Reserves:
According to the latest quarterly attestation signed by accounting firm BDO Italy, the company's stablecoin issuer arm Tether International Limited and Tether Limited disclosed $125.5 billion of assets in reserve against $119.4 billion in liabilities as of September 30. Excess reserves backing Tether's stablecoins rose to over $6 billion. Some $105 billion of the reserve assets were held in cash and cash equivalents, including $84.5 billion in U.S. Treasury bills, per the attestation. The company's direct and indirect exposure to T-bills, which includes holdings in money market funds and reverse repurchase agreements, surpassed $102 billion. It also held $5 billion worth of gold and $4.8 billion in bitcoin {{BTC}} among reserve assets. source
Tether now one of the largest holders of US Government Debt in the form of US Treasuries
Tether CEO announced on Twitter, now X, that Tether earned 1.2 Billion US on it's US Treasuries last quarter.
this comment and the results of the Italian Audit are important, because Tether has long been the receipient of bad press stating it wasn't fully backed by Dollars or US Treasuries, but now that it is such a large holder of US Treasuries, it's holdings are available publically, so multiple sources have confirmed that Tether is a holder of over 100 billion in US Treasuries.
Tether has more assets then liabilities
The recent audit shows that tether has more reserves in the form of US Treasuries then it has in issued Tether Stablecoins.
Plus the Tether Treasury possess more then a billion in Bitcoin and more then a billion in gold reserves.
Tether Investments, the group's venture arm that manages Tether's growing foray into energy, mining and artificial intelligence, had a net equity value of $7.7 billion, up from $6.2 billion in the previous quarter. It also disclosed owning 7,100 bitcoin {{BTC}} worth nearly $500 million, the company said in a blog post. source
It would appear that Tether is more solvent then most banks.
The irony of this statement is hopefully not lost to you.
Tether has become the worlds digital dollar, the digital form of the worlds most valuable global currency.
The irony of this statement is enormulous.
Tether has suceeded by going where the US Government and US Banks failed to go.
Where?
= The US Givernment refused to create a digital dollar, and so..someone else did.
The banks refused to go outside Europe and select coun tries in Asia and the Pacific, this left huge regions of the world unbanked and without a stable currency to conduct business and make payments across borders.
Mobile phones connect the world digitally, but western banks and western countries lag behind in the development of digital products for the majority of the world. They have given or allowed Tether unfettered, as in without competition, to dominate these markets.
Now USDC is created by western bankers and money transmitters, and they unleashed the US Government on BUSD and Binance to kill off one of it's biggest competitors, but Tether has first mover advantage in the market, Tether is a huge holder of US Debt and Tether does the majority of it's business in non-western nations, so it will be hard to destroy.
It would almost make more sese for the US Givernment to buy USDT and acknowledge it as the defacto US Digital Dollar.
While most of us would love to see a decentralized blockchain stablecoin be the worlds currency, it doesn't look like that is currently possible. Pegging a stablecoin to the dollar requires centralized governence and control. But smart contracts and AI may change all that.
I am a writer who has focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance for over six years. But I also like to write about life, my garden, my island home and other stuff.
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