Tether (USDT) Records $1 Billion Profit in Q2

As of June 30, 2023, Tether ensured that the equivalent of USDTs in circulation was fully backed by assets in its treasury.

According to the audited report, Tether recorded a surplus of $850 million in company assets during the second quarter.

In total, the company assets yielded a surplus of $3.3 billion. Notably, Tether has decided to retain the profit and maintain the equivalent of USDT above 100%, further reinforcing the coin’s stability as a leading stablecoin.

In the three-month period between April and June 2023, Tether achieved an impressive operational profit of $1 billion. This milestone speaks to the company’s strong performance and financial resilience in the dynamic crypto landscape.

In addition, Tether’s consolidated total assets stood at a substantial $86,499,251,218. The consolidated total liability of the group was $83,200,775,340, with $83,178,020,411 related to digital tokens issued.

The report emphasizes that Tether’s consolidated assets exceed its consolidated liabilities, further underlining the company’s financial strength.

Tether’s reserves are reported to be highly liquid, with a significant 85% of investments held in cash and cash equivalents.

Paolo Ardoino, Tether’s CTO, emphasized the company’s commitment to transparency. He stated that transparency is crucial to Tether, and they continue to work diligently to enhance it.

By continually improving its reserve certification process, Tether aims to set new industry standards and inspire others to follow a similar path.