Over 50% of Tether's Backing Run by Wall Street Firm: WSJ
Main page News, US, Tether, Stablecoins

Tether Inc., a company that issues stablecoin USDT, is relying on a Wall Street firm Cantor Fitzgerald to help oversee its $39 billion bond portfolio, the Wall Street Journal reports, citing people with knowledge of the matter.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

While the report didn't reveal details of how Tether managed those assets, sources claim that Tether started using the Wall Street brokerage services in late 2021.

Tether holds over 80% of USDT's backing in cash, cash equivalents and other short-term deposits as well as commercial paper. A little over 5% of reserves stored in corporate bonds, funds and precious metals. The remaining part is divided between secured loans and crypto.

Tether's Ardoino Says No Audit From Big Four Over Reputational Risk

The news comes shortly after Tether reported $700 million of net profit in Q4, 2022. The company added that amid the crypto winter it managed to not only execute over $21 billion dollars in redemptions, but also issued over $10 billion of USDT.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error