- In the first quarter of the year, the company earned $1.5 billion.
- Total excess reserves hit the $3.3 billion mark.
- Tether’s reserves remain liquid. 85% of the company’s investments are held in cash and cash equivalents.
Stablecoin USDT issuer Tether reported net income of $850 million for the second quarter of 2023. In the attestation report, the firm said the firm’s total excess reserves totaled about $3.3 billion.
“Excess reserves are its own earnings that are not distributed to shareholders and that the company has chosen to retain in addition to the 100 percent reserves that Tether maintains to back all tokens issued,” Tether said in a statement.
The report also says that as of June 30, Tether had at least $86.5 billion in consolidated assets and $83 billion in liabilities.
In addition, the document says that between April and June 2023, Tether’s operating profit was more than $1 billion, up 30 percent from the previous quarter.
According to The Block’s Data Dashboard, USDT is the largest stablecoin on the market with a total supply of more than 84 billion tokens.
Remember, in early July, Tether added another $1 billion USDT to its reserves.