Accurately accounting for Tether’s reserves is a challenge, even (or perhaps especially) for Tether itself. Twitter user Jay Pinho recently published a that attempts to track the value of the assets backing Tether to gain some insight into their solvency. It also allows you to tweak the composition to see how that affects the performance.
However, due to Tether’s commitment to remaining as opaque as possible, accurately making this assessment can really only be done by someone with full access to its books.
As of its last уверење, Tether’s reserves are split between four self-described categories:
Cash and cash equivalent, other short-term-deposits, and commercial paper
This category is further subdivided into:
Трезорски записи САД
Commercial paper and certificates of deposit
Фондови на новчаном тржишту
Cash and bank deposits
Reverse repurchase agreements
Non-US treasury bills
Corporate bonds, funds, and precious metals
Остала улагања
Осигурани кредити
In order to understand how Tether values these assets, we need to turn to statements in its most recent Consolidates Reserves Report. Broadly, it values the first category which includes ‘cash and cash equivalents’ at their notional value. Pinho’s website values US treasury bills at their market price, contributing to some of the perceived insolvency of Tether.