Bitcoin Gains Help Swell Tether’s Buffer to $8B

Tether reported on October 30 that its reserve surplus over liabilities reached $8.0 billion on September 30, up from $4.2 billion on June 30, while posting $1.5 billion in quarterly net operating profit. The surplus, calculated as reported assets minus liabilities, rose as assets increased about $3.7 billion and liabilities, mostly USDT in circulation, fell about $145 million. Bitcoin contributed the largest gain: Tether’s direct holdings rose from $5.8 billion to $8.4 billion, about $2.6 billion, as the Bitcoin price used for valuation increased 42.6%. Short-term reserves slipped to $139.6 billion, and a $476 million restatement of opening equity complicated quarter-to-quarter comparisons.