Discover the journey of Tether, the stablecoin issuer, as it announces a spectacular $850 million increase in its excess reserves to approximately $3.3 billion. Dive into the details of the reserve attestation report produced in partnership with BDO Italia, and follow Tether’s upward trajectory in the cryptocurrency world.
The story of Tether, the crypto market’s most influential stablecoin issuer, is one of unprecedented success and growth. As the world eagerly awaited its Q2 2023 results, Tether proudly unveiled its reserve certification report produced in partnership with prestigious auditing firm BDO Italia.
The figures were impressive: the Group’s consolidated assets reached an impressive peak of $86,499,251,218, while total consolidated liabilities amounted to $83,200,775,340. A considerable difference that made the eyes of investors and the crypto community twinkle.
The official statement revealed: “The Group’s consolidated assets exceed its consolidated liabilities”, confirming Tether’s financial strength.
But that wasn’t all. Tether also announced an incredible increase in its excess reserves, adding a further $850 million to its treasury. Excess reserves represented the company’s profit not distributed to shareholders, and this impressive sum now stood at around $3.3 billion.
Tether, the Journey to Prosperity!
Tether’s journey to prosperity was littered with successes. In the fourth quarter of the previous year, Tether had announced a net profit of $700 million, followed by a leap to $1.5 billion in the first quarter of 2023. A performance that never ceased to amaze.
Tether’s “operating” profit for the same period had even exceeded $1 billion, testifying to the efficiency and success of their operations.
Behind this success, Tether relied primarily on cash reserves, with the amount of T-bills backing USDT valued at $72.5 billion at the end of the quarter. And to further reassure investors, the subsidiary of conglomerate iFinex emphasized that 85% of its investments were held in cash and cash equivalents, ensuring the liquidity of its reserves.
As part of their drive for growth, Tether had also carried out a share buy-back worth $115 million, with the aim of “further strengthening the group”. Further proof of their determination to remain at the top of their industry.
The Tether team, led by Paolo Ardoino, the company’s CTO, congratulated themselves on their success and proudly proclaimed their unwavering commitment to transparency.
And as if that wasn’t enough, Tether had recently announced its entry into the crypto-mining world in Uruguay, and planned to allocate up to 15% of its profits to buy Bitcoin, further strengthening their footprint in the cryptocurrency universe.
Tether’s story didn’t end there, as its stablecoin USDT had recently debuted on a new network with the L1 Kava blockchain, yet another step in their quest for innovation.
Tether, an epic of success, soaring reserves and unwavering determination to stay at the top of the crypto market. A story that never ceases to fascinate and inspire, in a world where cryptocurrencies are blazing new trails into the future.