ChainCatcher message, according to the Tether's Q3 2024 attestation report, the total scale of secured loans in its reserves reached $6.72 billion, exceeding the "excess" funds in the reserves, which totaled only $6.1 billion. This means that Tether (USDT) is again partially supported by these secured loans. The report indicates that the secured loans are fully backed by liquid assets and are monitored regularly, measured at amortized cost (the nominal value of short-term secured loans), and any expected credit loss provisions are adjusted in accordance with IFRS 9.However, it is important to note that Tether Group's total "equity" of approximately $14 billion still exceeds the scale of secured loans.