• Tether’s consolidated reserves report for Q2/2023 shows that the company has around $3.3 billion in excess reserves, while profits increased 30% from last quarter to over $1 billion.
• Assets held as backing for all Tether tokens now amount to almost 4% of total assets, with 85% of these assets held in cash and cash equivalents.
• In addition to announcing the significant addition to its reserves, Tether also revealed a share buyback worth $115 million and USDT token in circulation surpassed its previous all-time high.
Tether’s Q2 Results
Stablecoin issuer Tether’s consolidated reserves report for the second quarter of 2023 shows that the company has around $3.3 billion in excess reserves, while profits increased 30% from last quarter to over $1 billion.
Reserves Held
The report notes that the excess reserves now amount to almost 4% of the total assets held as backing for all Tether tokens in circulation. Tether says its reserves are “extremely liquid,” with 85% of it held in cash and cash equivalents. It also holds around $72.5 billion in US Treasury bills. In total, Tether holds assets worth $86.5 billion, and liabilities of $83.2 billion.
Share Buyback
In addition to announcing the significant addition to its reserves, Tether also revealed a share buyback worth $115 million which it called “a healthy sign of consolidation” made to strengthen its shareholders.
All-Time High For USDT
Tether’s chief technology officer Paolo Ardoino said: “With a firm focus on transparency, we aim to shape a future where every participant in the global financial ecosystem can confidently navigate a realm built on trust and innovation.“ He added that USDT token had surpassed its previous all-time high this quarter.
Other Stablecoins Issued by Tether
In addition to being the issuer of the US dollar-pegged stablecoin USDT , Tether also issues stablecoins pegged to euro (EURT), Chinese yuan (CNHT), Mexican peso (MXNT), and gold ( XAUT ).