According to the third quarter of 2024 assurance report published by Tether, the total size of secured loans in its reserves reached $6.72 billion, exceeding the "excess" funds in its reserves, which totaled only $6.10 billion. This means that Tether (USDT) is once again partially backed by these secured loans. The report notes that the secured loans are fully secured by current assets and are regularly monitored, measured at amortized cost (the notional value of short-term secured loans), and adjusted for any expected credit loss provisions in accordance with IFRS 9. However, it should be noted that Tether Group's total "equity" of about $14 billion still exceeds the size of the secured loan.