Tether’s 2023 Q2 Attestation Report Reveals $850M Net Profit and $3.3B Excess Reserves
Tether Holdings Limited, the top stablecoin issuer, has released its quarterly attestation report for Q2 of 2023. The report, completed by global accounting firm BDO, confirms the accuracy of Tether’s Consolidated Reserves Report (CRR) and provides a breakdown of assets as of June 30, 2023.
Key Points:
– Tether’s net profit for Q2 was $850 million, bringing its total excess reserves to a record-high of $3.3 billion.
– The net profit increase is almost half of the previous quarter’s figure of $1.5 billion.
– Tether’s excess reserves are the company’s own profits and are not distributed to shareholders. They are held in addition to the 100% reserves backing all outstanding tokens.
– Operational profits for the period of April to June 2023 exceeded $1 billion, showing a 30% growth.
– Tether’s reserves remain highly liquid, with approximately 85% held in cash or cash equivalents.
Tether’s USDT Market Cap Reaches New ATH of $84 Billion
Tether’s USDT continues to be the top stablecoin in the crypto market. It is now the third largest coin by market capitalization, following Bitcoin and Ethereum. In July, USDT’s market cap reached a new all-time high of $84 billion, a significant increase from the beginning of the year when it stood at $66 billion.
Paolo Ardoino, Tether’s CTO, emphasized the company’s commitment to transparency. He stated that the attestation report reflects their focus on shaping a future built on trust and innovation. He also highlighted the milestone of Tether’s USD₮ token in circulation surpassing its previous all-time high.
Hot Take
Tether’s Q2 attestation report showcases the company’s strong financial performance and increasing market dominance. Despite a slight dip in net profit compared to the previous quarter, Tether’s excess reserves reached a new high. With USDT’s market cap at $84 billion, Tether continues to solidify its position as a leading stablecoin in the crypto industry. The report’s release and commitment to transparency further strengthen Tether’s credibility among crypto enthusiasts.
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