Tether Report: Second quarter operating profit exceeded $1 billion, excess reserves increased by approximately $850 million

ChainCatcher news, Tether released the assurance opinion for the second quarter of 2023 completed by the independent accounting firm BDO, detailing the assets held by Tether as of June 30, 2023. Tether revealed that its excess reserves increased by approximately $850 million, bringing the total excess reserves to about $3.3 billion by the end of the second quarter.

Tether's excess reserves are the company's own profits, not distributed to shareholders, and the company has decided to keep them above the 100% reserves maintained by Tether to support all outstanding tokens. Additionally, from April 2023 to June 2023, Tether's operating profit exceeded $1 billion, a 30% increase quarter-over-quarter. Tether's overall exposure to U.S. Treasury Bills (US T-Bills) is approximately $72.5 billion.

As of June 30, 2023, Tether's consolidated total assets were at least $86,499,251,218, with total consolidated liabilities of $83,200,775,340, of which $83,178,020,411 were related to issued digital tokens, and the consolidated assets exceeded its consolidated liabilities.