{"id":583415,"date":"2023-07-31T16:43:10","date_gmt":"2023-07-31T15:43:10","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=583415"},"modified":"2023-07-31T16:43:20","modified_gmt":"2023-07-31T15:43:20","slug":"tether-1-billion-operational-profit-in-q2","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/tether-1-billion-operational-profit-in-q2\/","title":{"rendered":"USDT Issuer Tether Records Over $1 Billion Operational Profit In Q2"},"content":{"rendered":"\n<ul><li>Stablecoin giant Tether recorded an operational profit of more than $1 billion in the second quarter of 2023\u00a0<\/li><li>The USDT issuer&#8217;s consolidated assets exceed its consolidated losses, leaving an excess reserve of $3.3 billion.<\/li><li>\u00a0Most of the stablecoin firm\u2019s profits came from interests on the Treasury bills held in its reserves.\u00a0<\/li><li>The USDT issuer had an overall exposure of $72.5 billion to U.S. T-bills at the end of Q2 \u20182023.<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/hong-kong-accountant-duped-tether\/\">Tether<\/a> Holdings published its attestation for the second quarter of 2023 earlier today. The report showed that the USDT issuer recorded a profit of more than $1 billion between April 2023 and June 2023, marking a quarter-over-quarter (QoQ) increase of 30%. The attestation was carried out by public accounting firm BDO Italia, which also compiled the stablecoin giant\u2019s Consolidated Reserves Report.\u00a0<\/p>\n\n\n\n<h2><strong>Tether\u2019s Excess Reserves Topped $3.3 Billion In Q2 \u20182023<\/strong><\/h2>\n\n\n\n<p>Tether CEO Paolo Ardoino took to <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1685993811774738432\" rel=\"nofollow noopener\">Twitter<\/a> earlier today to share the latest attestation report. As per the report, the majority of the stablecoin firm\u2019s operational profit came from interest on the T-bills it held in the reserves that backed its USDT stablecoin. The USDT issuer\u2019s overall exposure to U.S. T-bills was $72.5 billion as of June 30, 2023.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">If Tether was a country, with $72.5 Billion overall t-bill exposure it would be the 22nd largest holder of US treasuries, larger than the UAE, Australia and Mexico and just below Germany, Bermuda and Netherlands.<br><br>Excess reserves also reach $3.3 Billion. Congrats <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@Tether_to<\/a> team! <a href=\"https:\/\/t.co\/lhSn6LyKAh\" rel=\"nofollow\">https:\/\/t.co\/lhSn6LyKAh<\/a><\/p>&mdash; Gabor Gurbacs (@gaborgurbacs) <a href=\"https:\/\/twitter.com\/gaborgurbacs\/status\/1685994171692093442?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 31, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The stablecoin giant also revealed an excess in its reserve amounting to $850 million, which brought its total excess reserves to roughly $3.3 billion at the end of the second quarter. According to the USDT issuer, the excess acted as a counterbalance and ensured more protection for users.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>While these excess reserves are part of Tether&#8217;s own shareholder equity and normally a company would distribute them as dividends, Tether prefers to keep a big portion of these profits on top of the reserves to make its stablecoins products even more resilient.\u201d<\/p><cite>Paolo Ardoino, Chief Technology Officer at Tether Holdings Limited<\/cite><\/blockquote>\n\n\n\n<p>As per the <a href=\"https:\/\/assets.ctfassets.net\/vyse88cgwfbl\/63oJePOHqIvrcnXWMPZ1M0\/4cfaf2e7cdf80c30b17fdc70faaf741f\/ESO.03.01_Std_ISAE_3000R_Opinion_30-06-2023_BDO_Tether_CRR.pdf\" rel=\"nofollow noopener\">Consolidated Reserves Report<\/a>, Tether\u2019s total assets amounted to $86.4 billion as of June 30, 2023. In addition to the revenue, the USDT issuer also disclosed a share buyback of $115 million that was made to consolidate the shareholder group. The profits earned in the second quarter were also used to finance other energy related-ventures.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;s attestation report for the second quarter of 2023 revealed that the USDT issuer recorded an operational profit of over $1 billion. <\/p>\n","protected":false},"author":62,"featured_media":583417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947,2],"tags":[7301,108877,2561,1811],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583415"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583415"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583415\/revisions"}],"predecessor-version":[{"id":583419,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583415\/revisions\/583419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/583417"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}