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• Tether’s excess reserves for the USDT stablecoin hit $3.3 billion according to an attestation report by BDO for Q2 2023.
• Consolidated total assets as of 30 June 2023 were $86.5 billion with liabilities at $83.2 billion and US Treasuries backing USDT totaling $72.5 billion.
• Tether reported operational profits of over $1 billion in Q2, a 30% increase from Q1, 2023’s net profits of $1.45 billion.
Tether’s Excess Reserves Increase to $3.3B
Tether Holdings Limited, the company behind the USDT stablecoin saw its reserve assets held in excess rise to $3.3 billion in Q2, 2023, according to an attestation report for the quarter released on Monday by the accounting firm BDO. This marks an increase of 850 million during the quarter and signals a positive financial outlook for Tether going forward into the next fiscal year.
Consolidated Assets and Liabilities
The consolidated total assets as of 30 June 2023 stood at 86.5 Billion while consolidated total liabilities stood at 83.2 Billion with most of these liabilities related to digital tokens issued by Tether itself (83 Billion). Of this amounts, US Treasuries backing USDT totaled 72.5 Billion per details shared in the report showing that there is significant trust placed in Tether as a reliable store of value amongst investors worldwide
The impressive returns come after the company announced net profits of 1.45 Billion in Q1, 2023 and now operational profits have gone up further with over 1 Billion reported for Q2 showing a consistent upward trend that is sure to attract further investment into Tether Holdings Limited going forward into future quarters
Transparency & Reliability
Commenting on these results, CTO Paolo Ardoino said „I am immensely proud of our most recent reserves attestation, reaffirming our unwavering commitment to transparency“. He went on to add that transparency is not just a buzzword but rather it forms part of their core philosophy as they believe open communication and strong financials foster trust and reliability which is what global community deserves especially so given all that has happened this past year across banking and crypto industry
In conclusion it can be seen that despite volatile markets throughout 2020-2021 periods due partially to pandemic restrictions impacting global economies; Tether Holdings Limited has managed to remain steady both financially and operationally increasing its revenues each quarter since first half 2020 when compared with same periods last year illustrating a continued willingness from investors around world placing trust in USDT token backed by reliable asset base provided by Tether Holdings Limited