Tether’s excess reserves rose to $3.3B in Q2: report

• Tether’s excess reserves for the USDT stablecoin hit $3.3 billion in Q2.
• An attestation report for the quarter by BDO showed operational profits of over $1 billion.
• Tether’s consolidated liabilities was roughly $83.17 billion, while exposure to US Treasuries totaled $72.5 billion.

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.

The stablecoin issuer’s Consolidated Reserves Report (CRR) for the quarterly period ending June 30, 2023 was prepared by the accounting firm BDO. Per the assurance report, Tether saw its excess reserves increase by $850 million during the quarter to reach $3.3 billion.

As of 30 June 2023, Tether’s consolidated total assets were $86,499,251,218, while consolidated total liabilities stood at $83,200,775,340. According to the company, $83,178,020,411 of this was related to the digital tokens it has issued.

With USDT the firm’s largest token, total US Treasuries backing USDT by end of Q2 was $72.5 billion, details shared in the report showed.

“I am immensely proud of our most recent reserves attestation, reaffirming our unwavering commitment to transparency,” Tether CTO Paolo Ardoino said.

“Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry.”

Tether also revealed operational profits of over $1 billion for the quarter, signaling a 30% increase in operational profits QoQ. The impressive returns come after the company announced net profits of $1.45 billion in Q1, 2023.