Tether Releases Assurance Opinion for Q2 2023 by BDO
Tether Holdings Limited has released its assurance opinion for Q2 of 2023, completed by BDO, a top five-ranked global independent public accounting firm. The report reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR) as of June 30, 2023, and provides new insights into the company’s financial standing and investment strategies.
Main Breakdowns:
- Tether’s excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion at the end of Q2.
- The CRR reveals Tether’s indirect exposure to US Treasuries, with approximately $72.5 billion backing its stablecoins.
- Tether’s operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter.
- Tether disclosed a share buyback amounting to $115 million USD, signaling consolidation.
- Tether has invested in energy-related initiatives financed from this quarter’s profits, not included in the CRR.
Tether’s reserves remain highly liquid, with 85% of investments held in cash and cash equivalents. The CRR and BDO’s attestation confirm that Tether’s consolidated assets exceed its consolidated liabilities.
Hot Take:
Tether’s release of its assurance opinion for Q2 2023 demonstrates the company’s commitment to transparency and trust in the crypto industry. The increase in excess reserves, investment in US Treasuries, and focus on energy-related initiatives showcase Tether’s strategic approach to maintaining stability and driving innovation in the space.
By
By
By
By
By