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Morning Edition · Saturday, October 31, 2026Published at 1:43 AM EDT · New York
Tether earns $1.5 billion in the third quarter and nearly doubles its reserve buffer to $7.95 billion
The issuer holds $132.4 billion of US Treasuries. In a parallel test of tokenized cash, Uber earned 1.5 extra days of yield by keeping corporate cash invested over a weekend through HSBC tokenized deposits on Canton.
Tether reported $1.5 billion in third-quarter net operating profit, the same as the previous quarter. Profit for the first nine months reached $4.5 billion. According to the attestation by the accounting firm BDO, Tether's reserve buffer ro…
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Race to Bank and Distribute Stablecoin Reserves
Over 3-6 months, established financial and payments firms compete to custody stablecoin reserves and embed stablecoin rails into cross-border settlement, institutionalizing the plumbing beneath stablecoins.
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More from this edition
- Binance traces $6.3 billion theft to one engineer's hacked laptop as investigators name North Korea's TraderTraitor
- EIP-7702 delegation let the Binance attacker sweep about $2.5 billion on Ethereum, and researchers propose narrower signing rules
- Issuers freeze about $3 billion of Binance loot as the attackers switch to automated laundering that Chainalysis says it has not seen before
- Aave reopens markets it froze after the Binance attacker borrowed 19,762 wrapped ether against stolen USDT
- Lummis says the stalled CLARITY Act would have sped up Binance freezes, while a critic says it would have required court orders
- Aztec discloses a critical flaw in its Alpha V5 proving system that left the network unable to tell which transactions it should have rejected
- Bridge and vault exploits cost zkLink Nova, an Avalanche tranche vault and Initia about $4.5 million combined
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