Tether’s Q2 Financial Report Shows Excess Reserves Surge To $3.3 Billion
- Tether’s Q2 financial report shows excess reserves reaching $3.3 billion, a substantial increase of $850 million.
- The stablecoin issuer records an operating profit of over $1 billion, indicating strong growth and responsible capital management.
According to the financial report for Tether’s second quarter, the company’s surplus reserves rose by $850 million to $3.3 billion.
In a recently released Q2 financial report, Tether, the popular stablecoin issuer, revealed substantial growth in its excess reserves, reaching approximately $3.3 billion by the end of the second quarter. The report, audited by independent accounting firm BDO, details the group’s assets as of June 30, 2023.
According to the report, Tether’s combined total assets surpassed $86.5 billion, while total consolidated liabilities stood at $83.2 billion, with a significant portion of $83.18 billion relating to issued digital tokens. Notably, Tether’s consolidated assets exceed its consolidated liabilities, indicating a strong financial position.
During the quarter from April 2023 to June 2023, the firm reported a remarkable operating profit of over $1 billion, reflecting a quarter-on-quarter increase of 30%. The impressive financial performance demonstrates the platform’s continued growth and market demand for its stablecoin.
Moreover, Tether disclosed that its excess reserves saw a remarkable surge of approximately $850 million. With this substantial increase, Tether’s total excess reserves now amount to around $3.3 billion. The company prudently manages its reserves, with 85% of investments held in cash and cash equivalents, and treasury bills valued at approximately $72.5 billion.
In addition to the financial gains, the firm also revealed a $115 million share repurchase and further investments in energy-related initiatives funded by the profit generated during the quarter. These strategic moves underline Tether’s commitment to financial stability and responsible capital allocation.
The financial report, independently audited by BDO, instills confidence among investors and underscores the company’s commitment to transparency. As one of the leading stablecoin issuers in the cryptocurrency space, Tether’s performance and prudent reserve management continue to contribute to its prominence and popularity within the digital asset ecosystem.
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